In Q4 from year 2021-2022, the global HOME-ESS (Home Energy Storage System) residential Energy Storage Shipments saw stable growth. However, there was a decline in Q1 and Q2 of 2023 with a 2% year-on-year drop in Q2. The HOME-ESS market in Europe has slowed down with Belgium and Spain experiencing a decrease of over 60% while Italy over 40%. On the other hand, South Africa emerged as a new HOME-ESS market, with a market growth rate exceeding 300%.
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Q2 2023 was the first quarter that global shipments declined – falling by 2% year-on-year. Shipments to Europe have slowed, with Belgium and Spain decreasing by over 60%, and Italy by over 40%.
South Africa was a standout market, growing by over 300%.
Inventory in Europe climbed to very high levels by the end of 2022. This combined with stabilizing/weakening demand in the first half of 2023 has led to a drop oft in shipments from International players.
In total, shipments to the various European markets declined by 3% year-on-year in the first half of 2023.
