The global residential energy storage market size is expected to reach USD 31.51 billion in 2028 and register a steady CAGR during the forecast period, according to the latest analysis from Emergen Research. The steady growth in market revenue can be attributed to declining battery prices and the presence of incentives and programs encouraging the deployment of battery systems in developed countries, which is expected to continue driving the adoption of batteries in residential energy storage systems. Increasing investment by battery manufacturers for the development of more economical and advanced lithium-ion batteries is supporting the growing demand for lithium-ion batteries.
Reduction in the cost of batteries and government incentives for the installation of residential energy storage systems are key factors driving the growth of the global residential energy storage market
The increasing use of lithium-ion batteries due to stringent environmental regulations and policies and the growing need to reduce carbon emissions is accelerating the growth of the residential energy storage market. The technical and economic advantages of lithium-ion batteries compared to conventional batteries are a key factor in driving demand.
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Some highlights of the report
- In September 2020, Hitachi ABB Power Grids acquired the American company Pioneer Solutions LLC, which is a front-to-back office solutions provider for Commodity/Energy Trading and Risk Management (C/ETRM) . Acquisition Expected to Expand Energy Market Operating Offering and Give Energy Market Players State-of-the-Art Digital Capabilities to Navigate Evolving Regulatory Environment and Renewable Energy Goals .
- The lithium-ion battery segment accounted for the largest share of revenue in 2020. Strict environmental regulations and policies are driving the use of lithium-ion batteries to reduce greenhouse gas emissions.
- Revenue from the customer-owned segment is expected to grow at a rapid CAGR during the forecast period. The high value customers place on owning their own storage systems is expected to continue to drive demand for customer-owned residential energy storage systems.
- The on-grid segment accounted for a significantly high revenue share in the residential energy storage market in 2020. The increase in the use of on-grid systems in the residential sector, as it eliminates the need to purchase a expensive battery backup to store any excess energy growing in the networked systems segment.
- Asia-Pacific accounted for the largest revenue share contribution to the global residential energy storage market in 2020. The presence of various incentives and programs in the countries of the region to encourage the adoption of storage systems residential energy is a key factor supporting the growth of the market.
- Major market players include ABB, Samsung SDI Co, Tesla, Inc., BYD Company, Eguana Technologies, Schneider Electric, Siemens, Huawei, Eaton Corporation plc, and LG Chem.
Covid impact analysis:
The latest report is the first study encompassing the current situation of the residential energy storage market with respect to the COVID-19 outbreak. Since the beginning of the epidemic, the global economic landscape has been grappling with adverse financial consequences. The report analyzes the drastic impact of the pandemic on this sphere of activity. The pandemic has affected almost all segments of the Residential Energy Storage market. This has further hampered the development scope of various manufacturers and buyers engaged in this industry. Thus, the report studies the changing dynamics of the industry to examine the profits made or the losses incurred by different segments.
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Emergen Research has segmented the global residential energy storage market based on technology, property type, connectivity type, and region:
- Technology Outlook (Revenue, USD Billion; 2018-2028)
- Lithium ion batteries
- lead acid batteries
- Property Type Outlook (Revenue, USD Billion; 2018-2028)
- Utility Property
- Customer Owned
- Belonging to a third party
- Connectivity Type Outlook (Revenue, USD Billion; 2018-2028)
The global Residential Energy Storage Market has been classified based on key geographical regions into North America, Asia-Pacific, Europe, Latin America, Middle East & Africa. It assesses the global Residential Energy Storage Market’s presence in major regions with respect to market share, market size, revenue contribution, sales network and distribution channel, and others key points.
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Global Residential Energy Storage Market Report – Table of Contents:
- Chapter 1 Includes the global Residential Energy Storage market introduction followed by an overview of the market scope, product offerings, growth opportunities, market risks, driving forces, etc.
- Chapter 2 offers an exhaustive study of the major manufacturers of the Residential Energy Storage market along with their forecasted sales and revenue share.
- chapter 3 elaborates on the competitive outlook of the residential energy storage market, focusing on the major manufacturers and vendor landscape.
- Chapter 4 involves broad segmentation of the market based on region and determines the sales, revenue and market share of each region over the estimated period.
- Chapters 5, 6, 7, 8 and 9 to pursue market segmentation based on product type, application range and market players.
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