Residential Energy Storage Market Revenue to Hit $1,828 million by 2027
According to a research report “Residential Energy Storage Market by Power Rating (3-6 kW, 6-10 kW, 10-20 kW), Connectivity (On-Grid, Off-Grid), Technology (Lead-Acid, Lithium-Ion), Ownership (Customer, Utility, Third-Party), Operation (Standalone, Solar), Region – Forecast to 2027″ published by MarketsandMarkets, the global residential energy storage market is estimated to...
Demand for Residential Energy Storage to Grow 22.88% Annually Through 2024
The 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. Residential energy storage systems provide...