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).
Residential Energy Storage Systems Industry Overview
The residential energy storage systems market is fragmented. Some of the major players in this market (in no particular order) include LG Energy Solution Ltd, Samsung SDI Co. Ltd, Panasonic Corporation, Sonnen GmbH, and Saft Groupe SA.