According to the new market research report, the residential energy storage market is estimated to be valued at USD 719 million in 2022 and is projected to reach USD 1,828 million by 2027 growing at a CAGR of 20.5%.
Declining costs of lithium-ion batteries and high investment by the government is supporting the market for the growth.
Key Market Players:
The major players in the global residential energy storage market are Tesla (US), Panasonic Holdings Corporation (Japan), Sonnen GmbH (Germany), VARTA AG (Germany) and Enphase Energy (US).
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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.
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.
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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.