Category

Residential Energy Storage Market Size, Share, Opportunities 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), By Operation Type (Standalone, Solar) And By Geography - Forecasts From 2019 To 2024

105 pages
Published on : Aug 2019
Report Code : KSI061612872

Description

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 which 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 the 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 lightening bulbs and DC appliances.

By Power Rating Type

By Power Rating Type, Residential Storage Market can be segmented as 3-6kW and 6-10kW. 3-6kW is more popular power rating type, as it is used as small backup power by residential. Also, the government saves power as 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 seems 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 battery, like the Aquion (salt- water battery). It is an eco-friendly battery which is raising its demand.  

By Geography Type

Geographically, Residential Energy Storage Market can be segmented as North America, South America, Europe, 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 source of energy and demand for energy sufficiency. North America region also covers a very significant market with countries like 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.

Competitive Intelligence

The residential energy storage market is fragmented with hundreds of manufacturers. The players are expanding globally to mirror their customers’ requirement. As a result, they are increasingly integrating with other players. The key players include Tesla, GridEdge, Magellan Power, Huawei Technologies Co., Ltd., and LG Chem.

Segmentation

The residential energy storage market has been analyzed through the following segments:

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

 

By Operation Type

Standalone

Solar

 

By Geography Type

North America

USA

Mexico

Canada

 

South America

Brazil

Argentina

Others

 

Europe

Germany

France

United Kingdom

Others

 

Middle East and Africa

Saudi Arabia

Others

 

Asia Pacific

India

China

Japan

Australia

Others

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