The residential energy storage market is expected to grow from an estimated in USD 719 million in 2022 to USD 1,828 million by 2027, at a CAGR of 20.5% during the forecast period. The rising demand of solar PV installations and the manufacturing of electric vehicles are expected to be the primary drivers of the market.
A few major players that have a wide regional presence dominate the residential energy storage market. The leading players in the residential energy storage market include Tesla (US), Panasonic Holdings Corporation (Japan), BYD Company Ltd (China), LG Energy Solution (South Korea), Enphase Energy (US).
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This research report categorizes the residential energy storage market by technology, power rating, connectivity type, ownership type, operation type and region.
On the basis of by technology:
- Lead-acid
- Lithium-ion
On the basis of by utility:
- 3 kW to <6 kW
- 6 kW to <10 kW
- 10 kW to 29 kW
On the basis of by connectivity type:
- On-grid
- Off-grid
On the basis of by ownership type:
- Customer-owned
- Utility-owned
- Third-party owned
On the basis of by operation type:
- Standalone Systems
- Solar and Storage System
On the basis of region:
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Tesla designs, develops, manufactures, and sells high-performance EVs and energy products. The company operates through wholly owned subsidiaries in North America, Europe, and Asia. The key operating segments of the company are Automotive and Energy Generation and Storage. The Energy Generation and Storage segment offers batteries, power electronics, and energy storage products to a wide variety of customers from homes, small commercial facilities, to large industries and utilities. Megapack and Powerwall are the two devices offered by Tesla in the Energy Generation and Storage segment. Tesla has also developed a software solution that can remotely control and dispatch the company’s energy storage systems. In the US, Tesla markets and sells its residential solar and energy storage products directly through its website, stores, and galleries, as well as through a network of channel partners. Tesla’s manufacturing facilities are in the Bay Area, California (US); Nevada (US); New York (US); and Shanghai (China).
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.
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Objectives of the Study
- To forecast and describe the residential energy storage market size, by technology, power rating, connectivity type, ownership type, operation type and region, in terms of value
- To provide detailed information regarding the major drivers, restraints, opportunities, and challenges influencing the growth of the market
- To estimate the size of the market in terms of value
- To strategically analyze micro markets with respect to individual growth trends, prospects, future expansions, and contributions to the overall market
- To provide post-pandemic estimation for the residential energy storage market and analyze the impact of the pandemic on the overall market and value chain
- To forecast the growth of the residential energy storage market with respect to five major regions, namely, North America, Europe, Asia Pacific, South America and Middle East & Africa
- To analyze market opportunities for stakeholders and the competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their respective market shares and core competencies
- To analyze competitive developments such as investments & expansions, mergers & acquisitions, product launches, contracts & agreements, and joint ventures & collaborations in the residential energy storage market
