Residential Energy Storage Market Size to Reach USD 13,910 Million by 2027 at CAGR 12.9% - Valuates Reports
BANGALORE, India, April 14, 2021 /PRNewswire/ -- The Residential Energy Storage Market is Segmented by Connectivity (On-Grid & Off-Grid), by Technology (Lead–Acid Battery Energy Storage & Lithium-Ion Battery Energy Storage). The report covers global opportunity analysis and industry forecast from 2022 to 2027. It is published on Valuates Reports in the Renewable & Alternative Energy Category.
The Residential Energy Storage market size is projected to reach USD 13,910 Million by 2027, from USD 6,716.5 Million in 2020, at a CAGR of 12.9% during the forecast period 2022-2027.
Major factors driving the growth of residential energy storage market size are:
- Increase in demand for uninterrupted and reliable power supply and the rise in adoption of solar rooftop systems by the residential sector.
- Sharp decline in price of Li-ion batteries along with the demand for solar energy generation and initiatives by governments for eliminating dependence on fossil fuels.
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TRENDS INFLUENCING THE RESIDENTIAL ENERGY STORAGE MARKET SIZE
The necessity of grid resilience during mass-grid outages emerged as a primary reason for the adoption of the residential energy storage market. With increasing vulnerabilities to natural disasters, homeowners are forced to look at adding residential storage for emergency backup when the grid is down. This, in turn, is expected to drive the growth of the residential energy storage market size.
National policies and government financial initiatives are expected to increase the residential energy storage market size. Many countries are implementing hybrid energy systems, such as renewables plus storage, to reduce their reliance on imported energy, achieve environmental goals, meet de-carbonization targets, and improve system efficiency and resiliency. Furthermore, large policy mandates linked to quality-of-life goals and urbanization in developed countries would support the growth of residential energy storage.
The continued improvements in production and supply chain efficiencies, as well as gradual improvements in energy density, are expected to lower lithium-ion battery costs during the forecast period. This sharp cost reduction in Li-ion batteries is expected to further fuel the growth of residential energy storage market size.
Furthermore, the increase in smart infrastructure projects and increased investments for the use of renewable energy in emerging nations is also expected to drive the market growth.
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RESIDENTIAL ENERGY STORAGE MARKET SHARE
Lithium-ion-based energy storage systems are expected to be the most lucrative. Li-ion batteries. Furthermore, Li-ion batteries are becoming more common due to their technical advantage as the most energetic rechargeable batteries available. Furthermore, the use of Li-ion batteries has increased globally as a result of their technological and economic advantages over traditional batteries.
Europe is expected to be one of the most lucrative regions in the residential energy storage market. The demand for RESS in the region is witnessing high growth, owing to the rapid adoption of rooftop solar power.
On the other hand, due to its rising demand for renewables, rapid economic growth, and increasing demand for self-sufficient electricity, the Asia Pacific region is expected to have the fastest-growing market for residential energy storage.
RESIDENTIAL ENERGY STORAGE MARKET SEGMENTS
Residential Energy Storage Market by Type
- Li-ion Battery Energy Storage
- Lead Acid Battery Energy Storage
- Others
Residential Energy Storage Market by Application
- On-grid
- Off-grid
The major players that are operating in the global Residential Energy Storage market are
- Samsung SDI
- LG Chem
- Hitachi
- Kokam
- Fluence Energy
- LSIS
- SMA Solar Technology
- NGK
- General Electric
- Primus
- Panasonic
- BYD
- Younicos
- ABB
- Saft Batteries
- Lockheed Martin Energy
- Eos Energy Storage
- Con Edison Solutions
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