"Currently, the global household energy storage penetration rate may be less than 1%. In the future, billions of households will need an easy-to-use, affordable, safe and reliable household green energy system, not just limited to household energy storage." Hua Sun Zhongwei, chairman of Baoxinneng, said at the 4th International Exchange Conference on New Energy Vehicles and Power Batteries (CIBF2023 Shenzhen). He believes that distributed household energy storage is the future trend, that is, from the original centralized power generation to distributed applications, to distributed power generation to distributed applications, household energy will also become more independent, green, efficient and reliable.
At present, China's electricity bills are not expensive, the power supply is stable, and the demand for household energy storage is not high. Its market is mainly in Europe and the United States. A home energy storage system is often a combination of photovoltaics and energy storage systems. During the day, photovoltaic power generation is used directly, and more power is stored in batteries, which can be used for power supply at night. Home energy storage can reduce electricity bills and ensure the stability of electricity consumption under conditions such as extreme weather.
Since 2021, driven by high electricity prices and energy security needs, the global demand for household energy storage has ushered in an explosion. At the same time, governments of various countries have also introduced policy support and subsidies for this. Among them, the European and American markets accounted for about 25% of the global market share.
In this context, it has become a trend for portable energy storage manufacturers, which have focused on emergency and disaster preparedness scenarios in the past, to enter into household scenarios with a wider market and higher unit prices. Huabao New Energy’s approach is to operate portable energy storage and home energy storage under different brands. The former uses the brand “Jackery” and the latter uses the new brand “Geneverse”. In Huabao New Energy's 2022 financial report, the situation of Geneverse was only mentioned a few times, but recently, the company is stepping up efforts to promote its home energy storage business.
According to reports, Geneverse provides high-performance IBC photovoltaic panels and modular energy storage systems on the roof of the living room, and is equipped with an intelligent monitoring cloud platform to manage household power generation and electricity consumption. At the same time, the brand also provides diversified solutions such as balcony green energy solutions and courtyard green energy solutions to meet the needs of home users in different living environments.
Huabao New Energy’s financial report shows that Geneverse home energy storage and photovoltaic products have achieved revenue of 145 million yuan in 2022, a year-on-year increase of 88.04%.
Another listed company, Anker Innovations, also participated. In June this year, the company announced that it planned to invest 248 million yuan in research and development and industrialization of portable and household energy storage products. The investment amount was among the five projects in the same period. ranked second.
According to reports, Anker Innovations will start to set up a product, R&D and sales team focusing on the field of household energy storage in 2020, and will launch the product Anker 535 solar panels in April 2023; in June, set up a medium and high-power R&D team in the charging business department , Started the layout of household energy storage products with outdoor energy storage and household photovoltaic as the core. At the same time, Anker Innovation's strategy has also begun to change. The positioning of its charging brand Anker has shifted from personal digital charging to household electricity as the core.
Zhenghao, which ranks with Huabao New Energy in the Top 2 portable energy storage, launched its home energy storage products in the middle of this year, using its own brand EcoFlow. The products include the balcony solar system PowerStream and the three-phase home solar battery solution EcoFlow PowerOcean.
Ping An Securities Research Report believes that the global household savings market is expected to reach 100 billion. Considering the penetration of household storage in Australia, Japan, Latin America and other countries and regions, assuming that the household storage market in Europe and the United States accounts for 40% of the global market in 2025, the global demand for new installed capacity of household storage in 2025 can reach 50GWh. Based on the value of each 10kWh energy storage system (including battery system and converter) at US$10,000, a single GWh corresponds to a market space of US$1 billion (RMB 7 billion), and the future global household storage market space can reach 100 billion.
In terms of market competition, the most popular home energy storage brand overseas is actually Tesla (Tesla Power Company), followed by Chinese companies Paineng Technology, BYD, and Huawei. As new players, the aforementioned portable energy storage manufacturers must not only keep up with technology, but also establish competitiveness in brand and channel. The previous form of retailing outdoor power supplies through e-commerce platforms is no longer applicable. The home energy storage industry chain that requires installation and after-sales services is longer and requires more localized capabilities. This is no small challenge for new entrants.