Residential Energy Storage Market Size to Hit $2,081 million by 2028 at a CAGR of 18.3% During Forecast Period

Global Residential Energy Storage Market Overview

The global residential energy storage market Size is estimated to be valued at USD 898 million in 2023 (Estimate Year) and is projected to reach USD 2,081 million by 2028 (Forecast Year) growing at a CAGR of 18.3% during the forecast period. The growing production of electric vehicles and the rising demand for solar PV systems are expected to be the main drivers of this growth. These factors are expected to act as key catalysts for market expansion, with a compounded annual growth rate (CAGR) of 18.3% throughout the forecast period.The domestic energy storage market is dominated by a select number of large companies with extensive regional reach.

Key Market Players:

The primary competitors in the residence energy storage market are Tesla (US), Panasonic Holdings Corporation (Japan), BYD Company Ltd. (China), LG Energy Solution (South Korea), and Enphase Energy (US).

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Significant demand for electric vehicles

The increasing demand for electric vehicles and the expanding deployment of virtual power plants are key drivers behind the growth of the energy storage market. Electric vehicles, which serve as a significant application area, have the potential to drive the widespread adoption of energy storage solutions in residential settings. The rising utilization of electric vehicles in Europe and North America further amplifies the demand for energy storage systems in these regions.

The market for residential energy storage is currently seeing a boom in potential due to the rising use of renewable energy sources and the growing need for sustainable energy solutions. Residential energy storage systems are essential for optimizing power usage, enabling grid independence, and lowering carbon footprints as the globe moves toward cleaner and more efficient energy practices. New opportunities for innovation are being opened up by the emergence of smart home technology and the combination of solar panels and energy storage. Furthermore, improvements in battery technology are raising the cost and efficiency of home energy storage options, opening up the market to a wider range of buyers.
Europe is expected to be the largest market during the forecast period.

During the forecast time frame, Europe is anticipated to be the largest and fastest-growing regional market for residential energy storage. The development of the domestic energy storage market in Europe is characterised by strategies for reducing dependency on variable electricity prices and improving the usage of self-produced green energy.

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Increasing installation of solar PV modules

Solar PV modules and energy storage systems are valuable resources during power outages as they can provide backup power. Their functionality ensures the continuous operation of critical facilities, enabling essential services like communication and device charging (mobile phones, laptops), as well as maintaining summer air conditioning. In addition to this, microgrids and small-scale applications, including portable power units, can derive significant benefits from the integration of solar and storage systems. The increasing demand for solar PV systems can be attributed to the accelerated adoption of residential energy storage systems. These systems not only contribute to energy bill savings but also align with supportive government policies, guaranteeing a consistent power supply in the event of power outages.

Recent Developments

In September 2022, BYD Company partnered with Victron Energy to find out compatibility BYD Premium LVL / LVS and Victron inverters/chargers which was successfully completed.
In August 2022, Tesla partnered with Green Mountain Power (GMP) for the deployment of Powerwalls, Tesla's home battery pack, in a decentralized way with electric utilities. The relatively small electric utility operating in Vermont was one of the earliest adopters of Tesla Powerwall.
In August 2022, Huawei Digital Power and Pinggao Group Co., Ltd have signed a Memorandum of Understanding (MoU) to strengthen their cooperation in the supply of innovative and reliable Huawei string inverters for PV plants in Balkan countries such as Greece, Bulgaria, and North Macedonia.
In February 2022, Enphase Energy announced a partnership with Swell Energy that, Enphase Energy Systems powered by IQTM Microinverters and IQTM Batteries will be able to participate in Swell's distributed, virtual power plant (VPP) programs in California, New York, and Hawaii as a result of the collaboration.

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