At what pace is the residential energy storage market growing, and what is its estimated value?
The residential energy storage market size has grown rapidly in recent years. It will grow from $0.91 billion in 2024 to $1.08 billion in 2025 at a compound annual growth rate (CAGR) of 18.9%. The growth in the historic period can be attributed to infrastructure development, rise in adoption of solar rooftop systems by the residential sector, mounting government and private investments in the production of renewable energy, customer demand for energy independence, the drop in battery prices.
The residential energy storage market size is expected to see rapid growth in the next few years. It will grow to $1.99 billion in 2029 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to increasing demand for electric vehicles, increasing installation of solar PV modules, increasing concern of individuals regarding environmental degradation, booming energy consumption in developing regions, surging demand for renewable energy. Major trends in the forecast period include rising need for large-scale electrical energy storage technologies, increase in research and development, rise in technological advancements, increasing production of lithium-ion technology.
Get Your Free Sample of The Global Residential Energy Storage Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=14475&type=smp
What are the key forces behind the residential energy storage market’s growth in recent years?
The surging demand for renewable energy is expected to propel the growth of the residential energy storage market going forward. Renewable energy refers to energy derived from naturally replenishing sources, such as sunlight, wind, rain, tides, and geothermal heat, which are considered sustainable and environmentally friendly alternatives to finite fossil fuels. The rising demand for renewable energy is fueled by a desire to minimize climate change through switching to sustainable and clean power sources. Renewable energy facilitates residential energy storage by providing a sustainable and intermittent power source, allowing homeowners to store excess energy during peak generation periods for later use, enhancing grid resilience, and reducing reliance on traditional energy sources. For instance, in December 2023, according to the Department for Energy Security and Net Zero, a UK-based government department, in the third quarter of 2023, renewable electricity generation reached a record high of 30.1 terawatt-hours, marking a 6.8% increase compared to the same period in 2022. Therefore, the rise in demand for renewable energy is driving the growth of the residential energy storage market.
What are the major segments of the residential energy storage market?
The residential energy storage market covered in this report is segmented –
1) By Technology: Lead-Acid, Lithium-Ion
2) By Utility: 3KW To < 6KW, 6KW To < 10KW, 10KW To 29KW
3) By Connectivity: On-Grid, Off-Grid
4) By Ownership Type: Customer Owned, Utility Owned, Third-Party Owned
5) By Operation: Solar And Storage System, Standalone Systems
Subsegments:
1) By Lead-Acid: Flooded Lead-Acid Batteries, Sealed Lead-Acid Batteries
2) By Lithium-Ion: Lithium Iron Phosphate (LiFePO4), Nickel Manganese Cobalt (NMC), Lithium Nickel Cobalt Aluminum Oxide (NCA)
Order your report now for swift delivery
https://www.thebusinessresearchcompany.com/report/residential-energy-storage-global-market-report
Which companies dominate the residential energy storage market?
Major companies operating in the residential energy storage market are Huawei Technologies Co. Ltd., Tesla Inc., Siemens AG, Hitachi Energy Ltd., Panasonic Corporation, BYD Company Limited, ABB Ltd., Eaton Corporation plc, LG Energy Solution Ltd., Samsung SDI Co. Ltd., Delta Electronics Inc., Enphase Energy Inc., SMA Solar Technology AG, Saft Groupe SA, VARTA AG, Jiangsu GoodWe Power Supply Technology Co. Ltd., Sonnen GmbH, Shanghai PYTES Energy Co. Ltd., Dyness Power Energy Limited, Deutsche Energieversorgung GmbH, Powervault Ltd., TESVOLT GmbH, Turbo Energy Ltd., Alpha ESS Co. Ltd., Sunverge Energy LLC, Eguana Technologies Inc.
What major trends will shape the residential energy storage market during the forecast period?
Major companies operating in the residential energy storage market are developing advanced home storage battery system technologies, such as electrified vehicle battery technology, to enhance energy storage capacity, efficiency, and sustainability for residential users. These systems leverage EV battery technology to provide residential users with reliable backup power, optimize energy usage from renewable sources such as solar panels, and reduce electricity costs through peak shaving and load shifting strategies. For instance, in June 2022, Toyota Motor Corporation, a Japan based automotive manufacturer, released a residential storage battery system, embodying the principles of safety, extended service life, superior quality, affordability, and exceptional performance. The O-Uchi Kyuden System, built on extensive experience in electrified vehicle development and leveraging onboard components, offers customers peace of mind. With a rated capacity of 8.7 kWh and a rated output of 5.5 kWh, this system utilizes Toyota’s battery control technology to ensure safety and provide a reliable power supply to the entire home, including during power outages triggered by natural disasters.
What are the key regional dynamics of the residential energy storage market, and which region leads in market share?
Europe was the largest region in the residential energy storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the residential energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Residential Energy Storage Market Report 2025 Offer?
The residential energy storage market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Residential energy storage refers to a systems allow homeowners to store electricity generated from renewable sources such as solar panels, wind turbines, or the grid during off-peak hours when electricity rates are lower. These systems typically include batteries that store electrical energy in the form of chemical energy, and further stored energy can be converted into usable electricity through an inverter.
Purchase the exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=14475
About The Business Research Company
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
