Market Size of Residential Energy Storage Systems Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 24.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Residential Energy Storage Systems Market Analysis
The Residential Energy Storage Systems market is expected to reach USD 4.38 billion by the end of the year and is projected to register a CAGR of over 24.4% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, increasing demand for uninterrupted and reliable power supply and the rise in adoption of solar rooftop systems by the residential sector is also expected to drive the growth of the market studied.
- On the other hand, the lack of direct access to metal resources and reserves for battery manufacturing in many countries may negatively impact the market's growth and is one of the major restraints for the market.
- Nevertheless, The residential energy storage systems market is majorly dominated by developed nations such as Germany, the United States, and Australia. However, several other countries, such as Brazil, Saudi Arabia, Thailand, and Bangladesh, have introduced the net metering program and made certain amendments to encourage solar PV in the residential sector, are expected to provide growth opportunities in the forecast period.
- Europe dominates the market and is also likely to witness the highest CAGR during the forecast period. Most of the demand comes from the countries like Germany, the United Kingdom, etc.
Residential Energy Storage Systems Industry Segmentation
Energy storage is an essential enabler of the energy transition from fossil fuel-based power generation to renewable energy-based power generation. Several developed nations across the globe are shifting from an energy system dominated by centralized fossil fuel generation that can be always dispatched to match energy consumption, to a system with more renewables. The residential energy storage systems market is segmented by type and geography. By type, the market is segmented into lithium-ion batteries, lead-acid batteries, and other technology types. The report also covers the market size and forecasts for residential energy storage systems across the region. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Technology Type | |
| Lithium-ion Batteries | |
| Lead-acid Batteries | |
| Other Technology Types |
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| Middle-East and Africa | |
| South America |
Residential Energy Storage Systems Market Size Summary
The residential energy storage systems market is experiencing significant growth, driven by the increasing demand for reliable power supply and the rising adoption of solar rooftop systems. The market, which was adversely affected by the COVID-19 pandemic, has rebounded to pre-pandemic levels and is expected to continue expanding. Developed nations like Germany, the United States, and Australia currently dominate the market, but emerging economies such as Brazil, Saudi Arabia, and Thailand are also contributing to its growth through initiatives like net metering programs. Europe, in particular, is anticipated to maintain its leadership in the market, with countries like Germany and the United Kingdom leading the charge due to their robust solar energy adoption and supportive policies.
Lithium-ion batteries are becoming the preferred choice for residential energy storage systems due to their high efficiency, stability, and lower maintenance requirements compared to traditional lead-acid batteries. The declining costs and improved performance of lithium-ion batteries are driving their adoption in residential applications, particularly in conjunction with solar photovoltaic systems. The market is characterized by fragmentation, with key players such as LG Energy Solution, Samsung SDI, and Panasonic Corporation actively participating. Recent product launches, like those from Mango Power and Toyota, highlight the ongoing innovation and expansion in the sector. As the demand for renewable energy sources and energy storage solutions continues to rise, the residential energy storage systems market is poised for substantial growth in the coming years.
Residential Energy Storage Systems Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Technology Type
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2.1.1 Lithium-ion Batteries
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2.1.2 Lead-acid Batteries
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2.1.3 Other Technology Types
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2.2 Geography
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2.2.1 North America
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2.2.2 Asia-Pacific
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2.2.3 Europe
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2.2.4 Middle-East and Africa
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2.2.5 South America
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Residential Energy Storage Systems Market Size FAQs
What is the current Residential Energy Storage Systems Market size?
The Residential Energy Storage Systems Market is projected to register a CAGR of 24.40% during the forecast period (2024-2029)
Who are the key players in Residential Energy Storage Systems Market?
Samsung SDI Co. Ltd, Panasonic Corporation, Sonnen GmbH, Saft Groupe SA and LG Energy Solution Ltd are the major companies operating in the Residential Energy Storage Systems Market.
