The Worldwide Residential Energy Storage Market is Projected to reach USD 2.8 Billion by 2030, at a CAGR of 18%

Residential Energy Storage Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Residential Energy Storage Market size is expected to reach $2.8 billion by 2030, rising at a market growth of 18.0% CAGR during the forecast period.

The Off-Grid segment is showcasing a CAGR of 18.8% during (2023 - 2030). Off-grid systems utilize batteries to store the solar energy produced by the system and operate independently of the electrical grid. These systems typically include solar panels, batteries, charge controllers, grid boxes, inverters, mounting frames, and other supporting hardware. A growing number of batteries are being used to store extra energy produced by off-grid solar systems, changing the residential energy storage market. In areas without access to the grid, these autonomous systems make it possible to supply electricity to vital loads.

The 6-10 kW segment is leading the Global Residential Energy Storage Market by Power Rating in 2022 thereby achieving a market value of $1.4 billion by 2030. The Government regulations that encourage the use of solar technology, such as feed-in tariffs, net metering, and other supportive measures, will further boost the market’s dynamics. Additionally, the business environment will be improved by lowering technology costs, primarily due to economies of scale and global competitiveness.

The Lead-Acid market has shown the high growth rate of 21% during (2023 - 2030). Lead-acid batteries are one of the most popular and often least expensive product alternatives in residential solar energy storage systems. Stand-alone and off-grid energy systems have used lead-acid batteries for many years. Moreover, several applications have made use of lead-acid batteries. Initial costs, safety verification, and dependability are essential for home energy storage applications. Extended calendar and cycle lifetimes are possible for lead batteries.

The Solar & Storage System segment acquired the maximum revenue share in the Global Residential Energy Storage Market by Operation in 2022, thereby achieving a market value of $1.6 billion by 2030. Solar & storage are also predicted to increase quickly during the forecast period due to rising awareness and demand for energy independence. The residential energy storage market offers independent backup power and load management systems regardless of solar panels. Integrating solar & storage systems are also increasing demand to maximize self-consumption and energy independence.

The Utility Owned segment would grow at a CAGR of 18.5% during (2023 - 2030). The grid can be stabilized and supported by integrating residential energy storage systems. Especially during high usage periods, utilities can use these dispersed storage systems to balance the supply & demand for power. To encourage homeowners to cut back on their electricity use during peak hours, utilities can adopt demand response programs. Homeowners can assist utilities in controlling peak demand and stabilizing the grid by using their energy storage systems at these times.

The Europe region dominated the Global Residential Energy Storage Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $926.2 million by 2030. The North America market is poised to grow at a CAGR of 17.6% during (2023 - 2030). Additionally, The Asia Pacific market would display a CAGR of 18.8% during (2023 - 2030).

Full Report: https://www.kbvresearch.com/residential-energy-storage-market/

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.

Global Residential Energy Storage Market Segmentation

By Connectivity

• On-Grid
• Off-Grid

By Power Rating

• 6-10 kW
• 3-6 kW
• 10-20 kW

By Technology

• Lithium-Ion
• Lead-Acid

By Operation

• Solar & Storage System
• Standalone Systems

By Ownership Type

• Customer Owned
• Utility Owned
• Third-Party Owned

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Companies Profiled

• 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.

Related Reports:

North America Residential Energy Storage Market Size to 2030

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LAMEA Residential Energy Storage Market Size, Growth, 2030

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Europe Residential Energy Storage Market Size Report, 2030

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Asia Pacific Residential Energy Storage Market Size to 2030

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