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Residential Energy Storage Market worth $8.60 billion by 2030, growing at a CAGR of 7.51% - Exclusive Report by 360iResearch
Residential Energy Storage Market | 360iResearch
The Global Residential Energy Storage Market to grow from USD 5.18 billion in 2023 to USD 8.60 billion by 2030, at a CAGR of 7.51%.
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Residential energy storage refers to using energy storage systems or devices within homes and residential properties to store electricity for later use. These systems are developed to reserve excess electricity generated from various sources, such as solar panels, wind turbines, or the grid, and then release that stored energy when needed. The primary goal of residential energy storage is to increase energy independence, improve energy efficiency, and provide backup power during outages. Increasing awareness regarding environmental conservation and climate change has led to consumers' rising need for clean, sustainable energy solutions. Government policies and investments promoting renewable energy adoption contribute to market growth. Incorporating residential energy storage solutions into the smart grid network can further enhance its functioning while providing additional revenue streams for businesses operating within this space. However, high capital costs associated with installing these systems, lack of standardization, and related technical issues hamper the market demand. Advancements in lithium-ion battery technologies and the development of smart grid infrastructure that integrates information technology with power generation create a lucrative market opportunity in the residential energy storage market.
The Americas has a significant landscape in the residential energy storage market owing to federal government initiatives and funding for innovative home battery projects to support renewable energy integration and grid reliability. Increased occurrences of natural disasters have heightened concerns around grid resilience, contributing to higher demand for energy storage solutions. The EMEA region has seen significant growth in residential energy storage deployment due to the push for renewable energy adoption and efforts to improve grid stability. European countries offered financial incentives, subsidies, and tax credits to encourage homeowners to invest in residential energy storage systems. These incentives varied by country and were often designed to promote self-consumption of solar energy and enhance grid stability. In the APAC region, the presence of significant players in the residential energy storage market, government incentives, and subsidies have played a crucial role in driving the adoption of residential energy storage. The government launched a subsidy program to encourage homeowners to install lithium-ion battery systems, contributing to overall market expansion in the APAC region.
Market Segmentation & Coverage:
This research report categorizes the Residential Energy Storage Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Power Rating, market is studied across 10-29 kW, 3-6 kW, and 6-10 kW. The 3-6 kW is projected to witness significant market share during forecast period.
Based on Technology, market is studied across Lead-Acid and Lithium-Ion. The Lead-Acid is projected to witness significant market share during forecast period.
Based on Connectivity Type, market is studied across Off-Grid and On-Grid. The Off-Grid is projected to witness significant market share during forecast period.
Based on Operation Type, market is studied across Solar & Storage Systems and Standalone Systems. The Standalone Systems is projected to witness significant market share during forecast period.
Based on Ownership Type, market is studied across Customer Owned, Third-Party Owned, and Utility Owned. The Customer Owned is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 37.06% in 2023, followed by Americas.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Residential Energy Storage Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Residential Energy Storage Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Residential Energy Storage Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Alpha ESS Co., Ltd., BYD Company Limited, Consolidated Electrical Distributors, Inc., Covestro AG, Delta Electronics, Inc., East Penn Manufacturing Co. Inc., Eaton Corporation, EDF Energy Group, Generac Power Systems, Inc, HAIKAI, Hitachi Chemical Co. Ltd., Huawei Technologies Co. Ltd., LG Chem Ltd., Panasonic Corporation, Samsung SDI Co., Ltd., Schneider Electric SE, Siemens AG, Sonnen GmbH, Sungrow Deutschland GmbH, SunPower Corporation, Sunrun Inc., Tesla, and TotalEnergies.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Residential Energy Storage Market, by Power Rating
7. Residential Energy Storage Market, by Technology
8. Residential Energy Storage Market, by Connectivity Type
9. Residential Energy Storage Market, by Operation Type
10. Residential Energy Storage Market, by Ownership Type
11. Americas Residential Energy Storage Market
12. Asia-Pacific Residential Energy Storage Market
13. Europe, Middle East & Africa Residential Energy Storage Market
14. Competitive Landscape
15. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Residential Energy Storage Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Residential Energy Storage Market?
3. What is the competitive strategic window for opportunities in the Residential Energy Storage Market?
4. What are the technology trends and regulatory frameworks in the Residential Energy Storage Market?
5. What is the market share of the leading vendors in the Residential Energy Storage Market?
6. What modes and strategic moves are considered suitable for entering the Residential Energy Storage Market?
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About 360iResearch
360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset - our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
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