According to the forecast of the Energy Storage Research Center under TrendForce, the growth of global residential energy storage in 2024 will present the following situation: commercial and industrial energy storage (93%/112%) > utility-scale energy storage (39%/43%) > residential energy storage (4%/11%). Under this trend, the growth rate of residential energy storage has slowed significantly, with a year-on-year increase of only 11%. This is partly due to the weakening urgency of residents for installation, as a result of the decline in electricity and natural gas prices.
On the other hand, in terms of incremental growth, the global added energy storage capacity in 2024 will show the following trend: utility-scale energy storage (53GW/130GWh) > residential energy storage (10GW/20GWh) > commercial and industrial energy storage (7GW/18GWh). Although residential energy storage will still have slightly higher incremental growth than commercial and industrial energy storage in 2024, due to its earlier start and more mature profit model, it still has some growth potential.
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