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Soaring Growth Anticipated in Residential Battery Market: Insights on Market Size, Key Players, Growth Drivers, and Trends
Residential Battery Market
Promising growth in the global residential battery market is being propelled by renewable energy integration, declining battery costs, and the rise of advanced battery management systems amongst other drivers.
What Is The Projected Market Size Of The Global Residential Battery Market And Its Growth Rate?
•Market size in 2024: $9.66 billion
•Market size in 2025: $11.08 billion (14.6% CAGR)
•Projected Market size in 2029: $17.96 billion (12.8% CAGR)
Factors attributed to this growth include increasing power outages, government incentives, energy storage for backup, and grid stability. Key trends worth noting include the increasing use of lithium-ion and solid-state batteries, advanced grid integration solutions, and artificial intelligence for predictive maintenance.
What Is Driving The Growth In The Residential Battery Market?
The upsurge in solar power deployment is a noteworthy driver of the residential battery market's growth. Numerous households and commercial spaces are installing solar panels as a cost-effective solution, and to store this power, residential batteries are utilised. For instance, a historic installation of 31 gigawatts (GW) of solar energy capacity was witnessed in the United States in 2023, marking a considerable 55% increase from 2022 and surpassing the previous record set in 2021. This growing demand for solar power generation is expected to continue driving the residential batteries market.
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Who Are the Key Players Driving Residential Battery Market Growth?
•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 Technology Co. Limited
•Panasonic Corporation
What Are The Key Trends In The Residential Battery Market?
Notable trends in the residential battery market include:
•Increasing use of lithium-ion and solid-state batteries
•Integration with smart home technologies
•Advancements in grid integration solutions
•Adoption of mobile and modular battery solutions
•Increasing use of artificial intelligence for predictive maintenance
What Are The Segments Of The Global Residential Battery Market?
•Type: Lithium-ion Battery, Lead-Acid Battery, Other Types
•Operation Type: Standalone systems, Solar and storage
•Power Rating: 3-6 kW, 6-10 kW
•End-User: Industrial, Commercial, Residential
Which Region Leads The Residential Battery Market?
Asia-Pacific remains as the largest region in the residential battery market as of 2024. The residential battery market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What Is Covered In The Residential Battery Market Global Market Report?
- Market Size Analysis: Analyze the Residential Battery Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Residential Battery Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Residential Battery Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Residential Battery Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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