Residential Energy Storage Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Power Rating Type (3-6kW, 6-10 KW), By Technology Type (Lithium-Ion, Lead Acid, Flow, Sodium Nickle Chloride), By Connectivity Type (On-grid, Off-grid), And By Geography - Forecasts From 2022 To 2027

Published:  Oct 2022 Report Code: KSI061612872 Pages: 105

Residential Energy Storage Market is anticipated to grow at a CAGR of 18.20% to reach a market size of US$28.415 billion in 2027 from US$8.814 billion in 2020. 

Solar Battery Storage is a very old practice. Initially, the cost of installation was very high. Then Tesla introduced the Powerwall Energy storage system which offered a 10-year warranty and lesser price which forced other companies to give similar offers, boosting the market for the residential storage market.

Residential energy storage is a renewable form of energy that is generated through an eco-friendly process. The cost of generating power is also very low except for the initial installation charges which it saves within 5-6 years of usage. Also in some countries, the government is promoting Residential Storage of power by providing financial incentives and regulatory support for the installation of such devices. Stand-alone power systems are used in area which is not fitted for electricity. In this method, power is generated from various sources and stored in battery banks. Power drawn from these battery banks will be Direct Current Extra Low Voltage(DCELV) and used especially for lighting bulbs and DC appliances.

Increasing demand for renewable energy sources and their Cost benefits to boost the market.

The market for residential energy storage systems has experienced tremendous growth as a result of the greater shift to renewable energy as an outcome of the long-term advantages of solar energy. The devices that store energy for later use in residential structures are called domestic solar energy storage systems. After sunset or during peak energy demand periods, the stored electricity is employed to generate electricity in order to satisfy the highest demand. Furthermore, a connected solar system charges the stored energy in a domestic solar energy storage system. Additionally, choosing the proper battery for the system is essential to maximizing the life and capacity of the system while lowering the cost of maintenance and downtime or failure. Thus the market's expansion can be ascribed to a number of factors, including the falling price of batteries, various financial incentives, and customer demand for energy self-sufficiency.

By Power Rating Type

By Power Rating Type, Residential Storage Market can be segmented as 3-6kW and 6-10kW. 3-6kW is a more popular power rating type, as it is used as small backup power by residential. Also, the government saves power in an emergency for natural hazards or other unfortunate events.

By Technology Type

By technology type, Residential Energy Storage Market can be segmented as Lithium-Ion, Lead Acid, Flow, and sodium Nickle Chloride. Tesla Powerwall, Lithium-Ion batteries seem to be a popular choice for on-grid solar battery storage for the foreseeable future. Sodium Nickle Chloride is a competitor of Lithium-Ion storage technology. GridEdge is an Australian company producing Quantum batteries, like the Aquion (salt-water battery). It is an eco-friendly battery that is in raising demand.  

By Geography Type

Geographically, Residential Energy Storage Market can be segmented as North America, South America, Europe, the Middle East, and Africa and the Asia Pacific. Asia Pacific region is expected to be a significant market for residential energy storage owing to rapid economic development as well as the growth of renewable sources of energy and demand for energy sufficiency. North America region also covers a very significant market with countries like the USA, Canada, and Mexico installing residential energy storage. In disaster-prone areas of North America, the government is providing financial incentives and regulatory support to homeowners to install energy storage solutions so that there are no blackouts during calamities.

Key Developments:

  • December 2021: Shell New Energies US LLC and Macquarie's Green Investment Group have agreed to buy 100% of Savion LLC (Savion), a major utility-scale solar and power storage company in the United States. Shell anticipates that this acquisition will greatly increase the scope of its global solar business. More than 18 gigawatts of solar energy and battery storage are now being developed by Savion, a company that specializes in the construction of solar energy generation and storage projects, for a range of clients including utilities and significant business and industrial organizations. The Savion acquisition strengthens Shell's plan to build an integrated power company as it works toward being a society-aligned energy company with net-zero emissions by 2050.
  • September 2022: Clean energy business Borqs Technologies, Inc. announced that its solar energy storage subsidiary, Holu Hou Energy LLC (HHE), has signed a power purchase agreement (PPA) with Kapolei Diversified Properties, LLC to provide energy to Luhauola, a new mixed-use project in Kapolei, on the island of Oahu, Hawaii. The building has 10,000 sq ft of commercial space, as well as outdoor dining areas for nearby restaurants. There are 29 worker housing rental flats on the property's residential side. Utilizing its industry-leading HoluPower Residential Energy Storage System along with the commercial and residential scale solar generation, Holu Hou Energy will build the Solar + Energy Storage system. The contract comprises 200KW of PV and 500KWh of energy storage, and it is worth several million dollars. In 2023, the system will go into operation.

