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.
|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|
|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|
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.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
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
5.2. 3-6 kW
5.3. 6-10 kW
6. RESIDENTIAL ENERGY STORAGE MARKET, BY TECHNOLOGY TYPE
6.5. Sodium Nickel Chloride
7. RESIDENTIAL ENERGY STORAGE MARKET, BY CONNECTIVITY TYPE
8. RESIDENTIAL ENERGY STORAGE MARKET, BY GEOGRAPHY
8.2. North America
8.3. South America
8.4.3. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
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
10.2. BYD Motors Inc.
10.3. Trojan Battery Company, LLC
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
BYD Motors Inc.
Trojan Battery Company, LLC
LG Energy Solution
Huawei Technologies Co., Ltd.
Samsung SDI Co., Ltd.
SMA Solar Technology AG
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