World Residential Energy Storage Market 2019-2024: Anticipating a CAGR of 22.88% with Lithium-Ion to Be the Fastest Growing Market, by Technology

News provided by

May 10, 2019, 10:30 ET

DUBLIN, May 10, 2019 /PRNewswire/ -- The "Residential Energy Storage Market by Power Rating (3-6 kW, 6-10 kW), Connectivity (On-Grid, Off-Grid), Technology (Lead-Acid, Lithium-Ion), Ownership (Customer, Utility, Third-Party), Operation (Standalone, Solar), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global residential energy storage market is projected to reach USD 17.5 billion by 2024 from an estimated USD 6.3 billion in 2019, at a CAGR of 22.88% during the forecast period.

This growth can be attributed to factors such as declining cost of batteries, regulatory support and financial incentives, and the need for energy self-sufficiency from consumers. However, price sensitivity in developing countries and lack of standards and interoperability is hindering the growth of the residential energy storage market.

The global residential energy storage market is dominated by a few major players that have a wide regional presence. The leading players in the residential energy storage market are Huawei (China), Samsung SDI Co. Ltd. (South Korea), Tesla (US), LG Chem (South Korea), SMA Solar Technology (Germany), BYD (China), Siemens (Germany), Eaton (Ireland), Schneider Electric (France), ABB (Switzerland), Tabuchi Electric (Japan), and Eguana Technologies (Canada).

The lithium-ion segment is expected to be the fastest growing market, by technology, from 2019 to 2024

The lithium-ion segment is expected to hold the largest market share and be the fastest growing segment during the forecast period because of the declining price of lithium batteries and high efficiency. Increasing emission control regulations and continuous revisions in environmental regulations have led to the increasing use of lithium-ion batteries.

The solar and storage segment is expected to be the largest market from 2019 to 2024

The solar and storage segment, by operation type, is estimated to be the largest and fastest growing segment during the forecast period. The solar and storage segment is growing due to the need for energy self-sufficiency and the governments providing financial incentives for energy storage to residential consumers. The growth of solar PV installations due to a drop in prices is another major reason for the growth of solar and storage segment.

Asia Pacific: The largest residential energy storage market

The Asia Pacific region is expected to be the largest residential energy storage market by 2024. The residential energy storage market in this region is mainly driven by seaborne trade, which has subsequently led to an increase in demand for ships used to transport manufactured goods to various regions worldwide.

The growth of this region is primarily driven by countries such as China, Australia, and Japan, which, are installing storage solutions for residential end-users. Over the past few years, this region has witnessed rapid economic development as well as the growth of the renewables and demand for energy self-sufficiency, which has resulted in an increase in the demand for energy storage options.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Global Residential Energy Storage Market, 2019-2024
4.2 Residential Energy Storage, By Power Rating
4.3 Residential Energy Storage Market, By Ownership Type
4.4 Residential Energy Storage Market, By Connectivity Type
4.5 Residential Energy Storage Market, By Technology
4.6 Residential Energy Storage Market, By Operation Type
4.7 Asia Pacific Residential Energy Storage Market

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Declining Cost of Lithium-Ion Batteries
5.2.1.2 Regulatory Support and Financial Incentives
5.2.1.3 Need for Energy Self-Sufficiency From Consumers
5.2.2 Restraints
5.2.2.1 Price Sensitivity in Developing Countries
5.2.2.2 Lack of Standards & Interoperability
5.2.3 Opportunities
5.2.3.1 Rising Use of Electric Vehicles (EVS)
5.2.3.2 Declining Feed-In Tariffs/Net Metering
5.2.4 Challenges
5.2.4.1 Lack of Awareness About Energy Storage Solutions
5.2.4.2 Overheating of Lithium-Ion Batteries

6 Residential Energy Storage Market, By Power Rating
6.1 Introduction
6.2 3-6 kW
6.2.1 Need for Backup Power During Natural Disasters is Expected to Drive the 3-6 kW Segment
6.3 6-10 kW
6.3.1 Unreliable Grids and Long-Duration Power Outages are Driving the 6-10 kW Segment

7 Residential Energy Storage, By Technology
7.1 Introduction
7.2 Lithium-Ion
7.2.1 Decreasing Costs of Batteries is Expected to Drive the Lithium-Ion Segment
7.3 Lead-Acid
7.3.1 High Expected Lifetime of Lead-Acid Batteries is Expected to Drive the Segment

8 Residential Energy Storage Market, By Ownership Type
8.1 Introduction
8.2 Customer Owned
8.2.1 Need for Self-Sufficiency and Backup Power During Natural Disasters is Expected to Drive the Customer Owned Segment
8.3 Utility Owned
8.3.1 Growing Financial Incentives and Regulatory Support is Driving the Utility Segment
8.4 Third-Party Owned
8.4.1 High Upfront Costs and Low Per Capita Incomes are Expected to Drive the Third-Party Segment

9 Residential Energy Storage, By Operation Type
9.1 Introduction
9.2 Standalone Systems
9.2.1 Lower Upfront Costs of Standalone Systems is Expected to Drive the Standalone Systems Segment
9.3 Solar and Storage
9.3.1 Need for Energy Self-Sufficiency and Lowering Solar Pv Costs are Expected to Drive the Solar and Storage Segment

