Residential Energy Storage Market

Residential Energy Storage Market is valued at USD 9.34 Billion in 2021 and is expected to reach USD 37.90 Billion by 2028 with a CAGR of 22.15% over the forecast. 

Global Residential Energy Storage Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing focus and transition to renewable energy is one of the major factors driving the growth of the Global Residential Energy Storage Systems. 

Scope of Global Residential Energy Storage Market Report-   

Increasing the transition to renewable energy owing to the long-term benefits of solar energy has led to a huge growth in the market of residential energy storage systems. However, residential solar energy storage systems are devices that store energy for later uses in residential buildings. The stored electricity is used to generate electricity after sunset when energy demand is at its peak or to meet maximum demand. Furthermore, in a residential solar energy storage system, the reserved energy is charged by a connected solar system. Furthermore, while reducing maintenance costs and downtime or failure, choosing the right battery for the system is essential to optimize the life and capacity of the system. However, residential solar power storage systems enable more smart and more flexible grid infrastructure through the most demanding management. In addition, some manufacturers build independent residential solar energy storage systems to meet electricity demand in remote areas. 

The pandemic of Covid-19 in 2020 affected the growth of the residential energy storage market. Outbreaks of Covid-19 limited the battery supply of all products. And this led to a huge slowdown in market growth. But after a period of one and a half years, the market is now on the verge of reaching new heights as well as building market integrity. 

The global residential energy storage market is segmented based on technology, application, and geography. Based on technology, the market is segmented into lithium-ion batteries, lead acid batteries, and Others. Based on application the market is segmented into on-grid, and off-grid. 

The regions covered in the global residential energy storage market report are North America, Europe, Asia-Pacific, Latin America, and the Rest of the World. Based on a country level, the market of the global residential energy storage market is subdivided into the U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, Southeast Asia, Middle East Asia, GCC, Africa, etc. 

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2021 - 2028
Market Size in 2021:	USD 9.34 Billion
Base year considered	2021
Forecast Period CAGR %:	22.15%
Market Size Expected in 2028:	USD 37.90 Billion
Tables, Charts & Figures:	175
Pages	200
Residential Energy Storage Companies	Huawei, Samsung SDI Co. Ltd., Tesla, LG Chem, SMA Solar Technology, BYD, Siemens, Eaton, Schneider Electric, and ABB and others.
Segments Covered	By Technology, By Application
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

 

Key Players for Global Residential Energy Storage Market- 

The major players in the market of residential energy storage market are Huawei, Samsung SDI Co. Ltd., Tesla, LG Chem, SMA Solar Technology, BYD, Siemens, Eaton, Schneider Electric, and ABB and others. 

News- 

Toyota Entered Energy Storage Market, Launching Residential Battery Product in Japan 

On June 14th, 2022; Toyota is launching a residential 5.5 kWh battery storage system, which uses the company’s electric vehicle battery technology, the company announced on June 2nd. The small system can power a home day and night when connected to a photovoltaic rooftop system, encouraging solar installations, according to Toyota. 

Mango Power Launches Residential and Portable Energy Storage Systems 

On May 12th, 2022; Mango Power officially launched its residential energy storage systems at Intersolar Munich 2022 this week. The products are also available to the U.S. market. The Mango Power M Series energy storage system has a 10- to 20-kWh battery, inverter, backup gateway and EV charger all in one unit. The system uses CATL lithium-iron phosphate batteries and has a 10-year warranty. 

Eguana Partnered with Omega and PowerCenter+ for Home Energy Storage Systems 

On January 7th, 2022; Omega EMS, PowerCenter +, and Eguana Technologies Inc. agreed to launch a line of home energy storage systems in the North American and Caribbean markets, based on Eguana's technology and energy storage platform. 

