Chinese PV inverter and energy storage system provider, Growatt, has added the AXE LV battery system to its smart energy product portfolios. The system specifically caters to the growing residential off-grid lithium battery storage systems market.
“The new AXE LV battery system covers a wide range of capacity extending from 5kWh to 400kWh, which caters to differentiated needs from daily households to large business and industrial scenarios,” said Lisa Zhang, Marketing Director at Growatt.
Growatt says the design of modularity of AXE LV battery system will make it easy to be installed with internal plugs, requiring no extra cable connections. And all the external cables are integrated into one plug, which makes its connection to the inverter much more simplified.
“In terms of safety, it enjoys multi-level protections from the inverter and BMS, such as cell security monitoring and balancing. Meanwhile, as a cobalt-free LFP battery, it stands out for its high-temperature resistance, strong safety and stability as well as better performance of up to 5,000 charge cycles. It also has a longer life span of more than 10 years while traditional lead-acid batteries can only last 2-3 years. Generally, it holds more advantages in terms of the TCO ( total cost of ownership) for customers,” says Growatt.
With regards to compatibility, Growatt says the AXE LV battery system can be used with all Growatt’s SPF off-grid series inverters. Moreover, it also works perfectly along with the SPH and SPA series storage inverters.
Growing demand for residential storage systems
The Chinese inverter manufacturer, now the world’s number one residential inverter supplier is looking to capitalise on the growing demand for energy storage systems to grow its product range and market footprint.
U.S market intelligence firm, MarketsandMarkets, estimates that the global residential energy storage market will reach USD 17.5 billion by 2024, from an estimated USD 6.3 billion in 2019, at a compound annual growth rate (CAGR) of 22.88% during the forecast period.
This growth of the global residential energy storage market can be attributed to factors such as declining cost of batteries, regulatory support and financial incentives, and the need for energy self-sufficiency from consumers. Residential energy storage systems provide backup power during power outages, and therefore, play a vital role in the energy industry.