Residential Energy Storage Market Size to Reach USD 13,910 Million by 2027 at CAGR 12.9% - Valuates Reports

USA - English

• India - English

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.

View Report Details Before Purchasing: https://reports.valuates.com/market-reports/QYRE-Othe-3I410/residential-energy-storage

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. 

Request a Sample Copy of the Report For Growth & Trends Analysis on Residential Energy Storage Market : https://reports.valuates.com/request/sample/QYRE-Othe-3I410/Residential_Energy_Storage_Market

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

Buy Now for Single User + Covid-19 Impact : https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Othe-3I410&lic=single-user

Buy Now for Enterprise License + Covid-19 Impact : https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Othe-3I410&lic=enterprise-license

SUBSCRIPTION

We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.

SIMILAR REPORTS :

-  Residential Solar Energy Storage System Market contains segmentation By Type (Lead-acid Battery, Li-ion Battery), By Application (Collective House, Detached House, Others) and Regional Opportunity Analysis and Industry Forecast.

-  Thermal Energy Storage Market Report contains segmentation By Type (Sensible Heat Regenerative, Latent Heat Storage, Thermochemical Mode), By Application (Residential, Industrial) and Regional Opportunity Analysis and Industry Forecast.

-  The hydrogen energy storage market size was valued at USD 15.4 Billion in 2019, and is projected to reach USD 25.4 Billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.

-  The Energy Storage Systems market size is projected to reach USD 31470 Million by 2027, from USD 7536 Million in 2020, at a CAGR of 26.9% during the forecast period 2022-2027.

-  The Mobile Energy Storage System Market contains segmentation By Type (Li-ion battery, Sodium-based battery, Lead-acid battery, Others), By Application (Residential, Commercial, Industrial, Others) and Regional Opportunity Analysis and Industry Forecast.

-  The Solid State Battery Market size is projected to reach USD 13680 Million by 2026, from USD 1172.4 Million in 2020, at a CAGR of 50.6% during the forecast period 2021-2026.

-  The lead acid battery market size was valued at USD 39.7 Billion in 2018, and is projected to reach USD 59.7 Billion by 2026, growing at a CAGR of 5.24% from 2019 to 2026.

-  The lithium-ion battery market size was valued at USD 36.7 Billion in 2019, and is projected to hit USD 129.3 Billion by 2027, at a CAGR of 18.0% from 2020 to 2027.

-  The global Battery Materials market size is projected to reach USD 53980 Million by 2026, from USD 40540 Million in 2020, at a CAGR of 4.9% during the forecast period 2021-2026

-  The Energy Storage Market size to grow from USD 71831.56 Millions in 2018 to USD 164704.67 Millions by 2025, at a Compound Annual Growth Rate (CAGR) of 12.58% during the forecast period.

-  The Battery Energy Storage System Market size is expected to grow from USD 2,194.70 Million in 2019 to USD 6,905.64 Million by the end of 2025 at a CAGR of 21.05%.

-  The Battery Monitoring System Market size is expected to grow from USD 2,995.53 Million in 2019 to USD 5,178.49 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 9.55%.

To see the full list of related reports on the Energy Storage

ABOUT US:

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains detail research methodology employed to generate the report, Please also reach to our sales team to get the complete list of our data sources

CONTACT US:

Valuates Reports
[email protected] 
For U.S. Toll-Free Call  +1-(315)-215-3225
For IST Call  +91-8040957137
WhatsApp : +91 9945648335
Website: https://reports.valuates.com 
Follow on Twitter - https://twitter.com/valuatesreports 
Follow on Linkedin - https://in.linkedin.com/company/valuatesreports 
Follow on Facebook - https://www.facebook.com/valuatesreports

SOURCE Valuates Reports