|Analysis of resident ...|
The global residential energy storage market is projected to reach USD 17.5 billion by 2024 from an estimated USD 6.3 billion in 2019, at a CAGR of 22.88% during the forecast period. This growth can be attributed to factors such as declining cost of batteries, regulatory support and financial incentives, and the need for energy self-sufficiency from consumers. Residential energy storage systems provide backup power during power outages, and therefore, play a vital role in the energy industry.
By power rating, the 3–6 kW segment is expected to be the largest contributor to the residential energy storage market during the forecast period.
The report segments the residential energy storage market, by power rating, into 3–6 kW and 6–10 kW. The 3–6 kW segment is expected to hold the largest market share by 2024. The 3–6 kW residential energy storage market provides backup power during grid failures. Countries are also using 3–6 kW batteries for EV charging where solar PVs are directly providing energy to EVs without an increase in the energy bills.
The lithium-ion segment is expected to be the largest contributor during the forecast period.
The residential energy storage market, by technology, is segmented into lithium-ion and lead–acid. The lithium-ion segment is expected to hold the largest market share and be the fastest growing market with decreasing lithium-ion battery costs and high efficiency. Furthermore, environmental policies and regulations are also driving the growth of the lithium-ion energy storage market in the residential sector.
Asia Pacific is expected to account for the largest market size during the forecast period.
In this report, the residential energy storage market has been analyzed with respect to 5 regions, namely, North America, Europe, South America, Asia Pacific, and the Middle East & Africa. Asia Pacific is estimated to be the largest market from 2019 to 2024. The growth of this region is primarily driven by countries such as China, Australia, and Japan, which are installing storage solutions for residential end-users. Over the past few years, this region has witnessed rapid economic development as well as the growth of the renewables and demand for energy self-sufficiency, which has resulted in an increase in the demand for energy storage options.
Key Market Players
The major players in the residential energy storage market are Huawei (China), Samsung SDI Co. Ltd. (South Korea), Tesla (US), LG Chem (South Korea), SMA Solar Technology (Germany), BYD (China), Siemens (Germany), Eaton (Ireland), Schneider Electric (France), and ABB (Switzerland).
- In March 2019, PurePoint Energy and Eguana Technologies partnered to provide smart energy storage systems and service to homeowners in Connecticut, US.
- In February 2019, Siemens launched the Junelight product in the European residential energy storage market which also represents the strength of the European energy storage market.
- In January 2019, Class A Energy Solutions and Eguana formed a partnership to deliver the Evolve system, under the Home Battery Scheme. They also have plans to provide a complete range of solutions for residential and commercial customers across Australia.
- In December 2018, SMA Solar Technology launched the first 3-phase PV inverter that is also designed for low-power classes that ensure higher energy yields and investment security for operators of residential PV systems.
- In October 2018, SMA and BYD collaborated successfully in the European market and APAC region and further strengthened their partnership to jointly address additional markets with high growth potentials such as the US and Africa.
Key Questions Addressed by the Report
- The report identifies and addresses the key markets for the residential energy storage market, which would help various stakeholders such as assembly, testing, and packaging vendors; companies related to the energy storage industry; consulting companies in the energy and power sector; electrical distribution utilities; EV players; government and research organizations; inverter and battery manufacturing companies; investment banks; organizations, forums, alliances, and associations; low- and medium voltage distribution substations; residential energy consumers; solar equipment manufacturing companies; solar panel manufacturers, dealers, installers, and suppliers; state and national regulatory authorities; and venture capital firms.
- The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand the strategies of their competitors better and make effective strategic decisions.
- The report addresses the market share analysis of key players in the residential energy storage market, and with the help of this, companies can enhance their revenues in the respective market.
- The report provides insights about emerging geographies for the residential energy storage market, and hence, the entire market ecosystem can gain a competitive advantage from such insights.
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