The growth of the electric vehicle market is driving a surging business focused on home energy storage.
Companies spanning Tesla to Panasonic have been developing a host of these home energy-storage batteries, which when combined with solar power can help reduce dependence on the power grid.
According to research group McKinsey & Co., annual installations of home energy-storage systems in the U.S. grew from 2.25 megawatt-hours in 2014 to 185 mWh in 2018.
They're expected to exceed 2.9 gigawatt-hours by 2023.
In June, NeoVolta Inc., a California maker of residential energy-storage systems, said it was increasing its production capability by 300 percent, to 10,000-plus units annually.
One of the key components and major appeals of the residential storage batteries is the flexibility of the systems. Panasonic's new residential battery system, called EverVolt, features both AC and DC coupled options and can be scaled down to as little as 5.7 kilowatt-hours of energy storage or expanded to 34.2 kWh.
The usable capacity of the Tesla Powerwall is 13.5 kWh. The Smartflower +Plus, a self-contained solar energy system developed in partnership with NEC Energy Solutions, features 5.5 kWh of battery storage.
According to research firm BloombergNEF, South Korea currently leads the global market for home energy-storage installations, but China and the U.S. are poised to move to the forefront by 2040.