The North America Residential Energy Storage Market would witness market growth of 17.6% CAGR during the forecast period (2023-2030).
Residential energy storage system adoption is anticipated to increase in the coming years due to the rapid expansion of renewable energy sources like photovoltaic generation. Growing numbers of consumers are employing residential energy storage systems to reduce their electricity costs effectively. Residential energy storage systems' capacity to store environmentally friendly energy sources like photovoltaic generation is a factor in the market's expansion. Residential energy storage enables battery-equipped families to reduce their energy use during peak costs, which has led to an increase in usage in recent years.
Favorable legal and regulatory environments, technological advancements, and new grid difficulties from intermittent renewable energy sources fuel the demand for and adoption of residential energy storage systems. During the projected period, government incentives for installing residential energy storage systems are anticipated to promote market growth. Government programs like net metering encourage the development of rooftop solar systems connected to the grid, fostering the expansion of the market.
In 2020, the United States became a net exporter of petroleum, with exports outpacing imports; however, imports of 7.86 million barrels per day continued to play a significant role in keeping domestic and markets in balance. Transportation accounts for roughly 30% of total U.S. energy and 70% of U.S. petroleum. Utilizing more energy-efficient automobiles, such as hybrid and electric models, promotes the American economy and broadens the U.S. transportation fleet.
The government of Mexico City has a strategic goal to increase mobility by switching to zero-emission local transportation. They intend to increase the proportion of electricity generated by clean energies from 25 to 35 percent by 2024. Government incentives for Mexican consumers include the exemption of local taxes and verifying emission control systems. Sales of EV and hybrid vehicles have also been boosted in Mexico by rising petrol prices and pollution alerts that forbid driving on public transportation. The market for hybrid and electric vehicles has grown due to these considerations. In 2018, Mexico recorded a 68 percent increase in EV sales, and hybrid car sales surpassed 17,800 units compared to 2017. 955,393 electric and hybrid vehicles were sold in 2019 from January through September. As a result of this surging demand for EVs & hybrid vehicles in the North America region, the market is predicted to witness significant growth.
The US market dominated the North America Residential Energy Storage Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $585.4 million by 2030. The Canada market is experiencing a CAGR of 20.2% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 19.2% 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 U.S., Mexico, Canada, and Rest of North America.
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.
Scope of the Study
Market Segments Covered in the Report:
By Connectivity
By Power Rating
By Technology
By Operation
- Solar & Storage System
- Standalone Systems
By Ownership Type
- Customer Owned
- Utility Owned
- Third-Party Owned
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- 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
- LG Energy Solutions Ltd.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Residential Energy Storage Market, by Connectivity
1.4.2 North America Residential Energy Storage Market, by Power Rating
1.4.3 North America Residential Energy Storage Market, by Technology
1.4.4 North America Residential Energy Storage Market, by Operation
1.4.5 North America Residential Energy Storage Market, by Ownership Type
1.4.6 North America Residential Energy Storage Market, by Country
1.5 Methodology for the research
Chapter 2. Market At a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
Chapter 4. Competition Analysis - Global
4.1 KBV Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.3 Top Winning Strategies
4.3.1 Key Leading Strategies: Percentage Distribution (2019-2023)
4.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2019, Mar – 2023, Jun) Leading Players
4.4 Porter’s Five Forces Analysis
Chapter 5. North America Residential Energy Storage Market by Connectivity
5.1 North America On-Grid Market by Country
5.2 North America Off-Grid Market by Country
Chapter 6. North America Residential Energy Storage Market by Power Rating
6.1 North America 6-10 kW Market by Country
6.2 North America 3-6 kW Market by Country
6.3 North America 10-20 kW Market by Country
Chapter 7. North America Residential Energy Storage Market by Technology
7.1 North America Lithium-Ion Market by Country
7.2 North America Lead-Acid Market by Country
Chapter 8. North America Residential Energy Storage Market by Operation
8.1 North America Solar & Storage System Market by Country
8.2 North America Standalone Systems Market by Country
Chapter 9. North America Residential Energy Storage Market by Ownership Type
9.1 North America Customer Owned Market by Country
9.2 North America Utility Owned Market by Country
9.3 North America Third-Party Owned Market by Country
Chapter 10. North America Residential Energy Storage Market by Country
10.1 US Residential Energy Storage Market
10.1.1 US Residential Energy Storage Market by Connectivity
10.1.2 US Residential Energy Storage Market by Power Rating
10.1.3 US Residential Energy Storage Market by Technology
10.1.4 US Residential Energy Storage Market by Operation
10.1.5 US Residential Energy Storage Market by Ownership Type
10.2 Canada Residential Energy Storage Market
10.2.1 Canada Residential Energy Storage Market by Connectivity
10.2.2 Canada Residential Energy Storage Market by Power Rating
10.2.3 Canada Residential Energy Storage Market by Technology
10.2.4 Canada Residential Energy Storage Market by Operation
10.2.5 Canada Residential Energy Storage Market by Ownership Type
10.3 Mexico Residential Energy Storage Market
10.3.1 Mexico Residential Energy Storage Market by Connectivity
10.3.2 Mexico Residential Energy Storage Market by Power Rating
10.3.3 Mexico Residential Energy Storage Market by Technology
10.3.4 Mexico Residential Energy Storage Market by Operation
10.3.5 Mexico Residential Energy Storage Market by Ownership Type
10.4 Rest of North America Residential Energy Storage Market
10.4.1 Rest of North America Residential Energy Storage Market by Connectivity
10.4.2 Rest of North America Residential Energy Storage Market by Power Rating
10.4.3 Rest of North America Residential Energy Storage Market by Technology
10.4.4 Rest of North America Residential Energy Storage Market by Operation
10.4.5 Rest of North America Residential Energy Storage Market by Ownership Type
Chapter 11. Company Profiles
11.1 Eaton Corporation PLC
11.1.1 Company Overview
11.1.2 Financial Analysis
11.1.3 Segmental and Regional Analysis
11.1.4 Research & Development Expense
11.1.5 Recent strategies and developments:
11.1.5.1 Partnerships, Collaborations, and Agreements:
11.1.6 SWOT Analysis
11.2 Tesla, Inc.
11.2.1 Company Overview
11.2.2 Financial Analysis
11.2.3 Segmental and Regional Analysis
11.2.4 Research & Development Expense
11.2.5 Recent strategies and developments:
11.2.5.1 Partnerships, Collaborations, and Agreements:
11.2.6 SWOT Analysis
11.3 Panasonic Holdings Corporation
11.3.1 Company Overview
11.3.2 Financial Analysis
11.3.3 Segmental and Regional Analysis
11.3.4 Research & Development Expenses
11.3.5 Recent strategies and developments:
11.3.5.1 Product Launches and Product Expansions:
11.3.6 SWOT Analysis
11.4 BYD Company Ltd.
11.4.1 Company Overview
11.4.2 Financial Analysis
11.4.3 Regional Analysis
11.4.4 Research & Development Expense
11.4.5 Recent strategies and developments:
11.4.5.1 Partnerships, Collaborations, and Agreements:
11.4.5.2 Product Launches and Product Expansions:
11.4.6 SWOT Analysis
11.5 VARTA AG
11.5.1 Company Overview
11.5.2 Financial Analysis
11.5.3 Segmental and Regional Analysis
11.5.4 SWOT Analysis
11.6 Delta Electronics, Inc.
11.6.1 Company Overview
11.6.2 Financial Analysis
11.6.3 Research & Development Expense
11.6.4 Recent strategies and developments:
11.6.4.1 Product Launches and Product Expansions:
11.6.5 SWOT Analysis
11.7 Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
11.7.1 Company Overview
11.7.2 Financial Analysis
11.7.3 Segmental and Regional Analysis
11.7.4 Research & Development Expense
