Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "Global Residential Energy Storage Market Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global residential energy storage market is projected to witness significant growth at a compound annual growth rate (CAGR) of 18.3% during the forecast period, expanding from an estimated USD 898 million in 2023 to USD 2.08 billion by 2028. The market growth is driven by the increasing demand for energy production from renewable sources and substantial investments in the renewables industry, leading to the adoption of residential energy storage solutions.
6-10 kW Segment Leads Market Growth
Among the different power rating segments, the 6-10 kW segment is expected to dominate the market and exhibit a high CAGR during the forecast period (2023-2028). This segment's dominance is attributed to the reduced reliance on the grid enabled by energy storage systems, serving as backup power sources during grid outages. The 6-10 kW segment offers homeowners increased energy security and resilience by providing uninterrupted power supply during emergencies.
Lithium-Ion Technology Drives Market Expansion
The residential energy storage market is categorized by technology into lithium-ion and lead-acid batteries. The lithium-ion segment is projected to experience the fastest growth from 2023 to 2028. The strong growth can be attributed to the rising number of lithium-ion battery manufacturing facilities and significant investments in research and development, driving advancements in lithium-ion battery technology.
Customer-Owned Systems Lead Market Growth
Based on ownership type, the customer-owned segment is expected to witness the highest growth rate during the forecast period, closely followed by the utility-owned segment. The customer-owned segment's dominance is attributed to the benefits homeowners gain, such as lower energy bills and increased energy independence, through the adoption of residential energy storage solutions. Owning their energy storage systems allows residential customers to optimize energy usage, store excess energy, and rely less on external energy sources, resulting in greater cost savings and enhanced self-sufficiency.
North America to be the Largest Region in the Residential Energy Storage Market
North America is anticipated to be the largest residential energy storage market during the forecast period. The region is witnessing substantial growth in new data centers, providing lucrative opportunities for residential energy storage market players. The increasing number of residential energy storage installations and favorable policies and incentives for renewable energy sources contribute to the market's growth in North America.
Key Players in the Residential Energy Storage Market
Several key players with extensive regional coverage dominate the residential energy storage market. These leading market players include Tesla (US), VARTA AG (Germany), Enphase Energy (US), BYD Company Ltd (China), Sonnen GmbH (Germany), LG Energy Solution (South Korea), and other notable companies.
Conclusion
The global residential energy storage market is set for robust growth due to the rising demand for renewable energy sources and investments in the renewables industry. The 6-10 kW segment, powered by lithium-ion technology, is expected to be the key driver for market expansion. Customer-owned systems are gaining traction, empowering homeowners with greater energy independence. North America leads the market with several prominent players shaping the industry's trajectory.
Premium Insights
- Declining Costs of Lithium-Ion Batteries to Drive Residential Energy Storage Market Growth in Coming Years
- North America to Witness Highest Growth in Residential Energy Storage Market During Forecast Period
- 6 to <10 kW Segment Dominated Residential Energy Storage Market in 2022
- Customer-Owned Residential Energy Storage Systems Held Largest Market Share in 2022
- On-Grid Segment Accounted for Larger Market Share in 2022
- Lithium-Ion Technology Accounted for Larger Market Share in 2022
- Solar and Storage Systems Held Larger Market Share in 2022
Market Dynamics
- Drivers
- Government Initiatives Pertaining to Energy Storage Projects
- Significant Demand for Electric Vehicles
- Increased Investments in R&D of Lithium-Ion Batteries
- Restraints
- Lack of Battery Disposal and Recycling Standards
- High Initial Investment
- Opportunities
- Rising Demand for Grid Energy Storage Systems
- Increasing Installation of Solar PV Modules
- Challenges
- Safety Concerns for Lithium-Ion Batteries
- Aging of Lithium-Ion Batteries
Case Study Analysis
- CMEEC Aims to Energize Customers and Ensure Community Prosperity by Providing Lower-Cost Energy Solutions
- BYD Company Ltd. Launched New Battery Box System Compatible with All PV Solar Inverters
- E3/DC Fulfilled Demand of Homeowner Who Wanted to Achieve 80% of Energy Self-Sufficiency with Solar Power
Supply Chain Analysis
- Raw Material Suppliers
- Battery Manufacturers
- Software Suppliers
- Energy Storage System Suppliers
Technology Analysis
- Lithium-Ion
- Lead-Acid
- Technological Advancements
Tariff and Regulatory Landscape
- Regulatory Bodies, Government Agencies, and Other Organizations
- Standards and Regulations
Other Major Insights
- Porter's Five Forces Analysis
- Key Stakeholders and Buying Criteria
- Ecosystem Analysis
- Trade Analysis
- Market Map
- Key Conferences and Events, 2022-2023
- Patent Analysis
- Pricing Analysis
Key Attributes
| Report Attribute | Details |
| No. of Pages | 258 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $0.89 Billion |
| Forecasted Market Value (USD) by 2028 | $2.08 Billion |
| Compound Annual Growth Rate | 18.3% |
| Regions Covered | Global |
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Residential Energy Storage Market, by Technology
7 Residential Energy Storage Market, by Power Rating
8 Residential Energy Storage Market, by Ownership Type
9 Residential Energy Storage Market, by Operation Type
10 Residential Energy Storage Market, by Connectivity Type
11 Residential Energy Storage Market, by Region
12 Competitive Landscape
13 Company Profiles
- Alpha ESS Co. Ltd.
- BST Power (Shenzhen) Limited
- BYD Company Ltd.
- CMEEC
- Delta Electronics, Inc.
- Dyness
- E3/DC
- Eaton
- Enphase Energy
- GoodWe
- Huawei Technologies Co. Ltd.
- LG Energy Solution
- Panasonic Holdings Corporation
- Powervault
- Pylon Technologies Co. Ltd.
- RCT-Power
- Senec
- Shanghai Pytes Energy Co. Ltd.
- SMA Solar Technology AG
- Solarwatt
- Sonnen GmbH
- Tesla
- Tesvolt AG
- Turbo Energy - Solar Innovation
- Varta AG
- Victron Energy
- WECO Srl
For more information about this report visit https://www.researchandmarkets.com/r/wtfmbm
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