Press release
Residential Battery Market Share, Opportunities, Growth And Trends Report 2024 To 2033
Residential Battery Market Size
Residential Battery Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $16.39 billion In 2028 At A CAGR Of 13.7% :
The residential battery market size has grown rapidly in recent years. It will grow from $8.5 billion in 2023 to $9.82 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to renewable energy integration, energy storage for backup and grid stability, declining battery costs, government incentives and subsidies, increasing power outages..
The residential battery market size is expected to see rapid growth in the next few years. It will grow to $16.39 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to energy independence and self-sufficiency, advanced battery management systems, expansion of microgrid and off-grid systems, integration with smart home technologies, transition to electric heating and cooling, energy efficiency and carbon footprint reduction.. Major trends in the forecast period include increasing use of lithium-ion and solid-state batteries, virtual power plants and peer-to-peer energy trading, recycling and sustainable battery materials, advanced grid integration solutions, mobile and modular battery solutions, artificial intelligence for predictive maintenance..
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Residential Battery Market Major Segments
The residential battery market covered in this report is segmented -
1) By Type: Lithium-ion Battery, Lead-Acid Battery, Other Types
2) By Operation Type: Standalone systems, Solar and storage
3) By Power Rating: 3-6 kW, 6-10 kW
4) By End-User: Industrial, Commercial, Residential
Key Driver - Elevating Demand For Residential Batteries Driven By Solar Power Adoption
The increasing deployment of solar power generation is expected to drive the residential battery market. Many people are deploying solar panels in their houses and commercial spaces as it is cost-efficient. To store this power generated by solar panels, residential batteries are used. According to the Solar Energy Industries Association (SEIA), a national non-profit trade association of the solar-energy industry in the United States, the United States of America has installed a 4.6 GW of solar community energy in the year 2021. Regardless of the physical qualities or ownership of their house or company, community solar gives homeowners, renters, and companies equitable access to the economic and environmental benefits of solar energy generation. Moreover, over the next five years, the community solar sector in the USA will install more than 4.3 gigawatts of total capacity. Such rising demand for solar power generation is driving the residential batteries market.
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Prominent Trend - Innovative Technological Advancements Transforming The Residential Battery Market
Technological advancement is a key trend gaining popularity in the residential battery market. Major companies in the battery market are advancing in their new technologies and research and developments in the battery market to provide an enhanced product to their customers. For instance, in October 2021, Solar Edge, an Israel-headquartered provider of power optimizers, solar inverters, and monitoring systems for photovoltaic arrays, launched a residential battery and inverter with a power of 11.4 KW and backup power of 10.3 KW. The battery and inverter can be connected to a local grid or a photovoltaic system and the battery itself has three conversions of power from DC to AC power. The device can connect wirelessly and can link to Solar Edge EV Charger. The gadgets are wirelessly connected and can connect to the SolarEdge Home EV charger. The company's mobile app may be used to monitor and manage the equipment. The program lets homeowners prioritize loads depending on their preferences, and it uses algorithms to make more cost-effective selections while taking into consideration external elements like weather.
Residential Battery Market Players
Major companies operating in the residential battery market include Amara Raja Batteries Limited, Samsung SDI Co. Ltd., LG Chem Ltd., BYD Company Ltd., Tesla Inc., ABB Ltd., Siemens AG, Luminous Power Technologies Ltd., Contemporary Ampere*x Technology Co. Limited, Panasonic Corporation, Power-Sonic Corporation, Lishen Battery Co. Ltd., China Baofeng Battery Technology Co. Ltd., Loom Solar Pvt. Ltd., Ruipu Energy Co. Ltd., China Aviation Lithium Battery Co. Ltd., Guoxuan High-tech Power Energy Co. Ltd., Sunwoda Electronic Co. Ltd., Farasis Energy Co. Ltd., Sonnen GmbH, Fluence Energy LLC, Bloom Energy Corporation, Blue Planet Energy, Electrovaya Inc., Enphase Energy Inc., ESS Inc., Evergen Energy Solutions Inc., FIMER SpA, Gotion High-tech Co. Ltd., Murata Manufacturing Co. Ltd., NEC Corporation, NextEra Energy Inc., Powin Energy Corporation, Redflow Limited, SimpliPhi Power Inc., Ultralife Corporation
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the residential battery market in 2023. The regions covered in the residential battery market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Residential Battery Market Report Structure
3. Residential Battery Market Trends And Strategies
4. Residential Battery Market - Macro Economic Scenario
5. Residential Battery Market Size And Growth
…..
27. Residential Battery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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