11.7.5 Recent strategies and developments:
11.7.5.1 Product Launches and Product Expansions:
11.7.6 SWOT Analysis
11.8 LG Energy Solution Ltd.
11.8.1 Company Overview
11.8.2 Financial Analysis
11.8.3 Regional Analysis
11.8.4 Research & Development Expense
11.8.5 SWOT Analysis
11.9 Enphase Energy, Inc.
11.9.1 Company Overview
11.9.2 Recent strategies and developments:
11.9.2.1 Partnerships, Collaborations, and Agreements:
11.9.2.2 Acquisition and Mergers:
11.9.3 SWOT Analysis
11.10. Sonnen GmbH
11.10.1 Company Overview
11.10.2 SWOT Analysis
TABLE 1 North America Residential Energy Storage Market, 2019 - 2022, USD Million
TABLE 2 North America Residential Energy Storage Market, 2023 - 2030, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Residential Energy Storage Market
TABLE 4 Product Launches And Product Expansions– Residential Energy Storage Market
TABLE 5 Acquisition and Mergers– Residential Energy Storage Market
TABLE 6 North America Residential Energy Storage Market by Connectivity, 2019 - 2022, USD Million
TABLE 7 North America Residential Energy Storage Market by Connectivity, 2023 - 2030, USD Million
TABLE 8 North America On-Grid Market by Country, 2019 - 2022, USD Million
TABLE 9 North America On-Grid Market by Country, 2023 - 2030, USD Million
TABLE 10 North America Off-Grid Market by Country, 2019 - 2022, USD Million
TABLE 11 North America Off-Grid Market by Country, 2023 - 2030, USD Million
TABLE 12 North America Residential Energy Storage Market by Power Rating, 2019 - 2022, USD Million
TABLE 13 North America Residential Energy Storage Market by Power Rating, 2023 - 2030, USD Million
TABLE 14 North America 6-10 kW Market by Country, 2019 - 2022, USD Million
TABLE 15 North America 6-10 kW Market by Country, 2023 - 2030, USD Million
TABLE 16 North America 3-6 kW Market by Country, 2019 - 2022, USD Million
TABLE 17 North America 3-6 kW Market by Country, 2023 - 2030, USD Million
TABLE 18 North America 10-20 kW Market by Country, 2019 - 2022, USD Million
TABLE 19 North America 10-20 kW Market by Country, 2023 - 2030, USD Million
TABLE 20 North America Residential Energy Storage Market by Technology, 2019 - 2022, USD Million
TABLE 21 North America Residential Energy Storage Market by Technology, 2023 - 2030, USD Million
TABLE 22 North America Lithium-Ion Market by Country, 2019 - 2022, USD Million
TABLE 23 North America Lithium-Ion Market by Country, 2023 - 2030, USD Million
TABLE 24 North America Lead-Acid Market by Country, 2019 - 2022, USD Million
TABLE 25 North America Lead-Acid Market by Country, 2023 - 2030, USD Million
TABLE 26 North America Residential Energy Storage Market by Operation, 2019 - 2022, USD Million
TABLE 27 North America Residential Energy Storage Market by Operation, 2023 - 2030, USD Million
TABLE 28 North America Solar & Storage System Market by Country, 2019 - 2022, USD Million
TABLE 29 North America Solar & Storage System Market by Country, 2023 - 2030, USD Million
TABLE 30 North America Standalone Systems Market by Country, 2019 - 2022, USD Million
TABLE 31 North America Standalone Systems Market by Country, 2023 - 2030, USD Million
TABLE 32 North America Residential Energy Storage Market by Ownership Type, 2019 - 2022, USD Million
TABLE 33 North America Residential Energy Storage Market by Ownership Type, 2023 - 2030, USD Million
TABLE 34 North America Customer Owned Market by Country, 2019 - 2022, USD Million
TABLE 35 North America Customer Owned Market by Country, 2023 - 2030, USD Million
TABLE 36 North America Utility Owned Market by Country, 2019 - 2022, USD Million
TABLE 37 North America Utility Owned Market by Country, 2023 - 2030, USD Million
TABLE 38 North America Third-Party Owned Market by Country, 2019 - 2022, USD Million
TABLE 39 North America Third-Party Owned Market by Country, 2023 - 2030, USD Million
TABLE 40 North America Residential Energy Storage Market by Country, 2019 - 2022, USD Million
TABLE 41 North America Residential Energy Storage Market by Country, 2023 - 2030, USD Million
TABLE 42 US Residential Energy Storage Market, 2019 - 2022, USD Million
TABLE 43 US Residential Energy Storage Market, 2023 - 2030, USD Million
TABLE 44 US Residential Energy Storage Market by Connectivity, 2019 - 2022, USD Million
