1. In the European energy crisis, household energy storage has grown rapidly. Most of the household energy storage is used with household distributed photovoltaic . In 2015, the annual installed capacity of household energy storage was only about 200MW. Since 2017, the global installed capacity has increased significantly. The annual growth of new installed capacity in has increased significantly. By 2020, the global new installed capacity will reach 1.2GW, and will increase by 30% year-on-year. In 2021, the European market was affected by the rise in energy prices, and the electricity prices for residents rose rapidly, and the economy of energy storage was reflected, and the market was booming. Taking Germany as an example, 145,000 new household photovoltaic units were added in 2021, with an installed capacity of 1.268GWh, and +49% year-on-year.
The reason for the rapid growth of household energy storage in Europe in 2022 is that the independent demand for energy and the rise in electricity prices under the influence of the Russian-Ukrainian conflict have improved the economy of household energy storage. Excessive dependence on energy has brought about energy crisis, and the conflict between Russia and Ukraine has exacerbated energy anxiety. According to the BP World Energy Statistical Yearbook, fossil energy accounts for a high proportion of European energy structure, with natural gas accounting for about 25%. Moreover, natural gas is highly dependent on foreign countries, about 80% comes from imported pipelines and liquefied natural gas , of which 13 billion cubic feet per day of pipeline gas imported from Russia, accounting for 29% of the total supply.
policy end accelerates energy transformation and adjusts photovoltaic installation expectations. European Commission passed the REPowerEU bill on May 18, and the renewable energy target in 2030 will increase from the previous 40% to 45%. At the same time, the photovoltaic installation target will be increased again. In 2025, the cumulative photovoltaic installed capacity of EU will exceed 320GW, which will double the installed capacity by the end of 2021. The cumulative installed capacity target at the end of 2030 will be about 600GW, which is as much as twice the current installed capacity. In addition, the document also proposes to gradually mandate the installation of photovoltaics on new residential buildings and industrial and commercial buildings.
The rise in electricity prices improves the economy of household energy storage and demand grows rapidly. The Russian-Ukrainian conflict further exacerbated the rise in commodity prices, which greatly increased the power generation costs of gas and coal-fired power plants, which accounted for about 40% of Germany's electricity production, resulting in a rise in wholesale electricity prices. This November this year rose by 67% year-on-year compared with November last year, and the electricity price of German residents' contracts rose by 48%. The rising electricity costs will create demand for household energy storage.
2. In the future, multiple factors stimulate growth, energy storage demand is determined
2.1. Household energy storage
The general trend of global energy transformation, and self-use household energy is the main method . The transitional dependence on fossil energy in the energy structure has caused the European energy crisis. In order to maintain national security, Europe has accelerated the process of energy transformation. The best way is to generate electricity through renewable energy to achieve the replacement of energy supply. From the perspective of grid stability, the grid pressure brought by large-scale new energy grid connection is due to the government's policy of subsidies and other policies to guide power generation/user allocation of energy storage is the result. European countries' subsidies for distributed photovoltaic + energy storage, the underlying logic is to reduce the power distribution pressure of power grid through distributed systems. Therefore, the European household photovoltaic energy storage market will maintain high growth.
Global public electricity prices have entered an upward channel, and the economy of household energy storage is clear. Resident electricity prices are mainly composed of energy costs, grid access costs, and related taxes and fees. Among them, energy costs (i.e., the on-grid electricity price of power plants) only account for 1/3 of the terminal electricity cost. Energy prices have risen this year, causing electricity prices to enter an upward channel. The electricity price of residents adopts annual packages, and there is a certain lag in the transmission of electricity prices, but the rising trend of electricity prices is obvious. Currently, the unit price of 1-year electricity package for residents in the German market has risen to around 0.7 euros/kwh. The high electricity costs have stimulated residents' need to achieve energy independence and save electricity bills by installing household photovoltaic + energy storage systems.
Calculate the distributed photovoltaic installation volume based on the number of households, consider the penetration rate of household energy storage to obtain the number of installed household energy storage. Assuming that the average installed capacity per household can obtain the household energy storage installed capacity in the world and various markets. Oriental Securities expects that the global household energy storage capacity space of will reach 57.66GWh in 2025, with a compound growth rate of 91% from 2021 to 2025. Among them, the European market has the largest, with 41.09GWh added in 2025, with a compound growth rate of 112%; the US market has 7.90GWh added in 2025, with a compound growth rate of 71%.
2.2. Portable energy storage:
Portable energy storage can be regarded as a "large outdoor power bank". This type of product is a built-in high-energy density lithium-ion battery , which can provide a power system with stable AC/ DC voltage output. The charge is usually 0.2-2kWh, and it also has a larger output power of 100-2200W. It is equipped with AC, DC, Type-C, USB, PD and other interfaces. It is widely used in outdoor travel, emergency disaster preparedness and other scenarios.
