CHICAGO : Residential Energy Storage Market is projected to grow from USD 719 million in 2022 to USD 1,828 million by 2027, at a CAGR of 20.5%, according to a new report by MarketsandMarkets. The Residential Energy Storage Market has promising growth potential due to the rising production of electric vehicles, initiatives by government, growing R & D investment in lithium-ion batteries.
The on-grid segment is expected to dominate the Residential Energy Storage Market, by connectivity type, during the forecast period.
The on-grid segment holds the largest share of the Residential Energy Storage Market. The high market share can be attributed to its lower upfront costs than the off-grid connectivity. Sometimes, energy storage systems also serve additional applications such as Transmission & Delivery (T&D) deferral, power quality assurance, voltage regulation, spinning reserve, and increased system reliability
The solar and storage is expected to be the fastest growing Residential Energy Storage Market, by operation type, during the forecast period.
The Residential Energy Storage Market, by operation, is divided into standalone systems and solar and storage systems, wherein the solar and storage accounts for the largest share. The solar and storage is also expected to grow the fastest during the forecast period, owing to increasing awareness and demand for energy self-sufficiency.
The Asia Pacific region is the fastest growing Residential Energy Storage Market
In this report, the Residential Energy Storage Market has been analyzed for five regions, namely, North America, Europe, Asia Pacific, Middle east & Africa and South America. Europe is a significant contributor to the Residential Energy Storage Market in the current scenario owing to the rapid increasing cost-competitiveness of solar-plus-storage solutions which enables residential consumers to have access to the clean energy power and enable opportunities to decrease their energy bill.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Residential Energy Storage Market.
Some of the key players include Tesla (US), VARTA AG (Germany), Enphase Energy (US), BYD Company Ltd (China), Sonnen GmbH (Germany), LG Energy Solution (South Korea). The leading players are adopting various strategies to increase their share in the Residential Energy Storage Market.