TABLE 45 US Residential Energy Storage Market by Connectivity, 2023 - 2030, USD Million
TABLE 46 US Residential Energy Storage Market by Power Rating, 2019 - 2022, USD Million
TABLE 47 US Residential Energy Storage Market by Power Rating, 2023 - 2030, USD Million
TABLE 48 US Residential Energy Storage Market by Technology, 2019 - 2022, USD Million
TABLE 49 US Residential Energy Storage Market by Technology, 2023 - 2030, USD Million
TABLE 50 US Residential Energy Storage Market by Operation, 2019 - 2022, USD Million
TABLE 51 US Residential Energy Storage Market by Operation, 2023 - 2030, USD Million
TABLE 52 US Residential Energy Storage Market by Ownership Type, 2019 - 2022, USD Million
TABLE 53 US Residential Energy Storage Market by Ownership Type, 2023 - 2030, USD Million
TABLE 54 Canada Residential Energy Storage Market, 2019 - 2022, USD Million
TABLE 55 Canada Residential Energy Storage Market, 2023 - 2030, USD Million
TABLE 56 Canada Residential Energy Storage Market by Connectivity, 2019 - 2022, USD Million
TABLE 57 Canada Residential Energy Storage Market by Connectivity, 2023 - 2030, USD Million
TABLE 58 Canada Residential Energy Storage Market by Power Rating, 2019 - 2022, USD Million
TABLE 59 Canada Residential Energy Storage Market by Power Rating, 2023 - 2030, USD Million
TABLE 60 Canada Residential Energy Storage Market by Technology, 2019 - 2022, USD Million
TABLE 61 Canada Residential Energy Storage Market by Technology, 2023 - 2030, USD Million
TABLE 62 Canada Residential Energy Storage Market by Operation, 2019 - 2022, USD Million
TABLE 63 Canada Residential Energy Storage Market by Operation, 2023 - 2030, USD Million
TABLE 64 Canada Residential Energy Storage Market by Ownership Type, 2019 - 2022, USD Million
TABLE 65 Canada Residential Energy Storage Market by Ownership Type, 2023 - 2030, USD Million
TABLE 66 Mexico Residential Energy Storage Market, 2019 - 2022, USD Million
TABLE 67 Mexico Residential Energy Storage Market, 2023 - 2030, USD Million
TABLE 68 Mexico Residential Energy Storage Market by Connectivity, 2019 - 2022, USD Million
TABLE 69 Mexico Residential Energy Storage Market by Connectivity, 2023 - 2030, USD Million
TABLE 70 Mexico Residential Energy Storage Market by Power Rating, 2019 - 2022, USD Million
TABLE 71 Mexico Residential Energy Storage Market by Power Rating, 2023 - 2030, USD Million
TABLE 72 Mexico Residential Energy Storage Market by Technology, 2019 - 2022, USD Million
TABLE 73 Mexico Residential Energy Storage Market by Technology, 2023 - 2030, USD Million
TABLE 74 Mexico Residential Energy Storage Market by Operation, 2019 - 2022, USD Million
TABLE 75 Mexico Residential Energy Storage Market by Operation, 2023 - 2030, USD Million
TABLE 76 Mexico Residential Energy Storage Market by Ownership Type, 2019 - 2022, USD Million
TABLE 77 Mexico Residential Energy Storage Market by Ownership Type, 2023 - 2030, USD Million
TABLE 78 Rest of North America Residential Energy Storage Market, 2019 - 2022, USD Million
TABLE 79 Rest of North America Residential Energy Storage Market, 2023 - 2030, USD Million
TABLE 80 Rest of North America Residential Energy Storage Market by Connectivity, 2019 - 2022, USD Million
TABLE 81 Rest of North America Residential Energy Storage Market by Connectivity, 2023 - 2030, USD Million
TABLE 82 Rest of North America Residential Energy Storage Market by Power Rating, 2019 - 2022, USD Million
TABLE 83 Rest of North America Residential Energy Storage Market by Power Rating, 2023 - 2030, USD Million
TABLE 84 Rest of North America Residential Energy Storage Market by Technology, 2019 - 2022, USD Million
TABLE 85 Rest of North America Residential Energy Storage Market by Technology, 2023 - 2030, USD Million
TABLE 86 Rest of North America Residential Energy Storage Market by Operation, 2019 - 2022, USD Million
TABLE 87 Rest of North America Residential Energy Storage Market by Operation, 2023 - 2030, USD Million
TABLE 88 Rest of North America Residential Energy Storage Market by Ownership Type, 2019 - 2022, USD Million
TABLE 89 Rest of North America Residential Energy Storage Market by Ownership Type, 2023 - 2030, USD Million
TABLE 90 key information – Eaton Corporation PLC
TABLE 91 key Information – Tesla, Inc.
