DUBLIN, Nov. 14, 2023 /PRNewswire/ -- The "Global Residential Energy Storage Market by Power Rating (3-6 kW, 6-10 kW, 10-20 kW), Connectivity (On-Grid, Off-Grid), Technology (Lead-Acid, Lithium-Ion), Ownership (Customer, Utility, Third-Party), Operation (Standalone, Solar), and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
At a CAGR of 18.3% over the forecast period, the global residential energy storage market is anticipated to increase from an estimated USD 898 million in 2023 to USD 2.08 billion by 2028.
This report offers valuable insights for leaders and newcomers in the market, providing approximate revenue figures for both the overall market and its sub-segments.
Residential energy storage systems provide homeowners with uninterrupted power during outages, facilitating the integration of renewable sources, especially solar, at the residential level. These systems enhance energy reliability by optimizing the balance between supply and demand. Moreover, they contribute to grid safety, cost-effectiveness, and resilience, reducing power consumption during peak demand, integrating renewables, and regulating voltage and frequency while creating backup power sources.
Stakeholders can leverage this report to gain a competitive edge, refine their business strategies, and navigate the relay market effectively. It furnishes valuable insights into market dynamics, including key drivers, restraints, challenges, and opportunities.
The growth of the residential energy storage market is propelled by factors such as the decreasing cost of lithium-ion batteries, supportive regulatory policies promoting clean energy adoption, and a rising consumer demand for energy self-sufficiency.
A handful of prominent players, boasting extensive regional coverage, dominate the residential energy storage market. These industry leaders include Tesla (US), VARTA AG (Germany), Enphase Energy (US), BYD Company Ltd (China), Sonnen GmbH (Germany), LG Energy Solution (South Korea), along with other notable companies.
6-10 kW, by power rating, is expected to be the largest and the fastest-growing market from 2023 to 2028
The residential energy storage market is categorized by application into three segments: 3-6 kW, 6-10 kW, and 10-20 kW. Among these segments, the 6-10 kW segment is projected to hold the largest market share and exhibit a high CAGR during the forecast period.
This dominance can be attributed to the reduced reliance on grid supply enabled by energy storage systems, which serve as backup power sources in the event of grid outages. By offering backup capabilities, the 6-10 kW segment provides homeowners with increased energy security and resilience.
The lithium-ion segment, by technology, is expected to be the fastest-growing market from 2023 to 2028
Lithium-ion and lead-acid batteries make up the two technology segments of the residential energy storage market. The market for lithium-ion batteries is expected to grow most rapidly. The strong growth rate can be due to the rising number of lithium-ion battery manufacturing facilities and high expenditure in their R&D.
Customer-owned, by ownership type, is expected to be the largest and the fastest-growing market from 2023 to 2028
The residential energy storage market is categorized based on ownership type, including customer-owned, utility-owned, and third-party-owned systems. Among these segments, the customer-owned segment is projected to experience the highest growth rate during the forecast period, closely followed by the utility-owned segment.
This dominance can be attributed to the advantages customers gain, such as lower energy bills and increased energy independence, through the implementation of residential energy storage solutions. By owning their energy storage systems, residential customers can optimize their energy usage, store excess energy, and rely less on external energy sources, leading to greater cost savings and enhanced self-sufficiency.
Premium Insights
- Declining Costs of Lithium-Ion Batteries to Drive Residential Energy Storage Market Growth in Coming Years
- North America to Witness Highest Growth in Residential Energy Storage Market During Forecast Period
- 6 to <10 kW Segment Dominated Residential Energy Storage Market in 2022
- Customer-Owned Residential Energy Storage Systems Held Largest Market Share in 2022
- On-Grid Segment Accounted for Larger Market Share in 2022
- Lithium-Ion Technology Accounted for Larger Market Share in 2022
- Solar and Storage Systems Held Larger Market Share in 2022
Case Study Analysis
- CMEEC Aims to Energize Customers and Ensure Community Prosperity by Providing Lower-Cost Energy Solutions
- BYD Company Ltd. Launched New Battery Box System Compatible with All PV Solar Inverters
- E3/DC Fulfilled Demand of Homeowner Who Wanted to Achieve 80% of Energy Self-Sufficiency with Solar Power
Market Dynamics
Drivers
- Government Initiatives Pertaining to Energy Storage Projects
- Significant Demand for Electric Vehicles
- Increased Investments in R&D of Lithium-Ion Batteries
Restraints
- Lack of Battery Disposal and Recycling Standards
- High Initial Investment
Opportunities
- Rising Demand for Grid Energy Storage Systems
- Increasing Installation of Solar PV Modules
Challenges
- Safety Concerns for Lithium-Ion Batteries
- Aging of Lithium-Ion Batteries
- Trends/Disruptions Impacting Customers' Businesses
- Revenue Shift and New Revenue Pockets for Residential Energy Storage System Providers
Supply Chain Analysis
- Raw Material Suppliers
- Battery Manufacturers
- Software Suppliers
- Energy Storage System Suppliers
Ecosystem Analysis
- Trade Analysis
- Market Map
Technology Analysis
- Lithium-Ion
- Lead-Acid
- Technological Advancements
Company Profiles
Key Players
- Tesla
- Panasonic Holdings Corporation
- BYD Company Ltd.
- Enphase Energy
- Sonnen GmbH
- Varta AG
- Delta Electronics, Inc.
- Huawei Technologies Co. Ltd.
- Eaton
- SMA Solar Technology AG
- LG Energy Solution
- GoodWe
- E3/DC
- Alpha ESS Co. Ltd.
- RCT-Power
- Solarwatt
- Senec
- Shanghai Pytes Energy Co. Ltd.
Other Players
- Pylon Technologies Co. Ltd.
- Victron Energy
- Dyness
- Tesvolt AG
- Turbo Energy - Solar Innovation
- BST Power (Shenzhen) Limited
- WECO Srl
- Powervault
For more information about this report visit https://www.researchandmarkets.com/r/7bkicx
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