A new analysis report on the global residential energy storage market, which is forecasted between 2022 and 2028, has been published by Knowledge Sourcing Intelligence. Residential energy storage system use is anticipated to increase in the future due to the rapid rise of renewable energy sources like solar power. Residential energy storage systems are becoming more and more popular among consumers looking to save their electricity expenses. The capacity of home energy storage systems to store renewable energy, such as solar output, and therefore reduce ecological footprint is driving market expansion.
As per the report, the global residential energy storage market is expected to grow at a CAGR of 19.82% during the forecast period to reach a market size of US$57.645 billion in 2028, from US$16.257 billion in 2021.
The application of energy storage devices intended for usage in residences and other residential structures is referred to as the residential energy storage system. With the help of residential energy storage devices, homeowners may store energy from renewable sources like solar panels and the grid for use when power prices are lower. When there is a power outage or during periods of peak demand, this stored energy can be utilized. These kinds of systems usually include batteries, inverters, and monitoring devices that let homeowners monitor how much energy they use and produce. Energy storage devices for homes can be incorporated into pre-existing solar photovoltaic systems or installed separately. The main factor driving market revenue growth is the declining cost of batteries. The demand for lithium-ion batteries in home energy storage systems is rising as a result of the power industry’s development of battery storage. The worldwide residential energy storage market is expanding as a result of rising installations of home energy storage systems in developed nations due to customer demand for increased battery resilience, control, and dependability. The increasing number of home energy storage system installations is outpacing utility-scale storage installations due to the great value that customers are placing on owning their storage systems. Growing demand for domestic energy storage systems is being fueled in part by recent drops in the cost of a system per kilowatt-hour.
The market is witnessing multiple collaborations and technological advancements, for instance, Toyota launched the O-Uchi Kyuden System, a household battery solution, in June 2022, marking its entry into the energy storage sector. Toyota introduced a battery storage system with a rated output of 5.5 kWh and a rated capacity of 8.7 kWh. The system makes use of the company’s electric car battery technology. The system may power a house day and night when it is coupled to a solar rooftop system. The startup wants to market the storage system in Japan at first.
Based on power type the global residential energy storage market is divided into 3-6 kW and 6-10 kW. The 6-10 kW sector is expected to continue holding the top spot in terms of market share throughout the projected period. The main factors driving this segment’s growth are the persistent problems with unstable electricity supplies and protracted blackouts in emerging nations in Asia Pacific and Africa. The necessity for dependable power solutions in these areas to lessen the effects of erratic electrical networks and guarantee continuous access to electricity is what fueling the segment growth
Based on technology type the global residential energy storage market is divided into lithium-ion, lead acid, flow and sodium nickel chloride. When compared to other battery technologies, lithium-ion technology is anticipated to expand at the fastest pace throughout the anticipated period. This increase is explained by the fact that lithium-ion batteries have a higher energy density than lead-acid batteries. Because of this, the lithium-ion category is expected to develop significantly during the projected period, propelling the growth of the market as a whole.
Based on connectivity type the global residential energy storage market is divided into on-grid and off-grid. The market was dominated by the on-grid category, which is expected to continue to have a dominant position over the forecast period. Due to the increasing usage of on-grid systems in residential buildings, this industry is growing. The excess energy produced may be transferred to the relevant grid owner with the use of on-grid devices, enabling the user to accrue credit that can be redeemed at the end of the year. Another benefit of being grid-tied is that it eliminates the need to buy a costly battery backup system to store any excess energy. These factors are expected to drive demand for on-grid home energy storage systems throughout the projected period.
Based on Geography the North American market held major market proportions, The domestic energy storage market in the United States is expected to continue expanding rapidly after undergoing a remarkable period of growth in recent years. Manufacturers of energy storage systems for homes now have several options. The need for customers to become more robust, changes to net metering regulations, and the financial rewards associated with installing a home energy storage system are driving the industry. Furthermore, American customers are showing an increasing interest in integrating energy storage with solar photovoltaic systems. The commercial outlook will be boosted by strict government requirements on decarbonization and the deployment of clean and energy-efficient technologies. The cost of solar systems has decreased and favorable government subsidies have increased the appeal of these technologies to homes. Moreover, the market for these systems will be fueled by favourable regulatory attitudes toward the implementation of workable solar changes as well as strict requirements to maximize energy.
As a part of the report, the major players operating in the global residential energy storage market, that have been covered are 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.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/residential-energy-storage-market
The market analytics report segments the global residential energy storage market on the following basis:
- By Power Type
- 3-6 kW
- 6-10 kW
- By Technology Type
- Lead Acid
- Sodium Nickel Chloride
- By Connectivity Type
- By Geography
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America