Residential Battery Market [2023-2031] Share, Size, Growth, Key Vendors, Trends, Analysis, Segmentation

The global residential battery market size was US$ 9.1 billion in 2021. The global residential battery market is forecast to grow to US$ 45.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 15.9% during the forecast period from 2022 to 2030.

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A residential battery is an energy storage device that can be used to store both grid-supplied energy and energy produced by renewable sources like solar and wind.

Factors Influencing the Market
Governments today are shifting their focus on increasing the use of renewable energy and replacing it with the applications of non-renewable energy. This factor is expected to have a significant impact on the overall residential battery market. Government initiatives, such as subsidies and tax credits, are expected to play a notable role in the growth of the residential battery market. The governments in India, the United States, China, and several other countries have been taking crucial steps like subsidies to increase the adoption of renewable energy.
Apart from that, growing urbanization and increasing awareness about the benefits of technology associated with the use of renewable energy to fulfil the electricity demands will contribute to the growth of the market during the forecast period.
Continuous R&D aimed at enhancing battery materials, lowering the amount of non-active materials and material costs, enhancing cell design and production yield, and accelerating production speed will scale up the demand for efficient batteries during the forecast period.
On the flip side, the disadvantages of lead-acid batteries may limit the growth of the market during the forecast period.

COVID-19 Impact Analysis
The COVID-19 pandemic had a moderate effect on the market in 2020 as a result of lower electricity and energy demand. Due to the expanding use of solar power generation and the rising need for energy storage solutions in the residential sector globally, the residential battery market is predicted to expand in the next years.

Regional Analysis
On the basis of region, the Asia-Pacific residential battery market is forecast to record the highest growth rate, owing to the growing contribution of China. China's government has introduced various favourable policies and regulatory support, which is projected to benefit the overall market in the coming years. Moreover, the region is home to some of the prominent battery manufacturers, such as BYD, which will contribute to the growth of the market during the analysis period.

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Competitors in the Market
• Samsung SDI Co. Ltd
• FIMER SpA?
• Amara Raja Batteries Ltd
• LG Energy Solution Ltd
• NEC Corporation
• Duracell Inc.
• BYD Co. Ltd
• Energizer Holding Inc.
• Luminous Power Technologies Pvt. Ltd
• Panasonic Corporation
• Siemens AG
• Other Prominent Players

The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.

As of the end of 2022, the Residential Battery industry experienced notable growth in its workforce. Starting in January, employment within the Residential Battery sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Residential Battery output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector's production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.

Forecasts indicate that the global Residential Battery output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Residential Battery market, remains both its largest producer and consumer. Remarkably, China's market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation's GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Residential Battery market.

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Market Segmentation
The global residential battery market segmentation focuses on Type, Power Rating, and Region.
By Type Outlook
• Lithium-ion Battery
• Lead-acid battery
• Other Types
By Power Rating Outlook
• 3-6 kW
• 6-10 kW
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America

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Table of Contents:

Chapter 1: Introduction to the Global Residential Battery Industry

Chapter 3: Dynamics of the Market

Chapter 4: Profiles of Leading Companies

Chapter 5: Competition in the Global Residential Battery Market among Players

Chapter 6: Market Size across Global Regions

Chapter 7: Application Segments in the Global Market

Chapter 8: Segment Analysis of the Global Residential Battery Industry

Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers

Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders

Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors

Chapter 12: Evaluation of Market Impact Factors

Chapter 13: Forecasted Global Residential Battery Market Size (2023-2031)

Why is our study consequential?

Our study holds paramount importance for various reasons, a few of which include:

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• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.

• Analyzing market trends to aid businesses in devising adaptive strategies.

• Guiding businesses in the optimal placement of their products.

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