Press release
Future of the Residential Energy Storage Market: Trends, Innovations, and Key Forecasts Through 2034
Residential Energy Storage Market
Residential Energy Storage Market Size Growth Forecast: What to Expect by 2025?
In recent times, the residential energy storage market's value has seen quick expansion. The market is projected to increase from $0.91 billion in 2024 to $1.08 billion in 2025 with a compound annual growth rate (CAGR) of 18.0%. Factors such as infrastructure development, increasing acceptance of solar rooftop systems in the residential sector, significant government and private funding in renewable energy production, consumer interest in energy self-sufficiency, and a reduction in battery costs have fueled the growth during the historic period.
How Will the Residential Energy Storage Market Size Evolve and Grow by 2029?
In the coming years, the residential energy storage market is projected to experience swift expansion. The prediction is that by 2029, it will have grown to $1.96 billion, experiencing a compound annual growth rate (CAGR) of 16.2%. This growth throughout the forecast period can be attributed to factors like the growing demand for electric vehicles, a rise in installations of solar PV modules, increasing individual awareness about environmental degradation, surge in energy consumption in developing regions, and a growing demand for renewable energy. Key trends for the forecast period include a heightened requirement for large-scale electrical energy storage technologies, an increase in research and development efforts, advancing technologies, and an upsurge in the production of lithium-ion technology.
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What Drivers Are Propelling the Growth of Residential Energy Storage Market Forward?
The escalating need for renewable energy is slated to boost the expansion of the residential energy storage market in the future. Renewable energy involves energy extracted from natural resources that replenish continuously, such as sun, wind, rain, tides, and geothermal heat, which are viewed as sustainable and eco-friendly substitutes for limited fossil fuels. The growing requirement for renewable energy is motivated by the urge to lessen climate change by transitioning to clean and sustainable energy sources. Renewable energy aids residential energy storage by delivering a sustainable and intermittent energy source, enabling homeowners to save surplus energy during times of peak production for later use, augmenting grid robustness, and reducing dependency on conventional energy sources. For instance, in December 2023, as per the Department for Energy Security and Net Zero, a government department based in the UK, there was a record high of 30.1 terawatt-hours in renewable electricity production in the third quarter of 2023, indicating a 6.8% rise compared to the equivalent period in 2022. Consequently, the increased demand for renewable energy is stimulating the expansion of the residential energy storage market.
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What Are the Key Trends Driving Residential Energy Storage Market Growth?
Leading entities in the residential energy storage sector are working on improved home storage battery system solutions like electrified vehicle battery technology to augment energy storage capacity, efficiency, and sustainability for household users. These solutions use EV battery technology to grant residential customers dependable standby power, improve energy utilization from renewable energy sources such as solar panels, and cut down electricity expenses with the help of peak shaving and load shifting strategies. For example, in June 2022, Toyota Motor Corporation, an auto producer based out of Japan, unveiled a residential storage battery system, combining principles of safety, longevity, top quality, cost-effectiveness, and extraordinary performance. The O-Uchi Kyuden System is constructed based on extensive experience in electrified vehicle designing and uses onboard components to guarantee customer satisfaction. With a marked capacity of 8.7 kWh and a marked output of 5.5 kWh, this system deploys Toyota's battery control technology to guarantee safety and offer a steady power source to the full house, including periods of power blackout caused by natural catastrophes.
What Are the Key Segments in 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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Who Are the Key Players Shaping the Residential Energy Storage Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.
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