As the product is accepted by the market, the application scenarios of portable energy storage are constantly expanding. is generally based on the limit of 1 kilowatt-hour. It is more than 1 kilowatt-hour, and more than 1 kilowatt-hour, it is more than 1 kilowatt-hour. (1) 1 kilowatt-hour of electricity: Generally, it is used to supply power to electronic equipment, that is, outdoor entertainment needs, such as mobile phones, computers, drone , and SLR. (2) 1 kWh or above: Users of large-capacity products are mainly home power reserves, professional-level users, and users who have high requirements for electrical appliances outdoors (3-15 kWh) or are used for off-grid needs such as RVs, yachts, off-grid huts, etc. This scenario has higher demand for electricity and power requirements (about 15 kWh); or as a household energy storage module.
Portable energy storage has been determined to develop towards large capacity, and major manufacturers have increased their investment. According to statistics from China Chemical and Physical Power Supply Industry Association , the market is currently dominated by 100-500Wh products, accounting for about 50%, but its share is constantly shrinking. On the contrary, the share of products with a capacity of 500-1000Wh has increased, and is expected to reach 40% in 2021. The market share of products with a capacity of more than 1000Wh is only 10%, but the share is also increasing. In the future, as the cost of battery cells decreases, large-capacity portable energy storage products will gradually become the mainstream.
In August 2022, Huabao New Energy released the home energy storage brand Geneverse in San Francisco, USA, which includes two flagship products Geneverse HomePower Pro 01/02. It has a massive power reserve. One charge can power users' basic equipment for up to one week and power the refrigerator for up to 30 hours. For CPAP ventilators that improve sleep quality, it can be powered for 3-7 days, the laptop is fully charged 12-16 times, and the mobile phone is charged 150-200 times. The single unit of the product has a charge of 1.2/2.4kwh, and can be connected in parallel with multiple modules to meet the needs of large electricity consumption. In July 2022, Zhenghao EcoFlow released a 48V full-scene power system, providing users with a reliable off-grid power supply solution for travel, long-distance off-road, gridless houses, etc. It realizes the model of intelligent control, five-in-one charging and reverse all-in-one machine, and integrates five core functional modules, taking into account the characteristics of high performance, space saving, simplicity and beauty, plug-and-play, and safety and friendly. The unit charge capacity is 2kwh or 5kwh, and the maximum capacity can be expanded to 15kwh.
Considering the portable energy storage needs in outdoor scenarios, there is a compound growth rate of about 50%. Combined with the new scenario needs, the portable energy storage space is vast. Based on the number of households, outdoor activities penetration rate and portable energy storage penetration rate in each country, the portable energy storage market space for outdoor scenarios in each country can be predicted.
Considering the increase in population growth and the increase in outdoor activities penetration rate, portable energy storage products are expected to achieve a faster growth rate of demand under the continuous penetration of outdoor activities; the Japanese market considers the increase in emergency disaster preparedness demand. According to the calculations of Oriental Securities, is expected to ship 24.14 million units in the portable energy storage market in 2025, with an average annual compound growth rate of 49% from 21 to 25; the new installed capacity can reach about 16.9Gwh, with an average annual compound growth rate of about 57%; the market space reaches 55.1 billion yuan, with an average annual compound growth rate of about 49% .
Summary:
Overseas household energy storage space has been opened due to the impact of the energy crisis. Core companies: Penghui Energy Paineng Technology Deye Co., Ltd. Jinlang Technology Gudewei ;
Portable energy storage core companies: Huabao New Energy, Boliwei .
core leading companies in energy storage: CATL , Penghui Energy, Sungrow Power Supply and other
Huabao New Energy, the global leader in portable energy storage industry, will be listed recently, with its issue price of 237.5 yuan per share, setting a record for the year; in addition, Xiaomi has also officially released its first outdoor power supply product recently. It is estimated that the industry scale will reach 64.562 billion yuan in 2025. Related companies:
Haopeng Technology: The company's lithium-ion batteries are mainly used in areas such as portable energy storage.
Boliwei: The company's energy storage products are mainly used in portable energy storage.
Langko Intelligence: The company's independent low-power inverter is currently mainly used in portable energy storage on the user side.
Mingpu Optomagnetic : The company's photovoltaic new energy portable energy storage power supply products are widely used in self-driving travel, outdoor camping and other scenarios.
Aohai Technology: The company is a product solution and manufacturer focusing on smart terminal charging and storage.
Zhongneng Electrical : The company said in August that the portable energy storage product developed by the company is expected to be promoted to the market as soon as possible in the near future.
Prince New Materials: The portable energy storage batteries currently produced and sold by the company are mainly used for outdoor use in homes.
Fenda Technology: The company's portable energy storage electroacoustic products have received orders from foreign major customers.
Tubang Co., Ltd. : The company's energy storage business mainly focuses on household energy storage, portable energy storage and other fields.
Penghui Energy: The company has a portable energy storage box.
Hengdian Dongmaxi : The company's existing lithium battery products are ternary cylindrical batteries, which are used for portable energy storage.
Paineng Technology: The company's shipments of its own brand household storage products account for about 14% of the total global shipments, ranking second in the world.
xinwangda : The 434Wh home portable energy storage device that the company cooperates with Encore has been shipped in batches one after another
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