Global Residential Energy Storage Market Dynamics- 

Campaigns to increase the use of renewable energy among consumers since various government campaigns and subsidies being given by the government for its maximum use are giving a big boost to the market. In 2021, Germany saw the installation of 240,000 new solar power systems with a total output of 5.3 gigawatts (GW), according to preliminary data from the German Solar Association (BSW). This is about ten percent more than in 2020. Solar PV covers about ten percent of household electricity consumption. The new German government aims to increase total solar capacity to 200 GW by 2030 - up from the current 59 GW. The German government has introduced its so-called EEG Easter package to facilitate the rapid expansion of photovoltaics and wind energy. And on January 22nd, 2022, the Ministry of New and Renewable Energy of the Government of India announced that the Government will provide 40 subsidies of 3 KW capacity, and a 20 percent subsidy of up to 10 KW will be credited to the homeowner's account within 30 days of establishment. Furthermore, when President Biden was newly elected, he announced that he would support clean energy in a big way and would attract citizens to clean energy through new subsidies every year. More than 3.3 million households are switching to clean solar energy every year.  

In order to better respond to the growing demand by consumers and, growing focus of market players to develop more innovative products and rising number of partnership agreements among many players in the market are also supplementing the market growth. For example; on January 7th, 2022; Omega EMS, PowerCenter +, and Eguana Technologies Inc. agreed to launch a line of home energy storage systems in the North American and Caribbean markets, based on Eguana's technology and energy storage platform. On February 17th, 2022, EnergySage announced that Schneider Electric, a global leader in the digital transformation of energy management and automation, acquired a controlling stake in EnergySage that will help expand the shared vision for transformation in the clean energy market. The acquisition will give Energy the resources to accelerate the company's growth and product innovation. In addition to rapidly expanding rooftop solar and community solar marketplace solutions for residential and commercial customers, Energies will create new solutions for high-performance HVAC, smart home devices, and other clean energy products and services, and expand its business globally.  

However, technological challenges in this field may hamper the market growth. In spite of that, increasing advancements in this filed may offer more growth opportunities for the further growth of the market. 

Global Residential Energy Storage Market Regional Analysis- 

Asia Pacific is expected to show a fastest growth in the residential energy storage market owing to the rapid economic growth. In addition, due to the population explosion and urbanization, frequent power outages and increasing demand for uninterrupted power supply are driving the market growth in this region. The government is collaborating with various agencies to provide electricity, which is expected to enable residential energy storage systems in the Isa Pacific region. 

Europe is expected to show a significant growth in the global residential energy storage market owing to the rapid adoption of rooftop solar energy in this region. Furthermore, the residential energy storage system market in Germany has grown rapidly since 2015, supported by a 30% investment subsidy scheme for battery systems. Also, Germany's energy mix has been changing over the last few years. Rooftop solar contributes significantly to Germany's total solar power generation, mainly due to advanced support systems introduced in the past, such as grants and loans for roofing programs. In 2021, Germany introduced amendments to the Renewable Energy Act or Renewable Energy Act 2021, which includes a waiver of EEG charges for self-consumption not exceeding 30kW for owners of PV systems. Under the previous rules, this limit was set at 10 kW. This EEG levy is boosting the German residential battery market as most residential systems are in the range mentioned above.  

Global Residential Energy Storage Market Segmentation:

By Technology

• Lithium-Ion Battery 
• Lead Acid Battery 
• Others 

By Application 

• On-Grid
• Off-Grid 

Residential Energy Storage Market Key Players

• Huawei
• Samsung SDI Co. Ltd.
• Tesla
• LG Chem
• SMA Solar Technology
• BYD
• Siemens
• Eaton
• Schneider Electric
• ABB
• Others.

On Special Requirement Residential Energy Storage Market Report is also available for the below Regions and Country:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Key Benefits of Global Residential Energy Storage Market Report- 

• Global residential energy storage market report covers in-depth historical and forecasts analysis. 

• Global residential energy storage Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country levels. 
• Global residential energy storage market report helps to identify opportunities in the marketplace. 
• The global residential energy storage market report covers extensive analysis of emerging trends and the competitive landscape.