Dublin, Dec. 13, 2024 (GLOBE NEWSWIRE) -- The "Growth Opportunities in the Residential Battery Energy Storage Systems Industry" report has been added to ResearchAndMarkets.com's offering.
Battery energy storage systems (BESS) have become the fastest-growing clean energy technology driven by the growth of intermittent renewables and the need for grid flexibility. Homeowners are turning to batteries to maximize solar energy consumption, manage energy demand more efficiently, control costs, and reduce carbon footprint. Residential batteries are also functional for distribution networks. With the right regulations and price signals in place, home batteries can store distributed solar PV during high irradiation hours to be used during peak hours, reducing stress on the grids.
In 2023, the number of newly installed BESS almost doubled from the previous year, reaching 1.87 million new units, equivalent to an investment of $14.92 billion. Europe accounted for 72.3% of the world's storage capacity additions in 2023. Japan, Australia, and the United States also are important markets. The combination of higher income, higher electricity prices, the availability of incentives, and supportive regulations make investing in residential storage an appealing option in these locations. As a necessary complement to the expansion of distributed generation, these systems help nations reach their climate and environmental goals.
The global residential BESS market revenue is forecast to double to $31.31 billion by 2030, and then double again to $60.02 billion by 2035. This growth will be driven by cost declines, along with an average of 113 GW of residential solar and evolving incentives, and supportive policies and market rules. Residential storage capacity will register a compound annual growth rate of 15.8% from 2023 to 2035, achieving 592.55 GWh of cumulative capacity.
This study provides a region-level forecast and analysis of how residential BESS units, capacity, and investments will evolve by 2035. It discusses the main drivers and trends in the battery value chain, technology, business models, applications, and growth opportunities.
Key Growth Opportunities:
- Growth Opportunity 1: Solar-plus-Storage Retrofits
- Growth Opportunity 2: Energy Storage-as-a-Service
- Growth Opportunity 3: Residential Battery Energy Storage to Add Higher Value to Customers
Key Topics Covered:
Strategic Imperatives
- The Impact of the Top 3 Strategic Imperatives on the Residential Battery Energy Storage Systems Industry
- Growth Opportunities Fuel the Growth Pipeline EngineT
Ecosystem
- Scope of Analysis
- Regional Segmentation
- Key Findings
Trend Analysis
- Key Trends Shaping the Industry
- Trend 1: AI Revolutionizing the BESS Value Chain
- Trend 2: Carrots and Sticks to Foster Self-consumption with Batteries
- Trend 3: Solar-Plus-Storage, the Perfect Match
- Trend 4: VPPs to Unlock Extra Value from BTM Storage
- Trend 5: BESS Design Improvements
- Trend 6: Shift Toward Home Energy Platforms
- Trend 7: Predictive BESS Analytics
- Trend 8: Higher Transparency and ESG Accountability for Batteries
Growth Opportunity Analysis
- Residential BESS Value Chain
- Key Residential BESS Suppliers
- Key Applications for Residential BESSs
- Growth Metrics
- Growth Drivers
- Expansion of Residential Solar PV
- Supportive Policies, Incentives, and Market Rules
- Battery Production Capacity Expansion
- Cost Declines
- Growth Restraints
- Forecast Considerations
- Cumulative Storage Systems Growth
- Cumulative Storage Capacity Forecast
- Annual Power Capacity Forecast
- Annual Energy Capacity Forecast
- Annual Energy Capacity Forecast by Region
- Annual Energy Capacity in Top Countries
- Capex Forecast
- Capacity Forecast Analysis
- Pricing Trends and Forecast Analysis
Regional Analysis
- Regional Analysis: Market Status
- Regional Analysis: Europe
- Annual Additions by Sub-region: Europe
- Regional Analysis: ANZ and Pacific
- Annual Additions by Sub-region: ANZ and Pacific
- Regional Analysis: North America
- Annual Additions by Sub-region: North America
- Regional Analysis: East Asia
- Annual Additions by Sub-region: East Asia
- Regional Analysis: China
- Annual Additions: China
- Regional Analysis: India and South Asia
- Annual Additions by Sub-region: India and South Asia
- Regional Analysis: Latin America
- Annual Additions by Sub-region: Latin America
- Regional Analysis: Middle East and North Africa
- Annual Additions by Sub-region: Middle East and North Africa
- Regional Analysis: Sub-Saharan Africa
- Annual Additions by Sub-region: Sub-Saharan Africa
- Regional Analysis: ASEAN
- Annual Additions by Sub-region: ASEAN
- Regional Analysis: Russia and CIS
- Annual Additions by Sub-region: Russia and CIS
For more information about this report visit https://www.researchandmarkets.com/r/ambya9
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