Product Offerings:

  • LG Home 8 residential energy storage system: The LG Home 8 energy storage system offers a streamlined, structured installation by combining an innovative inverter and battery in a single device that is wall and floor supported. Its 7.5kW inverter/charger offers a combined capacity of 14.4kWh of useable on-demand energy and may be stacked up to 4 units, allowing a total of 57.6kWh of usable energy when used together. Customers with a Time of Use subscription and no solar PV equipment can continue to use Home 8. The energy storage device is grid-independent and has the ability to charge during the day when electricity costs are lowest.
  • Saft Intensium Home 10M: High-end residential and commercial solar PV installations are the intended use of the Intensium Home 10M lithium-ion (Li-ion) storage system, which offers extraordinarily high performance in a contemporary, visually striking design. The Intensium Home 10M was created to go along with Saft's current lineup of Li-ion energy storage products. The Intensium Home 10M, which has been created alongside KACO's new three-phase inverter, is being offered by Saft as part of a new relationship with KACO new energy GmbH, one of Germany's top inverter brands. The growing number of household and business producers and consumers who are eager to maximize their self-consumption find the ideal solution in this Saft and KACO bundle.

Residential Energy Storage Market Scope:

 

Report Metric Details
 Market Size Value in 2020  US$8.814 billion
 Market Size Value in 2027  US$28.415 billion
 Growth Rate  CAGR of 18.20% from 2020 to 2027
 Base Year  2020
 Forecast Period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments Covered  Power Type, Technology Type, Connectivity Type, And Geography
 Regions Covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies Covered Tesla, BYD Motors Inc., Trojan Battery Company, LLC, Saft, Enphase Energy, Magellan Power, LG Energy Solution, Huawei Technologies Co., Ltd., Samsung SDI Co., Ltd., SMA Solar Technology AG
 Customization Scope  Free report customization with purchase

 

Segmentation

  • By Power Type
    • 3-6 kW
    • 6-10 kW
  • By Technology Type
    • Lithium-Ion
    • Lead Acid
    • Flow
    • Sodium Nickel Chloride
  • By Connectivity Type
    • On-Grid
    • Off-Grid
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Italy
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Indonesia
      • Taiwan
      • Thailand
      • Others

Frequently Asked Questions (FAQs)

Q1. What is the size of the global residential energy storage market?
A1. Residential Energy Storage Market was valued at US$8.814 billion in 2020.


Q2. What will be the residential energy storage market size by 2027?
A2. The residential energy storage market is anticipated to reach a market size of US$28.415 billion by 2027.


Q3. What are the growth prospects for the residential energy storage market?
A3. The global residential energy storage market is anticipated to grow at a CAGR of 18.20% over the forecast period.


Q4. What factors are anticipated to drive the residential energy storage market growth?
A4. The residential energy storage market has experienced tremendous growth as a result of the greater shift to renewable energy as an outcome of the long-term advantages of solar energy.


Q5. Which region holds the largest share of the residential energy storage market?
A5. The Asia-Pacific holds a significant share of the residential energy storage market owing to rapid economic development as well as the growth of renewable sources of energy and demand for energy sufficiency.


1. INTRODUCTION

1.1. Market Overview

1.2. COVID-19 Scenario

1.3. Market Definition

1.4. Market Segmentation

 

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

 

3. EXECUTIVE SUMMARY

3.1. Research Highlights

 

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter's Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

 

5. RESIDENTIAL ENERGY STORAGE MARKET, BY POWER TYPE

5.1. Introduction

5.2. 3-6 kW

5.3. 6-10 kW

 

6. RESIDENTIAL ENERGY STORAGE MARKET, BY TECHNOLOGY TYPE

6.1. Introduction

6.2. Lithium-Ion

6.3. Lead-Acid

6.4. Flow

6.5. Sodium Nickel Chloride

 

7. RESIDENTIAL ENERGY STORAGE MARKET, BY CONNECTIVITY TYPE

7.1. Introduction

7.2. On-Grid

7.3. Off-Grid

 

8. RESIDENTIAL ENERGY STORAGE MARKET, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. France

8.4.3. United Kingdom

8.4.4. Italy

8.4.5. Others

8.5. Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. Israel

8.5.3. UAE

8.5.4. Others

8.6. Asia Pacific

8.6.1. China

8.6.2. Japan

8.6.3. South Korea

8.6.4. India

8.6.5. Indonesia

8.6.6. Taiwan

8.6.7. Thailand

8.6.8. Others

 

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

 

10. COMPANY PROFILES

10.1. Tesla

10.2. BYD Motors Inc.

10.3. Trojan Battery Company, LLC

10.4. Saft

10.5. Enphase Energy

10.6. Magellan Power

10.7. LG Energy Solution

10.8. Huawei Technologies Co., Ltd.

10.9. Samsung SDI Co., Ltd.

10.10. SMA Solar Technology AG

Tesla

BYD Motors Inc.

Trojan Battery Company, LLC

Saft

Enphase Energy

Magellan Power

LG Energy Solution

Huawei Technologies Co., Ltd.

Samsung SDI Co., Ltd.

SMA Solar Technology AG

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