The Europe Residential Energy Storage Market would witness market growth of 17.2% CAGR during the forecast period (2023-2030).
The energy storage systems with lithium-ion batteries currently on the market are made to store extra power generated by home solar panels and other renewable energy sources. Energy storage is still essential for the transition to clean energy goals as renewable energy introduces additional difficulties, including energy's abrupt availability in adverse weather. In addition, lithium-ion energy systems allow for storing large amounts of energy to satisfy peak energy demands and for use under adverse conditions, such as a lack of sunlight.
The increasing use of solar panels and other renewable energy sources has led to significant market growth in recent years. Due to their high energy density, extended cycle life, and minimal maintenance requirements, lithium-ion batteries are the most popular type of battery utilized in these systems.
Applying environmental and renewable energy technologies has been a global priority for Germany. Wind, solar, biomass, and hydropower sources comprised 46% of the nation's electricity mix in 2019. 5.6 percent more than in 2018. Solar energy (9%), biomass (8.7%), onshore and offshore wind capacity (24.4%), and hydropower contributed to the remainder of the clean energy mix. The total amount of electricity produced by all renewable technologies was 238.37-terawatt hours. Estimates of employment and turnover in the low carbon and renewable energy economy (LCREE) are both extremely high. LCREE's turnover (all at current prices) climbed from £41.6 billion to £54.4 billion between 2020 and 2021, a 30.8% rise. In the same time frame, employment increased by 16.4%, from 212,600 full-time equivalents (FTEs) to 247,400. With 138,300 FTEs or 35.9% of the workforce, the energy-efficient products divide had the greatest LCREE employment and turnover in 2021, totaling £19.6 billion (36.0%). As a result of the rising renewable energy sector in the European region is predicted to grow significantly.
The Germany market dominated the Europe Residential Energy Storage Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $207.8 million by 2030. The UK market is exhibiting a CAGR of 16.2% during (2023 - 2030). Additionally, The France market would experience a CAGR of 18.1% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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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