TABLE 92 Key Information – panasonic holdings corporation
TABLE 93 key Information – BYD Company Ltd.
TABLE 94 Key Information – VARTA AG
TABLE 95 Key Information – Delta Electronics, Inc.
TABLE 96 key information – Huawei Technologies Co., Ltd.
TABLE 97 key information – LG Energy Solution Ltd.
TABLE 98 Key information – Enphase Energy, Inc.
TABLE 99 Key Information – Sonnen GmbH
List of Figures
FIG 1 Methodology for the research
FIG 2 North America Residential Energy Storage Market, 2019 - 2030, USD Million
FIG 3 Key Factors Impacting the Residential Energy Storage Market
FIG 4 KBV Cardinal Matrix
FIG 5 Key Leading Strategies: Percentage Distribution (2019-2023)
FIG 6 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2019, Mar – 2023, Jun) Leading Players
FIG 7 Porter’s Five Forces Analysis - Residential Energy Storage Market
FIG 8 North America Residential Energy Storage Market share by Connectivity, 2022
FIG 9 North America Residential Energy Storage Market share by Connectivity, 2030
FIG 10 North America Residential Energy Storage Market by Connectivity, 2019 - 2030, USD Million
FIG 11 North America Residential Energy Storage Market share by Power Rating, 2022
FIG 12 North America Residential Energy Storage Market share by Power Rating, 2030
FIG 13 North America Residential Energy Storage Market by Power Rating, 2019 - 2030, USD Million
FIG 14 North America Residential Energy Storage Market share by Technology, 2022
FIG 15 North America Residential Energy Storage Market share by Technology, 2030
FIG 16 North America Residential Energy Storage Market by Technology, 2019 - 2030, USD Million
FIG 17 North America Residential Energy Storage Market share by Operation, 2022
FIG 18 North America Residential Energy Storage Market share by Operation, 2030
FIG 19 North America Residential Energy Storage Market by Operation, 2019 - 2030, USD Million
FIG 20 North America Residential Energy Storage Market share by Ownership Type, 2022
FIG 21 North America Residential Energy Storage Market share by Ownership Type, 2030
FIG 22 North America Residential Energy Storage Market by Ownership Type, 2019 - 2030, USD Million
FIG 23 North America Residential Energy Storage Market share by Country, 2022
FIG 24 North America Residential Energy Storage Market share by Country, 2030
FIG 25 North America Residential Energy Storage Market by Country, 2019 - 2030, USD Million
FIG 26 SWOT Analysis: Eaton Corporation PLC
FIG 27 SWOT Analysis: Tesla, Inc
FIG 28 SWOT Analysis: Panasonic Holdings Corporation
FIG 29 Recent strategies and developments: BYD Company Ltd.
FIG 30 SWOT Analysis: BYD Company Ltd.
FIG 31 SWOT Analysis: VARTA AG
FIG 32 SWOT Analysis: Delta Electronics, Inc.
FIG 33 Swot Analysis: Huawei Investment & Holding Co., Ltd
FIG 34 SWOT Analysis: LG Energy Solutions Ltd.
FIG 35 Recent strategies and developments: Enphase Energy, Inc.
FIG 36 SWOT Analysis: Enphase Energy, Inc.
FIG 37 SWOT Analysis: Sonnen GmbH