Overview and Scope
The residential battery refer to the battery used for the in-home purpose to store the energy supplied from the power grid or energy generated from renewable energy sources like solar and wind. There are different types of battery technology available in the market, but the most commonly used technology is lithium-ion technology. Lithium-ion batteries work as rechargeable battery whenever it connects to power charge and disconnected discharge based on the residential usage.
Sizing and Forecast
The residential battery market size has grown rapidly in recent years. It will grow from <b>$8.5 billion in 2023 to $9.82 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. </b> The growth in the historic period can be attributed to renewable energy integration, energy storage for backup and grid stability, declining battery costs, government incentives and subsidies, increasing power outages..
The residential battery market size is expected to see rapid growth in the next few years. It will grow to <b>$16.39 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. </b> The growth in the forecast period can be attributed to energy independence and self-sufficiency, advanced battery management systems, expansion of microgrid and off-grid systems, integration with smart home technologies, transition to electric heating and cooling, energy efficiency and carbon footprint reduction.. Major trends in the forecast period include increasing use of lithium-ion and solid-state batteries, virtual power plants and peer-to-peer energy trading, recycling and sustainable battery materials, advanced grid integration solutions, mobile and modular battery solutions, artificial intelligence for predictive maintenance..
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Segmentation & Regional Insights
The residential battery market covered in this report is segmented –
1) By Type: Lithium-ion Battery, Lead-Acid Battery, Other Types
2) By Operation Type: Standalone systems, Solar and storage
3) By Power Rating: 3–6 kW, 6–10 kW
4) By End-User: Industrial, Commercial, Residential
<b>Asia-Pacific</b> was the largest region in the residential battery market in 2023. The regions covered in the residential battery market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing deployment of solar power generation is expected to drive the residential battery market. Many people are deploying solar panels in their houses and commercial spaces as it is cost-efficient. To store this power generated by solar panels, residential batteries are used. According to the Solar Energy Industries Association (SEIA), a national non-profit trade association of the solar-energy industry in the United States, the United States of America has installed a 4.6 GW of solar community energy in the year 2021. Regardless of the physical qualities or ownership of their house or company, community solar gives homeowners, renters, and companies equitable access to the economic and environmental benefits of solar energy generation. Moreover, over the next five years, the community solar sector in the USA will install more than 4.3 gigawatts of total capacity. Such rising demand for solar power generation is driving the residential batteries market.
Key Industry Players
Major companies operating in the residential battery market include <b> Amara Raja Batteries Limited, Samsung SDI Co. Ltd., LG Chem Ltd., BYD Company Ltd., Tesla Inc., ABB Ltd., Siemens AG, Luminous Power Technologies Ltd., Contemporary Amperex Technology Co. Limited, Panasonic Corporation, Power-Sonic Corporation, Lishen Battery Co. Ltd., China Baofeng Battery Technology Co. Ltd., Loom Solar Pvt. Ltd., Ruipu Energy Co. Ltd., China Aviation Lithium Battery Co. Ltd., Guoxuan High-tech Power Energy Co. Ltd., Sunwoda Electronic Co. Ltd., Farasis Energy Co. Ltd., Sonnen GmbH, Fluence Energy LLC, Bloom Energy Corporation, Blue Planet Energy, Electrovaya Inc., Enphase Energy Inc., ESS Inc., Evergen Energy Solutions Inc., FIMER SpA, Gotion High-tech Co. Ltd., Murata Manufacturing Co. Ltd., NEC Corporation, NextEra Energy Inc., Powin Energy Corporation, Redflow Limited, SimpliPhi Power Inc., Ultralife Corporation </b>
The residential battery market report table of contents includes:
1. Executive Summary
2. Residential Battery Market Characteristics
3. Residential Battery Market Trends And Strategies
4.Residential Battery Impact Of COVID-19
5.Residential Battery Market Size And Growth
6.Residential Battery Segmentation
7.Residential Battery Regional And Country Analysis
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27.Residential Battery Competitive Landscape And Company Profiles
28. Residential Battery Key Mergers And Acquisitions
29. Residential Battery Future Outlook and Potential Analysis
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