Russia Residential Energy Storage Market Share, Size, Future Demand, and Emerging Trends
Explore the Russia Residential Energy Storage Market—delve into its size, market share, future demand, and key trends shaping sustainable energy solutions.
Market Overview
In 2024, the Russian residential energy storage industry will generate a projected revenue of USD 13.7 million, which is estimated to experience a CAGR of 27.5% over the projection period, to attain USD 58.7 million by the end of the decade.
The major reasons propelling the development of this industry are the growing populace and the increasing energy needs. This is leading to the requirement for enhanced technologies to cater to these demands when the power supply from the grid drops or is interrupted.
The continuing energy transition in Russia is resulting in a growing interest and investment in community power storage systems. These are small power centers that are utilized to allocate and store power from renewable sources and locally provide power to residential areas with smaller batteries.
They are distinct from the big power storage companies that are generally for large grid-scale energy storage stations, as they are designed to offer regional control of power, inexpensive energy for consumers, security for the grid, energy backups, and sustainability because they can store renewable energy.
Renera was created in October 2020 as a joint venture between Rosatam and Gazelle to improve energy storage in Russia. Renra is an orchestrating manufacturing company of high-quality power storage equipment for renewable energy, load leveling, and emergency power. Also, it produces module-type lithium-ion traction batteries for electric vehicles using automotive-grade cells.
Many countries, companies, and unions are striving to achieve energy independence targets of their own. Russia has also done this in some ways, for instance by creating the Russia Renewable Energy Development Association (RREDA) – an organization leading publicity on investment and interest in low carbon energy generation technologies in Russia.
Key Insights
- Utility-owned is projected to advance fastest with a CAGR of 27.8% over the projection period because of government ownership of power production and storage infrastructure. Rushydro, with more than 600 facilities and a 66% government stake, demonstrates this trend.
- In 2024, the customer-owned category grips a greater share, propelled by the capability to handle power usage efficiently, confronting overvoltage and supply disparity problems, and guaranteeing stable and effective power distribution.
- The on-grid category is projected to grip a larger share of 70% in 2030, benefiting from power arbitrage, which adds power storage into solar PV systems, enabling residents to benefit from on-peak electricity bills.
- During the projection period, the off-grid category is projected to have an advanced CAGR, addressing the absence of grid connectivity in more than 10,000 villages. Transitioning from high-polluting generators to renewable power advances economic efficacy and ecological conditions.
- In 2024, the 6–10 kW category leads the industry with approximately 50% share and is the fastest-rising because of cost-effectiveness and installation ease. Augmented power consumption, common power cuts, and the need for stable power drive acceptance.
- Lithium-ion is the larger and faster-growing category with a CAGR of 27.9% during the forecast period. These batteries are reliable, and stable, and have better energy densities, higher voltage capacities, and lower self-discharge rates. Rosatom's collaborations enhance growth through lithium extraction and production projects.
- The standalone category will be larger in 2024, suitable for harsh conditions in Siberia, providing dependable backup power during grid disruptions. It is cheaper and easier to install, operate, and maintain than integrated systems.
Source: P&S Intelligence