Residential Energy Storage Market Scenario:
Residential energy storage systems provide backup power during power outages, and therefore, play a vital role in the energy industry. This study involved 4 major activities in estimating the current market size of the residential energy storage market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were used to estimate the total market size. Thereafter, the market breakdown and data triangulation was done to estimate the market size of the segments and subsegments.
Latest research, the global residential energy storage market is projected to reach USD 17.5 billion by 2024 from an estimated USD 6.3 billion in 2019, at a CAGR of 22.88% during the forecast period. This growth can be attributed to factors such as declining cost of batteries, regulatory support and financial incentives, and the need for energy self-sufficiency from consumers. Residential energy storage systems provide backup power during power outages, and therefore, play a vital role in the energy industry.
Major Players in This Report Include,
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).
Recent Developments
- In March 2019, PurePoint Energy and Eguana Technologies partnered to provide smart energy storage systems and service to homeowners in Connecticut, US.
- In February 2019, Siemens launched the Junelight product in the European market which also represents the strength of the European energy storage market.
- In January 2019, Class A Energy Solutions and Eguana formed a partnership to deliver the Evolve system, under the Home Battery Scheme. They also have plans to provide a complete range of solutions for residential and commercial customers across Australia.
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Asia Pacific: The leading residential energy storage market.
In this report, the residential energy storage market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. 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.
The 3–6 kW segment is expected to hold the largest share of the residential energy storage market, by power rating, during the forecast period.
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 be the fastest growing residential energy storage market, by ownership type, during the forecast period.
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 market 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 storage market.
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Report Objectives
- To define, describe, and forecast the global market by power rating, operation type, technology, ownership type, connectivity type, and region
- To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the market with respect to individual growth trends, prospects, and contribution of each segment to the market
- To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders
- To forecast the growth of the market with respect to the major regions (Asia Pacific, Europe, North America, South America, and the Middle East & Africa)
- To strategically profile key players and comprehensively analyze their market rankings and core competencies
- To track and analyze the competitive developments such as contracts & agreements, expansions, new product developments, mergers & acquisitions, and partnerships in the market
