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Residential Energy Storage Market Size to Reach $1,828 million by 2027 from $719 million in 2022 – Report by MarketsandMarkets™

MarketsandMarkets Research Pvt. Ltd.
MarketsandMarkets Research Pvt. Ltd.

Chicago, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Residential Energy Storage Market size is projected to grow from USD 719 million in 2022 to USD 1,828 million by 2027, at a CAGR of 20.5% according to a new report by MarketsandMarkets™. Declining costs of lithium-ion batteries and high investment by the government is supporting the market for the growth.

Browse in-depth TOC on “Residential Energy Storage Market”
297 – Tables
58 – Figures
271– Pages

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Scope of the Report

Report Metric

Details

Residential Energy Storage Market Size Values

  • CAGR 20.5%

  • USD 1,828 million by 2027

  • USD 719 million in 2022

Base Year

2021

Forecast Period

2022–2027

Forecast Unit

Value (USD Million)

Segments Covered

Technology, power rating, connectivity type, ownership type, operation type and region

Geographic Regions Covered

North America, Europe, Asia Pacific, South America and Middle East & Africa.

Companies Covered

Tesla (US), Panasonic Holdings Corporation (Japan), BYD Company Ltd (China), Enphase Energy (US), Sonnen GmbH (Germany), VARTA AG (Germany), Delta Electronics, Inc. (Taiwan), Huawei Technologies Co., Ltd. (China), Eaton (Ireland), SMA Solar Technology AG (Germany), LG Energy Solution (South Korea), GoodWe (China), E3/DC (Germany), Alpha ESS Co., Ltd (China), RCT–Power (Germany), SOLARWATT (Germany), SENEC (Germany), Shanghai PYTES Energy Co., Ltd (China), Pylon Technologies, Co. Ltd (China), Victron Energy (Netherlands), Dyness (China), TESVOLT AG (Germany), Turbo Energy – Solar Innovation (Spain), BST POWER (SHENZHEN) LIMITED (China), WeCo srl (Italy), Powervault (UK),

By technology, Residential Energy Storage Market is segmented into lithium-ion and lead-acid. The lithium-ion are expected to grow at the highest rate in forecast period, owing to cost effectiveness and increasing manufacturing sites by various companies such as Tesla (US), BYD Company Ltd (China).

By operation type, residential energy storage is segmented into standalone systems and solar and storage systems. The solar and storage systems accounted for the largest market share and are expected to grow at the highest rate in the forecast period owing to the increased solar PV installations.

By ownership type, residential energy storage is segmented into customer-owned, utility-owned and third-party-owned. Utility-owned segment is expected to grow at the second highest rate in the market for residential energy storage during the forecast period, owing to expiring the feed-in-tariff contracts.

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The report is segmented by power rating, in Residential Energy Storage Market, into 3 – 6 kW, 6 – 10 kW, 10 – 20 kW. 3 – 6 kW is expected to grow at the second highest rate in forecast period, due to need of emergency backup power during natural disasters and long duration power outages.

The report segments the Residential Energy Storage Market, by connectivity, into on-grid and off-grid. On-grid segment held the largest market share and was expected to grow at the highest rate due to lower upfront costs and high frequency of power cuts.

The Asia Pacific region is the fastest growing Residential Energy Storage Market

Asia pacific is estimated to be the fastest growing market for Residential Energy Storage Market during the forecast period. The region has been segmented by country, into China, India, Japan, Australia, South Korea, and Rest of Asia Pacific which includes Philippines, Indonesia and Thailand. The dominance of Asia Pacific region can be attributed to the rapidly falling battery costs and increasing requirements to improve grid infrastructure and reliability.

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Key Market Players

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Residential Energy Storage Market.

Some of the key players include Tesla (US), VARTA AG (Germany), Enphase Energy (US), BYD Company Ltd (China), Sonnen GmbH (Germany), LG Energy Solution (South Korea). The leading players are adopting various strategies to increase their share in the Residential Energy Storage Market.

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