Press release
Global Residential Energy Storage Market to Reach $1.99 Billion by 2029, Growing at 16.4% CAGR
Global Residential Energy Storage Market
The residential energy storage market has experienced rapid growth in recent years. It is expected to rise from $0.91 billion in 2024 to $1.08 billion in 2025, at a compound annual growth rate (CAGR) of 18.9%. This growth can be attributed to infrastructure development, the increasing adoption of solar rooftop systems in the residential sector, growing investments from both government and private sectors in renewable energy production, rising customer demand for energy independence, and a decrease in battery prices.
The residential energy storage market is projected to experience rapid growth in the coming years, reaching $1.99 billion by 2029, with a compound annual growth rate (CAGR) of 16.4%. This growth is driven by the rising demand for electric vehicles, the increasing installation of solar PV systems, growing environmental concerns, higher energy consumption in developing regions, and greater demand for renewable energy. Key trends include a growing need for large-scale electrical energy storage, advancements in research and development, technological progress, and increased production of lithium-ion technology.
What Factors Are Fueling Growth in the Residential Energy Storage Market?
The increasing demand for renewable energy is anticipated to drive the expansion of the residential energy storage market. Renewable energy encompasses power sources that naturally replenish, such as sunlight, wind, rain, tides, and geothermal heat, offering a sustainable and eco-friendly alternative to finite fossil fuels. The rising adoption of renewable energy stems from the need to combat climate change by shifting towards clean and sustainable power sources. In residential settings, renewable energy supports energy storage by allowing excess power generated during peak periods to be stored for later use, improving grid stability and reducing dependence on conventional energy sources. For instance, in December 2023, according to the UK-based Department for Energy Security and Net Zero, renewable electricity generation reached a record high of 30.1 terawatt-hours in the third quarter of 2023, reflecting a 6.8% rise compared to the same period in 2022. Hence, the increasing demand for renewable energy is fueling the growth of the residential energy storage market.
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Which Leading Companies Are Shaping the Growth of the Residential Energy Storage Market?
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.
What Are the Major Trends Shaping the Residential Energy Storage Market?
Companies in the residential energy storage market are advancing home storage battery technologies, such as electrified vehicle battery technology, to enhance storage capacity, efficiency, and sustainability for residential users. These systems use EV battery technology to offer reliable backup power, optimize renewable energy usage from solar panels, and reduce electricity costs via peak shaving and load shifting strategies. For example, in June 2022, Toyota Motor Corporation, a Japan-based automotive manufacturer, launched a residential storage battery system prioritizing safety, longevity, quality, affordability, and performance. The O-Uchi Kyuden System, based on Toyota's extensive experience in electrified vehicle technology and onboard components, provides users with security and reliability. With a rated capacity of 8.7 kWh and a rated output of 5.5 kWh, this system employs Toyota's battery control technology to deliver a safe and steady power supply, even during outages caused by natural disasters.
What Are the Key Segments of the Residential Energy Storage Market?
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
Subsegments:
1) By Lead-Acid: Flooded Lead-Acid Batteries, Sealed Lead-Acid Batteries
2) By Lithium-Ion: Lithium Iron Phosphate (LiFePO4), Nickel Manganese Cobalt (NMC), Lithium Nickel Cobalt Aluminum Oxide (NCA)
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Which Region Dominates the Residential Energy Storage Market?
Europe was the largest region in the residential energy storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the residential energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Residential Energy Storage Global Market Report?
- Market Size Analysis: Analyze the Residential Energy Storage Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Residential Energy Storage 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 Energy Storage Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Residential Energy Storage Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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