With 22.15% CAGR, Residential Energy Storage Market Size to hit USD 37.9 Billion in 2028, says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

21 Jul, 2022, 12:30 GMT

LONDON, July 21, 2022 /PRNewswire/ -- Residential Energy Storage Market is valued at USD 9.34 Billion in 2021 and is expected to reach USD 37.90 Billion by 2028 with a CAGR of 22.15% over the forecast. 

Residential Energy Storage Market Size, Share & Trends Analysis Report By Technology (Lithium-Ion Battery, Lead Acid Battery), By Application (On-Grid, Off-Grid), Based On Region, And Segment Forecasts, 2022 – 2028 - Increasing focus and transition to renewable energy is one of the major factors driving the growth of the Global Residential Energy Storage Systems. 

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Residential Energy Storage Market: Market Scope

The global residential energy storage market all over the world is growing at a good rate and is expected to grow in the coming years too. The growth of this market may be attributed to the factors like the decline in the cost of batteries, regulatory support and the other financial incentives along with the need for the energy self-sufficiency from the consumers. The residential energy storage systems also provide the power backup during the power outages and thus play a major role in the industry of energy. Residential energy storage size is going to increase with the incentives of the government.

Residential Energy Storage Market: Competitive Analysis

Some of the major residential energy storage companies 2021 are Huawei, Samsung SDI Co. Ltd., Tesla, LG Chem, SMA Solar Technology, BYD, Siemens, Eaton, Schneider Electric, and ABB. The global residential energy storage key players incessantly work on providing the most innovative means of developing renewable energy storage at a cheaper rate so that they can be accessible to the lower income groups as well. This is what they will be aiming to do in the coming years.

  • Huawei
  • Samsung SDI Co. Ltd.
  • Tesla
  • LG Chem
  • SMA Solar Technology
  • BYD
  • Siemens
  • Eaton
  • Schneider Electric
  • ABB
  • Others.

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Residential Energy Storage Market: Segmentation Analysis 

In terms of segmentation by technology, it is expected to be led by the lithium-ion segment. The segment is going to hold the largest share in the market and also be the fastest growing one. The reason for the growth is the lithium-ion battery being used for many different applications and its costs being reduced significantly. It also provides a higher efficiency and is also environment friendly. Government initiatives have also worked in favor of this segment and that is going to help this market grow considerably in the coming years.

The 3-6 kW market segment is one which is growing the fastest in terms of type and the reason for this growth is the use of these batteries in the EV charging and the solar PVs. The market is going to grow continuously with the solar PV adoption in the world and the different authorities have been focusing on the development of this market so that it benefits the environment.

By Technology

  • Lithium-Ion Battery 
  • Lead Acid Battery 
  • Others 

By Application 

  • On-Grid
  • Off-Grid 

Residential Energy Storage Market: Key Drivers

Residential energy storage growth is happening on account of a few market drivers. The development of the battery storage in the power industry is driving the market growth. This is driven mainly from the fact that the cost of the battery is much lesser. The rising disposable incomes all over the world are putting the high value consumers in a position where they prefer to have their own renewable energy storage system. Furthermore, it is the increasing demand in the developed countries where there is a great amount of awareness about the environment which is leading to the adoption of the residential energy storage market.

There is constant research going on in this field and that is reducing the cost per kilo watt. Many places where there are instances of the storms is increasing the growth in the market as there is a risk that these regions poses where the system is that of an electricity system. The wildfires are a common disruptor of power too and hence storing energy is a key practice that is followed by the people who are living in these areas.

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Residential Energy Storage Market: Key Trends

Residential energy storage market trends suggest that the increase in investments by the governments and the other organizations will continue to drive the growth of this market with the initiatives of the governments and the houseowners helping in the adoption of the residential ownership projects. There are financial credit schemes available along with the self-credit schemes which will help in the growth of the market.

Another thing that has been helping the market has been the way the electric vehicles are being adopted and that is going to grow in the future too and the advanced batteries in the market will lead to a scenario where this market grows as the electric vehicle sector grows. However, what pegs the market down is the fact that there is a lack of awareness particularly in the lesser developed countries and technically these countries are not that well equipped to handle the devices here. This is going to peg this market in a significant way.

Residential energy storage 2022 projections however suggest that the market is going to grow at an even faster rate as the initiatives are being taken to make people aware of the market. 

Residential Energy Storage Market: Regional Analysis 

Residential energy storage statistics suggest that the region of Asia Pacific is going to be the region which registers the greatest amount of growth in the market here and the region for this growth is going to be the continuous development in this market of the renewable energy sources. There is a growth in the requirement of the solar PVs which is fuelling the residential installations and that is going to grow the market in this region. The installation of the renewable energy systems as per the statistics is growing by leaps and bounds in the last few years and that is going to fuel the demand for this market.

There are many incentives which have been offered by the governments too which are developing the growth in this market. There is growing concern with regard to the environment has been putting pressure on the various governments to come up with ways to help the environment and adopt the renewable resources over the other forms of non-renewable resources. Furthermore, the region of Europe is also going to account for good amount of growth. The main reason for that is going to be the increasing adoption of the rooftop solar systems and the government initiatives which offer incentives of different kinds in the adoption of this kind of renewable energy storage.

There are major implementations to adopt the ways and means that reduce carbon emission which are going to increase the adoption of this market.

On Special Requirement Residential Energy Storage Market Report is also available for below region:

North America

  • U.S., Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA

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