Press release
Residential Energy Storage Market Size Projected To Reach $1.99 Billion By 2034 With A Cagr Of 16.4%
Residential Energy Storage
What Is the Projected Growth of the Residential Energy Storage Market?
The size of the residential energy storage market has been expanding swiftly over the past few years. There is a projected growth from $0.91 billion in 2024 to $1.08 billion in 2025, translating to a compound annual growth rate (CAGR) of 18.9%. Factors contributing to this historic growth include infrastructure improvement, increased adoption of solar rooftop systems in the residential sector, significant governmental and private investments in renewable energy production, rising customer interest in energy autonomy, and declining battery costs.
In the coming years, the residential energy storage market size is predicted to experience swift expansion, reaching $1.99 billion by 2029 at a compound annual growth rate (CAGR) of 16.4%. This surge over the predicted period has roots in the growing demand for electric vehicles, escalated installation of solar PV modules, and the amplified attention of individuals towards battling environmental degradation. Other influencing factors are the skyrocketing consumption of energy in emerging regions and the intensifying need for renewable energy. Key trends anticipated during this forecast period encompass an escalating requirement for large-scale electrical energy storage technologies, increased research and development, advancement in technology, and augmented production of lithium-ion technology.
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What Are the Different Residential Energy Storage Market Segments?
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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What Are the Primary Drivers Shaping the Residential Energy Storage Market?
The burgeoning interest in renewable energy is set to drive the expansion of the residential energy storage market. Renewable energy, derived from naturally recurring sources like sunlight, wind, rain, tides, and geothermal heat, provides a sustainable and eco-friendly alternative to exhaustible fossil fuels. The increased demand for such energy types is sparked by the aim to lessen climate change impacts through the use of sustainable and clean power. In periods of peak generation, renewable energy allows residential energy storage by providing an intermittent yet sustainable power source, enabling homeowners to retain surplus energy for future use, boosting grid resilience, and lessening dependence on conventional energy sources. For instance, the Department for Energy Security and Net Zero, a government department based in the UK, stated in December 2023 that renewable electricity generation hit a record 30.1 terawatt-hours in the third quarter of 2023, which is a 6.8% increase from the same period in 2022. Hence, the increasing demand for renewable energy is spurring the growth of the residential energy storage market.
Which Companies Are Leading 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.
What Trends Are Expected to Dominate the Residential Energy Storage Market in the Next 5 Years?
Leading entities in the residential energy storage sector are advancing home storage battery system technologies like electrified vehicle battery technology to improve energy storage ability, effectiveness, and ecological sustainability for household consumers. These setups use EV battery technology to offer dependable backup energy to residential customers, increase energy utilization from green sources such as solar arrays, and lower electricity charges via peak trimming and load transfer strategies. For example, in June 2022, Japan's Toyota Motor Corporation, an automotive giant, introduced a household storage battery system incorporating principles of safety, longevity, superior quality, cost-effectiveness, and remarkable performance. The O-Uchi Kyuden System, developed from extensive knowledge in electrified vehicle design and integrating onboard components, promises customers assurance. The system has a rated capacity of 8.7 kWh and a rated output of 5.5 kWh, using Toyota's battery control technology for safety and ensuring consistent power supply throughout the house, covering situations like power blackouts during natural calamities.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Residential Energy Storage Market?
2. What is the CAGR expected in the Residential Energy Storage Market?
3. What Are the Key Innovations Transforming the Residential Energy Storage Industry?
4. Which Region Is Leading the Residential Energy Storage Market?
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