Press release
Residential Energy Storage Market Growth Accelerates: Strategic Forecast Predicts $1.99 Billion by 2029
Residential Energy Storage Market
What Will the Residential Energy Storage Industry Market Size Be by 2025?
In recent times, there has been a significant expansion in the residential energy storage market. This market is projected to expand from $0.91 billion in 2024 to $1.08 billion in 2025, experiencing a compound annual growth rate (CAGR) of 18.9%. The historical growth can be accredited to factors such as the development of infrastructure, an increase in the integration of solar rooftop systems in the residential sector, escalating investments from both government and private sectors in renewable energy production, consumer demand for energy autonomy, and a decrease in battery prices.
What's the Long-Term Growth Forecast for the Residential Energy Storage Market Size Through 2029?
The market for residential energy storage is anticipated to undergo speedy expansion over the coming years, with predictions showing a rise to $1.99 billion by 2029 and a compound annual growth rate (CAGR) of 16.4%. Factors believed to drive this growth in the forecasted period are a growing demand for electric vehicles, escalating installation of solar PV modules, heightened environmental preservation concerns among individuals, increasing energy utilization in emerging regions, and a spike in the demand for renewable energy. Major trends projected for the forecasted period include an elevated requirement for large-scale electrical energy storage technologies, a surge in research and development, advances in technology, and growth in the production of lithium-ion technology.
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What Are the Key Growth Drivers Fueling the Residential Energy Storage Market Expansion?
The residential energy storage market is set to experience substantial growth due to an increasing interest in renewable energy. Renewable energy, a green alternative to fossil fuels, encompasses a range of sustainable sources like sunlight, wind, rain, tides, and geothermal heat that are continuously replenished. The mounting interest in greener energy options is a response to the growing requirement for environmentally responsible solutions that mitigate climate change and decrease dependency on traditional energy sources. By storing surplus energy during peak generation times, renewable energy enhances grid reliability for homeowners, who can use this stored energy when needed. As an example, the Department for Energy Security and Net Zero in the UK reported that renewable electricity production set a new record in the third quarter of 2023 by reaching 30.1 terawatt-hours, displaying a 6.8% growth compared to the same timeframe in 2022. Hence, the surging interest in renewable energy is a driving factor for the expansion of the residential energy storage market.
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What Are the Key Trends Driving Residential Energy Storage Market Growth?
Leading firms in the residential energy storage market are concentrating on the advancement of cutting-edge battery technologies for home storage, such as the one used in electrified vehicles, in order to improve storage capacity, efficiency, and sustainability for residential consumers. These technologies make use of EV batteries to offer dependable backup power to residences, improve energy consumption from renewable sources like solar panels, and decrease power costs using strategies like peak shaving and load shifting. For example, Toyota Motor Corporation, a Japanese auto manufacturing company, in June 2022 launched a battery system for residential storage, the O-Uchi Kyuden System, that emphasizes safety, long-term use, supreme quality, affordability, and exceptional performance. Based on Toyota's longstanding experience in developing electrified vehicles and making use of their components, this system promises consumer satisfaction. Featuring a rated capacity of 8.7 kWh and a rated output of 5.5 kWh, the system employs Toyota's control technology for batteries to assure safety and supply dependable power to the whole house, even during power failures due to natural calamities.
How Is the Residential Energy Storage Market Segmented?
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 Companies Are Leading the Charge in Residential Energy Storage Market Innovation?
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.
Which Regions Are Leading the Global Residential Energy Storage Market in Revenue?
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.
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