Residential Energy Storage Market Industry Analysis
The residential energy storage market is projected to grow from USD 889 million in 2023 to reach USD 2081 million by 2028; exhibiting a Compound Annual Growth Rate (CAGR) of 18.3%. Major factors driving the growth of the market include declining cost of lithium-ion batteries, supportive regulatory policies encouraging clean energy use, and rising need for energy self-sufficiency. Lack of battery recycling standards could hinder market growth.
Key players in the market include,
- Tesla (US)
- Panasonic Holdings Corporation (Japan)
- Sonnen GmbH (Germany)
- VARTA AG (Germany)
- Enphase Energy (US) etc.
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Asia Pacific is expected to lead the market, with support from countries like Australia, China, and India, while North America also shows significant growth potential due to state-level legislative support and declining Li-ion battery prices. The Residential Energy Storage Market is experiencing significant growth due to factors such as increasing demand for energy storage solutions in residential buildings, advancements in battery technology, and growing focus on renewable energy sources.
Key Stakeholders
- Residental energy storage Manufacturers
- Suppliers and Distributors
- Installers and Service Providers
- Homeowners
- Utilities and Grid Operators
- Regulatory Bodies and Government Agencies
- Research Institutions and Industry Associations
- Energy Management System Providers
- Environmental and Renewable Energy Advocacy Groups
According to a report by MarketsandMarkets, the market is poised for substantial expansion in the coming years. This growth can be attributed to the rising awareness about energy conservation and the need for reliable power sources in homes. Additionally, government incentives and policies promoting the adoption of energy storage systems are driving the market forward. With key players investing in research and development to enhance product offerings, the Residential Energy Storage Market is expected to witness steady growth in the foreseeable future.
Potential clients of the Residential Energy Storage Market include homeowners, residential developers, energy utilities, and government agencies. Disruptions to these categories of clients could include advancements in energy storage technology leading to more affordable and efficient solutions, changes in government regulations and policies promoting clean energy and energy self-sufficiency, and increasing competition from other renewable energy sources such as solar and wind power. These disruptions could impact the Residential Energy Storage Market by driving the need for more innovative and cost-effective storage solutions, increasing demand for residential energy storage systems, and reshaping the competitive landscape of the market. Ultimately, these disruptions could lead to opportunities for growth and expansion within the Residential Energy Storage Market.
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Objectives of the Study
- To estimate and describe in terms of value the size of the home energy storage market, by technology, power rating, connectivity type, ownership type, operation type, and region.
- To give comprehensive details on the key factors impacting the market’s growth, including opportunities, challenges, and restraints.
- To calculate the market’s size in terms of value
- To strategically analyse micromarkets in terms of their unique growth trends, prospects, future expansions, and market contributions.
- To offer post-pandemic estimates for the domestic energy storage market and assess how the pandemic has affected the industry as a whole and the value chain.
- To project the residential energy storage market’s growth in each of the five major world regions—North America, Europe, Asia Pacific, South America, and Middle East & Africa—with respect to each of these regions.
- To assess market potential for participants and the market leaders’ competitive environment
- Identifying important players’ strategic profiles and thoroughly examining each one’s market shares and fundamental skills
- To examine competitive trends in the home energy storage industry, such as investments and expansions, mergers and acquisitions, product launches, contracts and agreements, and joint ventures and collaborations.
