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Oct 10, 2023
Global residential energy storage shipments declined for first time in Q2 2023
Q2 2023 is the first quarter on record where global residential energy storage shipments have declined Y-o-Y, falling by 2%. Shipments to Europe have slowed, with Belgium and Spain in particular seeing shipments decrease by over 60% Y-o-Y, and Italy by over 40%. A standout market showing strong growth is South Africa, where shipments increased by over 300% Y-o-Y.
Residential inventory levels (particularly of imported systems) in Europe climbed to very high levels by the end of 2022, which combined with stabilizing/weakening demand in the first half of 2023 has led to a drop off in shipments - especially from international players. In total, shipments to the various European markets that S&P Global Commodity Insights tracks declined by 3% Y-o-Y in H1 2023, however shipments from German system suppliers increased by nearly 30% during the same period.
Despite high inventory levels, new Chinese suppliers are entering the market and scaling quickly to ship large volumes. This trend will further exacerbate high inventory levels in Europe relative to slowing demand.
For more information regarding our battery and energy storage market coverage within our Clean Energy Technology service, please click here.
This article was published by S&P Global Commodity Insights and not by S&P Global Ratings, which is a separately managed division of S&P Global.
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