Residential Energy Storage Market is Estimated to Grow at a Promisable CAGR During Forecast Period | Huawei, Samsung SDI Co. Ltd., Tesla, LG Chem, SMA Solar Technology

According to the new market research report, 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.

https://www.marketsandmarkets.com/Market-Reports/residential-energy-storage-market-153284325.html

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.

By power rating, the 3-6 kW segment is expected to be the largest contributor to the residential energy storage market during the forecast period.

The report segments the market, by power rating, into 3-6 kW and 6-10 kW. The 3-6 kW segment is expected to hold the largest market share by 2024. The 3-6 kW market provides backup power during grid failures. Countries are also using 3-6 kW batteries for EV charging where solar PVs are directly providing energy to EVs without an increase in the energy bills.

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The lithium-ion segment is expected to be the largest contributor during the forecast period.

The global market, by technology, is segmented into lithium-ion and lead­-acid. The lithium-ion segment is expected to hold the largest market share and be the fastest growing market with decreasing lithium-ion battery costs and high efficiency. Furthermore, environmental policies and regulations are also driving the growth of the lithium-ion energy storage market in the residential sector.

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the size of the global market and its dependent submarkets. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

The key players in the industry and market have been identified through extensive secondary research, and their market shares in the respective regions have been determined through both primary and secondary research.
The industry's supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Asia Pacific is expected to account for the largest market size during the forecast period.

In this report, the global residential energy storage market has been analyzed with respect to 5 regions, namely, North America, Europe, South America, Asia Pacific, and the Middle East & Africa. Asia Pacific is estimated to be the largest market from 2019 to 2024. The growth of this region is primarily driven by countries such as China, Australia, and Japan, which are installing storage solutions for residential end-users. Over the past few years, this region has witnessed rapid economic development as well as the growth of the renewables and demand for energy self-sufficiency, which has resulted in an increase in the demand for energy storage options.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the residential energy storage market. Some of the key players are Huawei (China), Samsung SDI Co. Ltd. (South Korea), Tesla (US), LG Chem (South Korea), and SMA Solar Technology (Germany). The leading players are adopting various strategies to increase their share in the residential energy storage market.

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