Residential Energy Storage Market Growth, Statistical Forecast, and Trade Analysis (2024-2031) | ABB Ltd., Samsung Sdi Co., Ltd., BYD Company Limited

The Global Residential Energy Storage Market size was worth US$ 893.01 million in 2023 and is estimated to reach US$ 2,762.08 million by 2031, growing at a CAGR of 15.16% during the forecast period (2024-2031).

The Residential Energy Storage market report provides in-depth insights and analysis on key market trends, growth opportunities, and emerging challenges. With a commitment to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. Leveraging a combination of qualitative and quantitative research methods, the company offers comprehensive reports that help clients navigate complex market landscapes, drive strategic growth, and seize new opportunities in an ever-evolving global market.

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Residential energy storage systems store electricity, typically from solar panels or the grid, for later use, enhancing energy independence and efficiency. These systems, often using lithium-ion or other battery technologies, provide backup power during outages, reduce reliance on the grid, and enable cost savings by optimizing energy consumption. They play a key role in supporting renewable energy integration and sustainable living.

Forecast Growth Projected:

The Global Residential Energy Storage Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

List of the Key Players in the Residential Energy Storage Market:

ABB Ltd., Samsung Sdi Co., Ltd., BYD Company Limited, Eguana Technologies, Schneider Electric, Siemens AG, LG Chem, Tabuchi Electric, SMA Solar Technology and Eaton Corporation.

Industry Development:

In May 2022, Mango Power launched the Mango Power M Series at Intersolar Munich 2022. The system integrates solar PV with a 10-20 kWh battery for daily and emergency use, supporting single and three-phase connections with an 8-14 kW output. It includes built-in inverters, backup gateways, and EV chargers, with versions for European and U.S. markets.

In June 2022, Toyota entered the energy storage sector with the O-Uchi Kyuden System, a home battery solution using EV battery technology. The system features a rated output of 5.5 kWh and an 8.7 kWh capacity, enabling homes to run day and night when linked to a rooftop solar system. Initially, Toyota plans to launch the product in Japan.

Research Methodology

Our research methodology combines both qualitative and quantitative approaches to provide you with a thorough market analysis. We begin by gathering data from trusted industry reports and databases (secondary research), followed by primary research through surveys and interviews with key experts. We then apply advanced statistical tools to analyze the data, uncover trends, and assess market dynamics. Additionally, we use market segmentation and Porter's Five Forces analysis to evaluate competition. This approach ensures that the insights we provide are reliable, actionable, and tailored to support your decision-making process.

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Segment Covered in the Residential Energy Storage Market:

By Technology: Lithium-ion, Lead-acid

By Ownership: Customer-owned, Utility-owned, Third party-owned

By Connectivity: On-grid, Off-grid

By Operation: Standalone Systems, Solar & Storage

This Report Covers:

✔ Go-to-market Strategy.

✔ Neutral perspective on the market performance.

✔Development trends, competitive landscape analysis, supply side analysis, demand side analysis, year-on-year growth, competitive benchmarking, vendor identification, Market Access, and other significant analysis, as well as development status.

✔Customized regional/country reports as per request and country level analysis.

✔ Potential & niche segments and regions exhibiting promising growth covered.

✔ Analysis of Market Size (historical and forecast), Total Addressable Market (TAM), Serviceable Available Market (SAM), Serviceable Obtainable Market (SOM), Market Growth, Technological Trends, Market Share, Market Dynamics, Competitive Landscape and Major Players (Innovators, Start-ups, Laggard, and Pioneer).

Regional Analysis for Residential Energy Storage Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.

➡ Top-down and bottom-up approach for regional analysis

➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.

➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market

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Frequently asked questions:

➠ What is the global sales value, production value, consumption value, import and export of Residential Energy Storage market?

➠ Who are the global key manufacturers of the Residential Energy Storage Industry? How is their operating situation (capacity, production, sales, price, cost, gross, and revenue)?

➠ What are the Residential Energy Storage market opportunities and threats faced by the vendors in the global Residential Energy Storage Industry?

➠ Which application/end-user or product type may seek incremental growth prospects? What is the market share of each type and application?

➠ What focused approach and constraints are holding the Residential Energy Storage market?

➠ What are the different sales, marketing, and distribution channels in the global industry?

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