Dublin, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The "Residential Energy Storage Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The residential energy storage market has registered a profound growth trajectory, emerging as a pivotal enabler of energy efficiency and sustainability in homes worldwide. As homeowners increasingly turn to renewable energy solutions, the demand for advanced storage systems has escalated, providing a significant impetus to the market dynamics.
According to industry analysis, the market witnessed a valuation of USD 5.21 billion in 2022. Projections indicate a sustained growth pattern, with an expected CAGR of 20.07% through the forecast period of 2023 to 2028. Technological innovations and evolving consumer behaviors underscore the expansion of the residential energy storage segment as integral to modern energy ecosystems.
The deployment of battery energy storage systems plays a critical role in augmenting the utility of renewable energy sources, such as solar and wind, propelling market growth. These systems offer numerous benefits, including voltage and frequency regulation, peak demand charge reduction, seamless renewable integration, backup power provisions, and overall cost savings. Specifically, lithium-ion batteries have emerged as key components within the market, attributed to their declining costs, high energy density, and superior charge/discharge efficiency.
Battery advancements remain a prominent market trend. Lithium-ion technology, with its high energy density and reduced maintenance needs, continues to dominate, aligning with the increased installation of solar rooftops across residential buildings. Europe stands at the forefront of the market, owing to its aggressive adoption of rooftop solar power and supportive incentive schemes, particularly in countries like Germany.
Key Challenges
- Costs and ROI: Initial investments in storage systems can be significant, hindering immediate adoption despite potential long-term savings.
- Battery Lifespan and Degradation: Maintaining battery performance over time is crucial as degradation affects efficiency and storage capacity.
- Regulatory Barriers: Diverse regulations across regions may impede market growth and slow technological uptake.
- Technical Challenges: Installation and maintenance require expertise, potentially creating barriers for homeowners.
- Environmental Concerns: Production, disposal, and recycling of battery systems present environmental challenges that need addressing.
- Perception and Awareness: Homeowners' limited awareness of energy storage benefits could affect market penetration.
- Competition and Market Fragmentation: A diverse range of technologies and providers complicates consumer choices.
Despite these challenges, market trends like the shift towards lithium-ion batteries and encouraging policies in the United States and Germany signal positive momentum in the global residential energy storage market.
Segmental Insights: Dominance of Lithium-ion Batteries and Europe's Leading Position
Lithium-ion batteries pave the way for market dominance, primarily due to their efficient charge/discharge processes and extended lifecycle compared to alternatives. Europe's market sustains its lead, bolstered by strategic policy measures and the increasing integration of rooftop solar solutions.
In conclusion, the global residential energy storage market presents substantial growth opportunities, contributing to the broader move towards renewable energy adoption and grid independence. Advancements in battery technology, coupled with favorable regulatory frameworks, are key to unlocking the market's potential and fostering a sustainable energy future for residential consumers.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $5.21 Billion |
| Forecasted Market Value (USD) by 2028 | $15.75 Billion |
| Compound Annual Growth Rate | 20% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes:
- Tesla, Inc.
- LG Chem Ltd.
- Sonnen GmbH
- Enphase Energy, Inc
- Sunrun Inc
- Panasonic Corporation
- Orison
- Eguana Technologies Inc
- Pika Energy
- BYD Company Limited
For more information about this report visit https://www.researchandmarkets.com/r/xp9bcl
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