Residential Battery Market 2024: Demand Analysis, Key Players, Trends, Sales, Supply, Deployment Model Revenue Data & Forecast to 2031 | FIMER SpA, Amara Raja Batteries Ltd

Residential battery systems are used for storing excess energy generated from renewable sources like solar panels for later use. These batteries provide backup power during power outages and help reduce reliance on utility grids.

Market Dynamics:

Increasing demand for renewable energy storage and rising power outages are fueling the residential battery market growth. Renewable energy production is intermittent in nature, requiring efficient storage solutions. Residential battery systems allow consumers to store excess solar energy and use it whenever required. Furthermore, frequent power outages have increased adoption of battery backups that ensure uninterrupted power supply. Stringent climate change policies and investment in residential solar PV installations will also drive the market during the forecast period. Rising awareness about benefits of energy independence and reduction in electricity bills with battery storage are positively impacting the residential battery market.

The global residential battery market size was valued at USD 11.08 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 18.6% from 2022 to 2030

Request Sample Copy of Report @ https://www.coherentmarketinsights.com/insight/request-sample/5168

Drivers:
Growing demand for backup power due to power outages

The residential battery market is being driven by the growing demand for backup power solutions during power outages. Power outages have been increasing in frequency and duration in many parts of the world due to aging power infrastructure and extreme weather events associated with climate change. Homeowners are increasingly looking to install residential battery systems as a reliable backup power source to keep essential appliances running and power lights during an outage. Battery technologies allow homes to use solar power even when the grid goes down. The ability of battery systems to provide backup power has become a major purchase consideration for many homeowners.

Increasing adoption of solar energy and its integration with storage

Another key driver for the residential battery market is the rising installation of residential solar PV systems. Many homeowners are opting for solar to reduce their electricity bills and lower carbon footprint. However, solar power production depends on the availability of sunlight during the day. Residential batteries provide an effective way to store excess solar energy generated during the day and use it in the evenings or when sunlight is not available. The integration of solar PV with battery storage maximizes the benefits of solar and encourages higher returns on investment for homeowners. It has made residential solar more attractive and further accelerated the adoption of solar energy for households.

Major Key Players:

FIMER SpA, Amara Raja Batteries Ltd, Samsung SDI, Energizer Holding Inc., Luminous Power Technologies Private Limited, LG Energy Solution, Ltd., Duracell Inc., Panasonic Corporation, Siemens AG, Tesla Inc., Delta Electronics Inc., BYD Co. Ltd and NEC Corp

Detailed Segmentation:

Global Residential Battery Market, By Type:
Lithium-ion Battery
Lead-acid battery
Other Types

Request for Customization @ https://www.coherentmarketinsights.com/insight/request-customization/5168

High upfront costs of battery systems

The high upfront capital costs involved in purchasing and installing residential battery systems have been a major restrain for the wider adoption of this technology. Advanced lithium-ion batteries that can provide backup power for an entire home come with substantial price tags, usually in the range of $10,000-$30,000. This high initial investment puts residential batteries out of reach of most average homeowners currently. While payback periods are declining with falling battery prices, multipurpose residential batteries still entail a multi-year payback in many markets that has held back broader consumer demand to date. Affordability remains a key adoption barrier that the industry is working to overcome through innovation.

Opportunity:

Growing demand for home energy management solutions

There is a growing market opportunity arising from the increasing interest of homeowners in proactively managing their home energy consumption and costs. Residential battery systems offer an integrated option for households to not just store solar power or provide backup electricity but also control appliances and automatically adjust energy usage based on time-of-use electricity rates. When combined with energy management software and controls, batteries can optimize self-consumption of solar power and cut energy bills. This transforms batteries into a smart home energy management product rather than just a storage device. Leveraging the energy management capabilities of batteries can open up a bigger addressable market and enhance customer value proposition for battery manufacturers and installers.

Trends: Falling battery prices and improving performance

One of the major trends influencing the residential battery market is the decline in battery prices owing to technology advances and economies of scale in battery manufacturing. The prices of lithium-ion battery packs, which dominate the residential energy storage sector currently, have fallen by over 85% in the last decade. This downward price trend is expected to continue driven by growing electric vehicles demand and investment in battery gigafactories. At the same time, the performance of lithium-ion batteries has improved significantly in terms of lifespan, charging rates and storage capacity. Batteries are also becoming more durable suited for the daily cycling typical in residential applications. These technology improvements and falling prices are helping shorten payback periods and accelerating the adoption of residential battery systems around the world.

Buy Now @ https://www.coherentmarketinsights.com/insight/buy-now/5168

𝗙𝗔𝗤'𝗦:

What is the projected size of the Residential Battery Market by 2031?
Which major countries will experience the greatest impact from the Residential Battery Market?
Which regional market in the Residential Battery Market is the largest?
Which leading companies dominate the majority of the Residential Battery Market?
Which geographic market within the Residential Battery Market industry is expected to exhibit the most significant growth potential?
What are the primary drivers of the Residential Battery Market?
What are the current trends and future predictions for the global Residential Battery Market industry?
What are the key strategies employed in the Residential Battery Market?
What are the main growth prospects for the Residential Battery Market?

533 Airport Boulevard,
Suite 400, Burlingame,
CA 94010, United States
Phone: US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defence, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.