Press release
Exploring the 2024 Residential Energy Storage Market: Share, Size, Trends, and Growth Prospects by 2033
Residential Energy Storage Market
The residential energy storage market size is expected to see rapid growth in the next few years. It will grow to $1.72 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to increasing demand for electric vehicles, increasing installation of solar PV modules, increasing concern of individuals regarding environmental degradation, booming energy consumption in developing regions, surging demand for renewable energy. Major trends in the forecast period include rising need for large-scale electrical energy storage technologies, increase in research and development, rise in technological advancements, increasing production of lithium-ion technology.
Market Overview -
Residential energy storage refers to a systems allow homeowners to store electricity generated from renewable sources such as solar panels, wind turbines, or the grid during off-peak hours when electricity rates are lower. These systems typically include batteries that store electrical energy in the form of chemical energy, and further stored energy can be converted into usable electricity through an inverter.
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Rise In Demand For Renewable Energy Fueling Growth In The Residential Energy Storage Market
The surging demand for renewable energy is expected to propel the growth of the residential energy storage market going forward. Renewable energy refers to energy derived from naturally replenishing sources, such as sunlight, wind, rain, tides, and geothermal heat, which are considered sustainable and environmentally friendly alternatives to finite fossil fuels. The rising demand for renewable energy is fueled by a desire to minimize climate change through switching to sustainable and clean power sources. Renewable energy facilitates residential energy storage by providing a sustainable and intermittent power source, allowing homeowners to store excess energy during peak generation periods for later use, enhancing grid resilience, and reducing reliance on traditional energy sources. For instance, in December 2023, according to the Department for Energy Security and Net Zero, a UK-based government department, in the third quarter of 2023, renewable electricity generation reached a record high of 30.1 terawatt-hours, marking a 6.8% increase compared to the same period in 2022. Therefore, the rise in demand for renewable energy is driving the growth of the residential energy storage market.
Competitive Landscape -
Major companies operating in the residential energy storage market are Huawei Technologies Co. Ltd., Tesla Inc., Siemens AG, Hitachi Energy Ltd., Panasonic Corporation, BYD Company Limited, ABB Ltd., Eaton Corporation plc, LG Energy Solution Ltd., Samsung SDI Co. Ltd., Delta Electronics Inc., Enphase Energy Inc., SMA Solar Technology AG, Saft Groupe SA, VARTA AG, Jiangsu GoodWe Power Supply Technology Co. Ltd., Sonnen GmbH, Shanghai PYTES Energy Co. Ltd., Dyness Power Energy Limited, Deutsche Energieversorgung GmbH, Powervault Ltd., TESVOLT GmbH, Turbo Energy Ltd., Alpha ESS Co. Ltd., Sunverge Energy LLC, Eguana Technologies Inc.
Innovative Solutions Reshaping The Residential Energy Storage Market
Major companies operating in the residential energy storage market are developing advanced home storage battery system technologies, such as electrified vehicle battery technology, to enhance energy storage capacity, efficiency, and sustainability for residential users. These systems leverage EV battery technology to provide residential users with reliable backup power, optimize energy usage from renewable sources such as solar panels, and reduce electricity costs through peak shaving and load shifting strategies. For instance, in June 2022, Toyota Motor Corporation, a Japan based automotive manufacturer, released a residential storage battery system, embodying the principles of safety, extended service life, superior quality, affordability, and exceptional performance. The O-Uchi Kyuden System, built on extensive experience in electrified vehicle development and leveraging onboard components, offers customers peace of mind. With a rated capacity of 8.7 kWh and a rated output of 5.5 kWh, this system utilizes Toyota's battery control technology to ensure safety and provide a reliable power supply to the entire home, including during power outages triggered by natural disasters.
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Key Segments -
The residential energy storage market covered in this report is segmented -
1) By Technology: Lead-Acid, Lithium-Ion
2) By Utility: 3KW To < 6KW, 6KW To < 10KW, 10KW To 29KW
3) By Connectivity: On-Grid, Off-Grid
4) By Ownership Type: Customer Owned, Utility Owned, Third-Party Owned
5) By Operation: Solar And Storage System, Standalone Systems
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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