Press release
Residential Energy Storage Market Poised for 16.4 % Growth, Set to Hit $5.65 Billion by 2029
Residential Energy Storage Market Overview
The residential energy storage market growth is anticipated to be driven by the escalating demand for renewable energy. Energy from naturally renewable sources such as sunlight, wind, rain, tides, and geothermal heat, known as renewable energy, is seen as a sustainable and eco-friendly alternative to exhaustible fossil fuels. There is a growing interest in renewable energy with the aim of mitigating climate change by transitioning to green and clean energy sources. The availability of renewable energy aids residential energy storage by offering a sustainable yet irregular power source. This enables homeowners to conserve surplus energy during peak production times for future use, improving grid stability while lessening dependence on conventional energy resources. For example, data from the Department for Energy Security and Net Zero, a government department in the UK, revealed that in December 2023, the generation of renewable electricity hit a record-breaking 30.1 terawatt-hours in the third quarter of 2023, indicating a 6.8% rise compared to the same timeframe in 2022. Consequently, the growing interest in renewable energy is fueling the expansion of the residential energy storage market.
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What growth opportunities are expected to drive the residential energy storage market's CAGR through 2034?
The dimension of the residential energy storage market has expanded briskly in the past few years. Predicted to increase from $0.91 billion in 2024 to $1.08 billion in 2025, it is set to achieve a compound annual growth rate (CAGR) of 18.9%. The growth witnessed during the historical period may be credited to infrastructure development, an escalation in the use of solar rooftop systems by residential sectors, burgeoning government and private financial inputs into renewable energy production, consumer interest in energy self-reliance, and a reduction in the cost of batteries.
Expectations are high for rapid expansion in the residential energy storage market, with forecasts predicting a growth to $1.99 billion in 2029, boasting a compound annual growth rate of 16.4%. This significant growth predicted for the future can be linked to numerous factors including the rising demand for electric vehicles, amplified installation of solar PV modules, growing individual concerns around environmental degradation, increase in energy usage in emerging markets, and the surging need for renewable energy. Key trends for the future include the escalating requirement for large-scale electrical energy storage technologies, enhanced research and development initiatives, advancements in technology, and the upward trend in the production of lithium-ion technology.
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What are the emerging trends shaping the future of the residential energy storage market?
Key players in the residential energy storage market are innovating and introducing new technologies such as the battery system of electric vehicles for home storage. This technology is designed to boost storage capability, efficiency, and sustainability in the residential sector. It harnesses the power of EV battery system to supply dependable backup power, efficiently manage energy from renewables like solar panels, and lower electricity costs by peak shaving and load shifting. As a case in point, Toyota Motor Corporation, a Japanese automotive producer, launched a home storage battery system in June 2022. This system upholds the values of safety, long lifespan, high quality, cost-effective, and outstanding performance. Known as the O-Uchi Kyuden System, it draws on Toyota's vast knowledge in the field of electric vehicle development and uses onboard components to ensure customer satisfaction. It has a rated capacity of 8.7 kWh and a rated output of 5.5 kWh, which allows safe control of the battery and a steady power supply throughout the house, even during power disruptions caused by natural occurrences.
Which growth-oriented segments of the residential energy storage market are leading the industry's development?
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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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 companies are at the forefront of innovation in 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.
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What Is Covered In The Residential Energy Storage Global Market Report?
•Market Size Forecast: Examine the residential energy storage market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the residential energy storage market for a structured understanding.
•Key Players Overview: Analyze major players in the residential energy storage market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the residential energy storage market.
•Segment Contributions: Evaluate how different segments drive overall growth in the residential energy storage market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the residential energy storage market.
•Industry Challenges: Identify potential risks and obstacles affecting the residential energy storage market.
•Competitive Landscape: Review strategic developments in the residential energy storage market, including expansions, agreements, and new product launches.
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