According to a new market research, demand for 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.
Key Market Players
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).
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153284325
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
Europe is expected to be the largest and the fastest growing region in the residential energy storage market, during the forecast period. The growth of the European residential energy storage market is characterized by means to decrease dependency from volatile electricity prices and to make better use of self-produced green energy to augment growth of residential energy storage market.
Ask Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=153284325
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.
Browse Related Reports
