Exploring Global Energy Storage Markets: Trends and Opportunities
pknergy has dedicated itself to providing effective solutions for energy storage challenges faced by customers worldwide. Let’s delve into the key energy storage markets of recent years.
European Market:
In Europe, spearheaded by countries like Germany, Italy, and the United Kingdom, the installed capacity of household photovoltaic energy storage systems saw a significant surge from 2018 to 2019. Germany, in particular, stood out, boasting a household photovoltaic energy storage capacity of nearly 500MWh by 2019. SolarPowerEurope’s projections indicate that Germany’s installed capacity will surpass 1,000MWh by 2024.
Overall, the European household photovoltaic energy storage systems’ installed capacity has exhibited robust growth over the past four years. Even in 2018, when the growth rate was relatively modest, it reached an impressive 36%. This consistent and robust growth underscores that with adequate policy backing, the European photovoltaic energy storage system market holds substantial potential for expansion.
US Market:
The United States has witnessed a surge in the number of energy storage systems, attributed to the dual incentives of high power outage risk and tax credits. Factors like the elevated risk of power outages and the structure of electricity bills have spurred rapid growth in energy storage installations. Given the intricate terrain and diverse climate of the US, it often grapples with large-scale natural disasters or wildfires. Following power outages resulting from extreme weather events in Texas, households in affected areas began installing home energy storage setups to ensure a dependable power supply. In scenarios with time-of-use electricity pricing, homes equipped with energy storage batteries can leverage the system to minimize electricity consumption during peak pricing periods.
At the federal level, the primary incentive policies revolve around accelerated depreciation and investment tax credits, primarily targeting energy storage systems invested in by private entities. In March 2018, the IRS issued new regulations regarding tax credits for residential energy storage systems. For home energy storage systems, if a household user installs a battery energy storage system one year after installing a home backup power system, and the storage criteria are met, and if 100% of the electricity originates from photovoltaic power generation, the energy storage equipment remains eligible for a 30% tax credit. The user side continues to be the most dynamic application field in the United States, with the number of newly installed household energy storage units continuing to rise. The US retains its status as the world’s largest electrochemical energy storage market.
Looking to tap into the global energy storage market? Reach out to pknergy today to customize your home energy storage battery, and let us be your dedicated partner in success.
