Worldwide numbers for home energy storage have been growing rapidly over the past 12 months. During various lockdowns around the world, it hasn’t just been alcohol and online shopping that has seen huge growth in sales.
With the increasing cost of power, the world’s shift towards renewables and consumers starting to take more control of their own energy usage, it comes as no surprise that the move has begun.
It was only in 2015 that Tesla released its first version of the Powerwall. Released only to a limited number of businesses across America for installation in customers’ homes, Elon believed the low price point would force other companies to drive down their own costs and help make battery storage more affordable and accessible for the masses.
Fast Forward to today and strong Tesla Powerwall sales in countries like Australia and America saw Tesla reach 200,000 installations worldwide in May of 2021.
Renewable energy is proving to be hot property in emerging markets and consumer uptake is proof it has a strong future. Tesla being the current market leader, there are many other players continuing to join and grow the segment meaning nothing but positive outcomes for consumers.
LG has a significant presence with their commercial and residential options, BMW entered the market via a joint venture with solar watt and Mercedes are looking at multiple options to take some market share.
It comes as no surprise that there is a direct relationship between car manufacturers and battery storage. With the growth and inevitable shift towards electric vehicles, larger cashed up manufactures see it as an opportunity to enter a new market and take control of a market that was traditionally controlled by big oil companies. Fuel.
So, what does that mean for big oil?
The first player to make a large, public move was Shell. Sonnen was an exciting battery start-up out of Germany. They had seen some fantastic growth and had been known to make strong strategic moves like utilizing local manufacturing in countries like Australia to help sell their product.
Shell’s acquisition of Sonnen in 2019 reaffirmed what most thought they knew that big oil needed to shift to greener pastures and given the size of the acquisition it cemented the future of battery storage around the world.
As consumers continue to install batteries in their home and continue to make the switch to renewable energy, the future looks bright for many emerging businesses.