Residential Energy Storage Market
Overview and Scope
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.
Sizing and Forecast
The residential energy storage market size has grown rapidly in recent years. It will grow from $0.76 billion in 2023 to $0.91 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. 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 $1.72 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. 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.
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Segmentation & Regional Insights
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
Europe was the largest region in the residential energy storage market in 2023. 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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The residential energy storage market report table of contents includes:
1. Executive Summary
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