Global Residential Energy Storage Market Overview
The global residential energy storage market Size is estimated to be valued at USD 898 million in 2023 (Estimate Year) and is projected to reach USD 2,081 million by 2028 (Forecast Year) growing at a CAGR of 18.3% during the forecast period. The growing production of electric vehicles and the rising demand for solar PV systems are expected to be the main drivers of this growth. These factors are expected to act as key catalysts for market expansion, with a compounded annual growth rate (CAGR) of 18.3% throughout the forecast period.The domestic energy storage market is dominated by a select number of large companies with extensive regional reach.
Key Market Players:
The primary competitors in the residence energy storage market are Tesla (US), Panasonic Holdings Corporation (Japan), BYD Company Ltd. (China), LG Energy Solution (South Korea), and 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.
| Segment | Sub-segment |
| By Technology: | Lead-acid Lithium-ion |
| By Utility: | 3 kW to < 6 kW 6 kW to < 10 kW 10 kW to 29 kW |
| By Connectivity Type: | On-grid Off-grid |
| By Ownership Type: | Customer-owned Utility-owned Third-party owned |
| By Operation Type: | Standalone Systems Solar and Storage System |
| By Region | North America Europe Asia Pacific South America Middle East & Africa |
The market for residential energy storage is currently seeing a boom in potential due to the rising use of renewable energy sources and the growing need for sustainable energy solutions. Residential energy storage systems are essential for optimizing power usage, enabling grid independence, and lowering carbon footprints as the globe moves toward cleaner and more efficient energy practices. New opportunities for innovation are being opened up by the emergence of smart home technology and the combination of solar panels and energy storage. Furthermore, improvements in battery technology are raising the cost and efficiency of home energy storage options, opening up the market to a wider range of buyers.
Europe is expected to be the largest market during the forecast period.
During the forecast time frame, Europe is anticipated to be the largest and fastest-growing regional market for residential energy storage. The development of the domestic energy storage market in Europe is characterised by strategies for reducing dependency on variable electricity prices and improving the usage of self-produced green energy.
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Recent Developments
- In September 2022, BYD Company partnered with Victron Energy to find out compatibility BYD Premium LVL / LVS and Victron inverters/chargers which was successfully completed.
- In August 2022, Tesla partnered with Green Mountain Power (GMP) for the deployment of Powerwalls, Tesla’s home battery pack, in a decentralized way with electric utilities. The relatively small electric utility operating in Vermont was one of the earliest adopters of Tesla Powerwall.
- In August 2022, Huawei Digital Power and Pinggao Group Co., Ltd have signed a Memorandum of Understanding (MoU) to strengthen their cooperation in the supply of innovative and reliable Huawei string inverters for PV plants in Balkan countries such as Greece, Bulgaria, and North Macedonia.
- In February 2022, Enphase Energy announced a partnership with Swell Energy that, Enphase Energy Systems powered by IQTM Microinverters and IQTM Batteries will be able to participate in Swell’s distributed, virtual power plant (VPP) programs in California, New York, and Hawaii as a result of the collaboration.
