The Asia Pacific Residential Energy Storage Market would witness market growth of 18.8% CAGR during the forecast period (2023-2030).
Residential energy storage systems are becoming more popular due to the grid being under more stress in many areas and the intermittent nature of renewable energy. The energy distribution system's choke points and bottlenecks are worsening due to aging grid assets and severe weather, which raises costs and the risk of local power outages. Utilities use residential energy storage systems to replace thermal power plants, enhance renewable energy production, and increase grid dependability and resilience.
A valuable and highly adaptable resource, domestic energy storage systems boost the efficiency of system owners and the power grid. Utilities view it predominantly as a niche product for enthusiasts of clean energy. The rapid adoption of storage systems is fueled by several variables, including declining costs, an increase in natural calamities, the advantages of solar plus combined with storage, incentives and tax advantages, and grid service payments. Additionally, it enhances the power quality and lowers the peak load on the local grid network.
The growth of residential energy storage systems is predominantly fueled by the increasing demand for electric vehicles to reduce carbon emissions. Additionally, the frequent power outages in distant places and rising demand for consistent power supply are projected to improve market prospects. Furthermore, the household energy storage system helps the grid operate reliably and resiliently, removing energy transmission and distribution bottlenecks.
India has set goals to attain net-zero carbon emissions by 2070, a reduction in the carbon intensity of the country's economy of less than 45% by the end of the decade, and 50% cumulative renewable electricity installed by 2030. By 2030, India wants to have 500 GW installed of renewable energy. By 2030, India wants to manufacture five million tonnes of environmentally friendly hydrogen. 125 GW of renewable energy capacity will help to support this. India has approved 57 solar projects with a combined capacity of 39.28 GW. With suitable sites identified, wind energy has set an offshore objective of 30 GW by 2030. The growing demand and usage of renewable energy is estimated to support the growth of market.
The China market dominated the Asia Pacific Residential Energy Storage Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $232.6 million by 2030. The Japan market is registering a CAGR of 18.1% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 19.6% during (2023 - 2030).
Based on Connectivity, the market is segmented into On-Grid, and Off-Grid. Based on Power Rating, the market is segmented into 6-10 kW, 3-6 kW, and 10-20 kW. Based on Technology, the market is segmented into Lithium-Ion, and Lead-Acid. Based on Operation, the market is segmented into Solar & Storage System, and Standalone Systems. Based on Ownership Type, the market is segmented into Customer Owned, Utility Owned, and Third-Party Owned. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Residential Energy Storage Market is Projected to reach USD 2.8 Billion by 2030, at a CAGR of 18%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tesla, Inc., Panasonic Holdings Corporation, BYD Company Ltd., Enphase Energy, Inc., Sonnen GmbH, VARTA AG, Delta Electronics, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Eaton Corporation PLC and LG Energy Solutions Ltd.
By Connectivity
By Power Rating
By Technology
By Operation
By Ownership Type
By Country
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