Residential Energy Storage Market is projected to reach USD 2,081 million in 2028 from USD 898 million in 2023 at a CAGR of 18.3% according to a new report by MarketsandMarkets
. The Residential Energy Storage Market has promising growth potential due to the rising production of electric vehicles, initiatives by government, growing R & D investment in lithium-ion batteries.
Browse in-depth TOC on “Residential Energy Storage Market“
301 – Tables
61 – Figures
291 – Pages
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Residential Energy Storage Market Scope:
|
Report Coverage |
Details |
|
Market Size |
USD 2,081 million in 2028 |
|
Growth Rate |
18.3% of CAGR |
|
Largest Market |
Asia Pacific |
|
Market Dynamics |
Drivers, Restraints, Opportunities & Challenges |
|
Forecast Period |
2023-2028 |
|
Forecast Units |
Value (USD Million) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Technology, power rating, connectivity type, ownership type, operation type and region |
|
Geographies Covered |
North America, Europe, Asia Pacific, South America and Middle East & Africa |
|
Report Highlights |
Updated financial information / product portfolio of players |
|
Key Market Opportunities |
Increasing installation of solar PV modules |
|
Key Market Drivers |
Significant demand for electric vehicles |
By connectivity type, the on-grid segment is anticipated to rule the Residential Energy Storage Market during the forecast period.
The Residential Energy Storage Market is dominated by the on-grid segment. Due to its lower upfront costs than off-grid connectivity, it has a larger market share. Energy storage technologies occasionally also support extra functions like Transmission & Delivery (T&D) deferral, power quality assurance, voltage regulation, spinning reserve, and improved system reliability. Off-grid residential energy storage systems commonly combine renewable energy sources such as solar panels or wind turbines with energy storage technology to create a self-sufficient power supply. On-grid residential energy storage systems are connected to the electric grid, offering benefits like backup power during outages and optimizing energy usage. They charge batteries during off-peak hours and discharge during peak demand, enabling participation in grid programs and services like demand response.
By operation type, the Residential Energy Storage Market for solar and storage is anticipated to grow at the highest rate.
Solar and storage systems make up the largest portion of the Residential Energy Storage Market, which is segmented into standalone systems and solar and storage systems. Due to growing awareness and demand for energy independence, solar and storage are also anticipated to grow the fastest during the forecast period. The Residential Energy Storage Market provides standalone systems for backup power and load management, regardless of solar panel usage. Additionally, there is a growing demand for integrated solar and storage systems, optimizing self-consumption and energy independence.
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Asia Pacific region being the fastest growing Residential Energy Storage Industry
North America, Europe, Asia Pacific, the Middle East & Africa, and South America are the five geographic areas in which the Residential Energy Storage Market has been examined in this report. Due to the rapidly rising cost-competitiveness of solar-plus-storage solutions, which give residential consumers access to clean energy power and opportunities to lower their energy costs, Europe is currently a significant contributor to the Residential Energy Storage Market.
Key Market Players:
The report includes profiles of some of the leading players in the Residential Energy Storage Companies to help readers gain a thorough understanding of the market’s competitive environment.
Tesla (US), VARTA AG (Germany), Enphase Energy (US), BYD Company Ltd. (China), Sonnen GmbH (Germany), and LG Energy Solution (South Korea) are a few of the major players. The market’s top players are using a variety of tactics to gain market share for residential energy storage.
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Recent Developments
- In September 2022, BYD Company partnered with Victron Energy to find out compatibility BYD Premium LVL / LVS and Victron inverters/chargers which was successfully completed.
- In August 2022, Tesla partnered with Green Mountain Power (GMP) for the deployment of Powerwalls, Tesla’s home battery pack, in a decentralized way with electric utilities. The relatively small electric utility operating in Vermont was one of the earliest adopters of Tesla Powerwall.
- In August 2022, Huawei Digital Power and Pinggao Group Co., Ltd have signed a Memorandum of Understanding (MoU) to strengthen their cooperation in the supply of innovative and reliable Huawei string inverters for PV plants in Balkan countries such as Greece, Bulgaria, and North Macedonia.
- In February 2022, Enphase Energy announced a partnership with Swell Energy that, Enphase Energy Systems powered by IQTM Microinverters and IQTM Batteries will be able to participate in Swell’s distributed, virtual power plant (VPP) programs in California, New York, and Hawaii as a result of the collaboration.
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