Residential Energy Storage Market Scenario
The global residential energy storage market is expected to grow at a CAGR of 22.88% over the forecast period from 2019 to 2024, according to the latest research report. The global residential energy storage market is mainly driven by the declining cost of batteries, regulatory support and financial incentives, and the need for energy self-sufficiency from consumers.
This research report categorizes the global market on the basis of power rating, operation type, technology, ownership type, connectivity type, and region.
The global residential energy storage market comprises several stakeholders such as assembly, testing, and packaging vendors; companies related to the energy storage industry; consulting companies in the energy and power sector; electrical distribution utilities; EV players; government and research organizations; inverter and battery manufacturing companies; investment banks; organizations, forums, alliances, and associations; low- and medium voltage distribution substations; residential energy consumers; solar equipment manufacturing companies; solar panel manufacturers, dealers, installers, and suppliers; state and national regulatory authorities; and venture capital firms. The demand-side of this market is characterized by the residential consumers, transmission & distribution utilities implementing energy storage in the residential sector. The supply side is characterized by advancements in the battery, inverter, and energy source technologies such as conventional and renewable energy companies. Various primary sources from both the supply- and demand-sides of the market were interviewed to obtain qualitative and quantitative information.
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Key Market Players
The major players in the market of residential energy storage market are Huawei (China), Samsung SDI Co. Ltd. (South Korea), Tesla (US), LG Chem (South Korea), SMA Solar Technology (Germany), BYD (China), Siemens (Germany), Eaton (Ireland), Schneider Electric (France), and ABB (Switzerland).
The 3–6 kW segment is projected to be the largest market during the forecast period. This is mainly because of the increase in the need for power backup during natural disasters. Furthermore, consumers and governments install small storage solutions that can be utilized in times of need to avoid a major electricity crisis, which is also contributing to the growth of the market.
The customer owned segment is expected to account for the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing need for energy self-sufficiency and rising demand for power backup. This is expected to increase the demand for the residential energy storage during the forecast period. In addition to this, there is a rising demand for modular energy storage infrastructure in residential areas in developed countries such as the US, the UK, Germany, Norway, and China, which is driving the growth of the residential energy storage market.
Asia Pacific dominated the global residential energy storage market in 2018, owing to the installation of storage solutions for residential end-users. Over the past few years, this region has witnessed rapid economic development as well as the growth of renewables and demand for energy self-sufficiency, which has resulted in an increase in the demand for energy storage options. Countries such as Australia and some parts of India and China are also providing subsidies and financial incentives to residential consumers. This movement toward solar and storage is resulting in grid stabilization and greener countries with lower carbon emissions, thereby driving the residential energy storage market.
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Key Questions Addressed by the Report
- The report identifies and addresses the key markets for the market, which would help various stakeholders such as assembly, testing, and packaging vendors; companies related to the energy storage industry; consulting companies in the energy and power sector; electrical distribution utilities; EV players; government and research organizations; inverter and battery manufacturing companies; investment banks; organizations, forums, alliances, and associations; low- and medium voltage distribution substations; residential energy consumers; solar equipment manufacturing companies; solar panel manufacturers, dealers, installers, and suppliers; state and national regulatory authorities; and venture capital firms.
- The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand the strategies of their competitors better and make effective strategic decisions.
- The report addresses the market share analysis of key players in the market, and with the help of this, companies can enhance their revenues in the respective market.
- The report provides insights about emerging geographies for the market, and hence, the entire market ecosystem can gain a competitive advantage from such insights.