全球户储行业深度报告：百舸争流千帆竞，户储扬帆奋者先

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The global household energy storage (HES) market continues to grow, driven by three main factors: economic drivers, policy support, and electricity demand [1][22] - In 2023, the global cumulative installed capacity of household energy storage exceeded 15GW/34GWh, with a year-on-year increase of 59% in new installations [1][13] - Major markets include Germany, Italy, Japan, the United States, and Australia, which together account for 88% of the global cumulative installed capacity [1][13] Summary by Sections Global HES Growth - The HES market is experiencing significant growth, with a projected CAGR of 15% from 2023 to 2030, expecting to reach 93GW/196GWh by 2030 [1][18] - The highest penetration rates are in Germany (78%) and Italy (over 70%), while the average penetration in Europe is around 25% [1][18] Traditional Markets - In Europe, high electricity prices and energy independence concerns are driving HES installations, with a notable recovery expected in 2024 [2] - In the U.S., the IRA Act has increased subsidies for HES, making it more economically viable compared to standalone solar installations [2] Emerging Markets - Countries like Ukraine, India, Pakistan, and South Africa are experiencing explosive growth in HES due to long-term electricity supply shortages and rising prices [3][18] - For instance, in Ukraine, electricity prices have surged to three times pre-war levels, prompting a significant increase in HES installations [3] HES Product Characteristics - The HES market shows strong consumer attributes, with high installation costs in Europe and a preference for integrated systems, while emerging markets often utilize lower-end batteries [4] - In 2023, global HES shipments reached 13.4GW, with leading market shares held by companies like GoodWe, Ginlong, and Deye [4] Investment Recommendations - Focus on established suppliers with strong channel and brand advantages in traditional markets, such as Airo Energy and GoodWe [5] - New entrants with competitive product offerings in emerging markets, like Deye, are also recommended for investment [5]