With a CAGR of 22.15%, the residential energy storage market size will reach USD 37.9 billion in 2028, according to Brandessence Market Research

LONDON, July 21, 2022 /PRNewswire/ — 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% compared to forecast.

Residential Energy Storage Market Size, Share, and Trends Analysis Report by Technology (Lithium-Ion Battery, Lead-Acid Battery), by Application (On-Grid, Off-Grid), Based on Region and Segment Forecast, 2022-2028 – The increase in attention and transition to renewable energy is one of the major growth factors for global residential energy storage systems.

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Residential Energy Storage Market: Market Scope

The global residential energy storage market worldwide is growing at a good pace and is also expected to grow in the coming years. The growth of this market can be attributed to factors such as the falling cost of batteries, regulatory support and other financial incentives as well as consumers’ need for energy self-sufficiency. Residential energy storage systems also provide backup power during power outages and thus play a major role in the energy industry. The size of residential energy storage will increase with government incentives.

Residential energy storage Market: competitive analysis

Some of the top residential energy storage companies in 2021 are Huawei, Samsung SDI Co. Ltd., Tesla, LG Chem, SMA Solar Technology, BYD, Siemens, Eaton, Schneider Electric, and ABB. The world’s leading players in residential energy storage are working tirelessly to provide the most innovative ways to develop renewable energy storage at a cheaper rate so that they can also be accessible to low-income groups. This is what they will seek to do in the years to come.

  • Huawei
  • Samsung SDI Co.Ltd.
  • You’re here
  • LG Chemistry
  • SMA solar technology
  • BYD
  • Siemens
  • eaton
  • Schneider-Electric
  • ABB
  • Others.

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Residential Energy Storage Market: Segmentation Analysis

In terms of segmentation by technology, it is expected to be led by the lithium-ion segment. The segment is going to hold the largest market share and also be the fastest growing one. The reason for this growth is that the lithium-ion battery is used for many different applications and its costs are greatly reduced. It also offers greater efficiency and is also environmentally friendly. Government initiatives have also played in favor of this segment and this will allow this market to grow considerably in the years to come.

The 3-6 kW market segment is the fastest growing in terms of type and the reason for this growth is the use of these batteries in EV charging and solar PV. The market will grow continuously with the adoption of solar photovoltaic in the world and the various authorities have focused on developing this market so that it benefits the environment.

By technology

  • Lithium ion battery
  • lead acid battery
  • Others

By request

Residential Energy Storage Market: Key Drivers

The growth in residential energy storage is occurring due to a few market drivers. The development of battery storage in the energy sector is driving the growth of the market. This is mainly because the battery cost is much less. Rising disposable incomes everywhere put high-value consumers in a position where they prefer to have their own renewable energy storage system. Moreover, it is the growing demand in developed countries where there is great environmental awareness that is driving the adoption of the residential energy storage market.

There is constant research going on in this area and it lowers the cost per kilowatt. Many places where there are instances of storms increase the growth of the market as there is a risk of these regions exhibiting where the system is that of a power system. Wildfires are also a common energy disruptor and therefore energy storage is a key practice followed by people who live in these areas.

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Residential Energy Storage Market: Key Trends

Residential energy storage market trends suggest that increasing investments from governments and other organizations will continue to drive the growth of this market, with government and homeowner initiatives contributing to the adoption of homeownership projects. residential property. There are financial credit programs available as well as self-credit programs which will help in the growth of the market.

Another thing that has helped the market has been the way electric vehicles are being adopted and this is also going to grow in the future and the advanced batteries in the market will lead to a scenario where this market will grow as the industry of electric vehicles will grow. . However, what is holding the market back is the fact that there is a lack of awareness, especially in less developed countries and technically these countries are not very well equipped to handle the devices here. This will anchor this market significantly.

Residential energy storage projections for 2022, however, suggest that the market will grow at an even faster rate as initiatives are taken to educate people about the market.

Residential Energy Storage Market: Regional Analysis

Residential energy storage statistics suggest that the region of Asia Pacific is going to be the fastest growing region in the market here and the region for that growth is going to be the continued development in this market for renewable energy sources. There is a growing demand for solar photovoltaic panels that power residential installations and will grow the market in this region. The installation of renewable energy systems according to statistics has increased by leaps and bounds over the past few years and this will fuel the demand for this market.

There are also many incentives offered by the governments that develop the growth of this market. There is a growing concern for the environment which has pressured various governments to find ways to help the environment and embrace renewable resources over other forms of non-renewable resources. Furthermore, the region of Europe also going to represent a fair amount of growth. The main reason for this will be the growing adoption of rooftop solar systems and government initiatives that offer incentives of various kinds for the adoption of this type of renewable energy storage.

There are major implementations to adopt the ways and means that reduce carbon emissions that will increase the adoption of this market.

The Special Requirements Residential Energy Storage Market report is also available for the region below:

North America

Europe

  • Germany, France, United Kingdom, Italy, Spain, Sweden, Netherlands, 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 Latin America

Middle East and Africa

  • Saudi ArabiaUnited Arab Emirates, Egypt, South Africa, Rest of MEA

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