10 Residential Energy Storage, By Connectivity Type
10.1 Introduction
10.2 On-Grid
10.2.1 Lower Upfront Costs of On-Grid is Expected to Drive the On-Grid Segment
10.3 Off-Grid
10.3.1 Portability and Need for Energy Self-Sufficiency are Expected to Drive the Off-Grid Segment

11 Residential Energy Storage Market, By Region
11.1 Introduction
11.2 North America
11.2.1 By Power Rating
11.2.2 By Technology Type
11.2.3 By Operation Type
11.2.4 By Ownership
11.2.5 By Connectivity
11.2.6 By Country
11.2.6.1 US
11.2.6.1.1 Supportive Policies and Energy Storage Subsidies are Driving the Market for Residential Energy Storage
11.2.6.2 Canada
11.2.6.2.1 Rising Energy Costs and Need to Reduce Emissions are Driving the Residential Energy Storage Cost
11.2.6.3 Mexico
11.2.6.3.1 Demand for Peak Power Reduction and Renewable Energy Integration is Driving the Residential Energy Storage Market
11.3 Asia Pacific
11.3.1 By Power Rating
11.3.2 By Technology Type
11.3.3 By Operation Type
11.3.4 By Ownership Type
11.3.5 By Connectivity Type
11.3.6 By Country
11.3.6.1 China
11.3.6.1.1 Need for Grid Stability and Countermeasure Against the Extensive Penetration of Intermittent Power are Driving the Market
11.3.6.2 India
11.3.6.2.1 Need to Manage Peak Load and Efficient Utilization of Distributed Renewables are Expected to Drive the Market
11.3.6.3 Japan
11.3.6.3.1 Threat of Frequent Natural Disasters and Need to Optimize Energy Use are Driving the Market
11.3.6.4 Australia
11.3.6.4.1 Rising Rooftop Solar Installation and Supportive Legislations are Driving the Market
11.3.6.5 South Korea
11.3.6.5.1 Need for Power Quality and Demand Management is Driving the Market
11.3.6.6 Rest of Asia Pacific
11.3.6.6.1 Land Constraint and Need for A Reliable Supply of Grid are Driving the Market
11.4 Europe
11.4.1 By Power Rating
11.4.2 By Technology Type
11.4.3 By Operation Type
11.4.4 By Ownership Type
11.4.5 By Connectivity Type
11.4.6 By Country
11.4.6.1 UK
11.4.6.1.1 Incentives for Residential Energy Storage are Driving the Market
11.4.6.2 Germany
11.4.6.2.1 Need for Energy Security and Increasing Rooftop Solar Power Generation are Driving the Market
11.4.6.3 Italy
11.4.6.3.1 Reducing Peak Demand and Growing Rooftop Solar Power Generation are Driving the Market
11.4.6.4 Spain
11.4.6.4.1 Integration of Solar Power Generation With Energy Storage is Driving the Market
11.4.6.5 Rest of Europe
11.4.6.5.1 Regulatory and Policy Support Would Drive the Residential Energy Storage Market
11.5 Middle East & Africa
11.5.1 By Power Rating
11.5.2 By Technology Type
11.5.3 By Operation Type
11.5.4 By Ownership Type
11.5.5 By Connectivity Type
11.5.6 By Country Type
11.5.6.1 Saudi Arabia
11.5.6.1.1 Rising Energy Prices and the Need for Renewable Power Generation is Driving the Market
11.5.6.2 UAE
11.5.6.2.1 Grid Stability and Flexibility Through Residential Energy Storage is Driving the Market
11.5.6.3 South Africa
11.5.6.3.1 Grid Connectivity and Proposed Solar and Storage Projects are Expected to Drive the Market
11.5.6.4 Rest of Middle East & Africa
11.5.6.4.1 Need to Reduce the Peak Energy Demand is Driving the Market
11.6 South America
11.6.1 By Power Rating
11.6.2 By Technology
11.6.3 By Operation Type
11.6.4 By Ownership
11.6.5 By Connectivity
11.6.6 By Country
11.6.6.1 Brazil
11.6.6.1.1 Need for New Tariff Plans and Tackling Power Outages is Driving the Market
11.6.6.2 Chile
11.6.6.2.1 Rapid Frequency Response and Need for Energy Backup is Driving the Market
11.6.6.3 Rest of South America
11.6.6.3.1 Need to Reduce Energy Generation Cost is Driving the Market

12 Competitive Landscape
12.1 Overview
12.2 Market Share Analysis
12.3 Competitive Scenario
12.3.1 New Product Developments
12.3.2 Partnerships
12.3.3 Contracts & Agreements
12.3.4 Expansions & Investments
12.3.5 Others
12.4 Competitive Leadership Mapping
12.4.1 Visionary Leaders
12.4.2 Innovators
12.4.3 Dynamic
12.4.4 Emerging

13 Company Profile
13.1 ABB
13.2 Samsung SDI Co. Ltd.
13.3 Tesla
13.4 BYD Company Limited
13.5 Eguana Technologies
13.6 Schneider Electric
13.7 Siemens
13.8 Huawei
13.9 Eaton
13.10 LG Chem
13.11 Tabuchi Electric
13.12 SMA Solar Technology

For more information about this report visit https://www.researchandmarkets.com/r/u7kvpi

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets