PUBLISHER: Acute Market Reports | PRODUCT CODE: 1128643
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1128643
Residential Energy Storage Market - Growth, Future Prospects and Competitive Analysis, 2022 - 2030
Key Market Insights
Growing government regulatory support and financial initiatives will boost the market
The global residential energy storage market is growing competently, expected to grow at a CAGR of 16.0% during the estimated period from 2022 to 2030, starting from US$ 8.86 Bn in 2021.
The growth of residential battery storage in the power sector has engrossed attention for a wide-scale application in the residential and commercial sectors. Most of the attention is focused towards utility-scale batteries and for commercial and industrial customers. In addition, the large batteries are precarious segments for the energy-storage market, along with the swift growth of residential energy storage and household systems will expand the battery market on a global scale. Furthermore, government initiatives and action towards grid reliability and resilience, administer the demand-response program, declining cost of batteries, and need of self-sufficient energy from consumers projected to drive the demand for residential energy storage market over the forecast period.
The global market for residential energy storage is poised to grow promptly, owing to improved performance and reduced cost of batteries, embarking of grid modernizations, extensive support towards renewables and emissions reduction. According to broadly publicized forecast, the storage market for residential batteries could reach around US $26 billion by 2025. Grid digitization, predictive maintenance, and use of 3 intelligent system configuration is paving ways and creating opportunities for batteries for an improved power quality on a global scale.
Technology Analysis
Declining cost of batteries and increasing trend towards new storage technology to boost the market globally
Residential energy storage is growing rapidly, owing to new deployment incentives, falling costs and adoption of short-term energy storage technology are fuelling a recorded investments towards energy storage. Rising uptake and increasing growth of renewable energy will drives down the cost through innovation and scale, thereby driving the growth of residential energy storage globally. According to International Energy Agency (IEA) shows in 2019, the lithium-ion batteries dominates the storage technologies among other renewable like pumped hydro.
Low-cost energy storage through increased competition and economy of scale has dropped the costs of energy storage systems globally. Growing demand for electric vehicles, consumer electronics, and government-supported low-cost financing for renewables will spur investments in battery pack manufacturing, thereby expanding the market for battery storage over the forecasted period. The upcoming latest technology like "vanadium redox/flow battery" projected to grab the market especially because their fully containerized, reduced cost, compact, reusable over semi-infinite cycles, nonflammable, do not degrade for more than 20 years, and 100% discharge of stored energy than other V-flow batteries.
Regional Analysis
Europe to hold a dominance in residential energy storage market due to government initiatives and policy framework towards energy storage
The ongoing dual-price method, increasing cash-out incentives and prices for flexible capacity investments, is potentially expanding the demand for the use of energy storage technologies. Government plays a vital role in steering the transition to clean energy solutions by forming the necessary market regulations, policy framework, financial incentives for private sector, and direct investment on clean energy projects. Furthermore, as a part of green energy initiatives the European Investment Bank Group (EIB) cover equity-type funding, loans, and guarantees to demonstrate the "InnovFin Energy" projects by providing loans, and equity-type financing for energy storage. In addition, in 2017 the transformation of energy mix in Germany have accounted rooftop solar for around 74% of the total solar energy across the country, largely due to advanced supporting mechanisms like grants and loans for roof-top programs.
Moreover, the government of the UK is promoting the adoption of energy storage batteries to meet carbon emission control on a global scale. In 2017, the government of the UK agreed to decrease tax by 5% for the installation of a solar-powered battery system. The aforementioned factors are expected to boost the demand for residential energy storage market over the forecast period.
List of Companies Covered:
ABB Ltd.
Samsung SDI Co Ltd
Tesla Inc
BYD Co Ltd
Eguana Technologies Inc
Schneider Electric SE
Siemens AG
Huawei Technologies
Eaton
LG Chem Ltd
Tabuchi Electric Co Ltd
SMA Solar Technology AG
Key Industry Development:
In December 2019, Tesla Motors developed a new home energy storage battery system named "Powerwall" in the global market
In June 2018, the Samsung SDI unveiled its new residential energy storage system (ESS) at Intersolar Europe Energy Expo-2018 in Munich
In March 2018, Samsung SDI showcased its new energy storage system (ESS) products like high-power ESS, ESS cells, residential ESS, and high-capacity ESS at the Energy Storage Europe-2018
In September 2019, ABB launches its first residential energy storage system (ESS) at Solar Power International (SPI) conference in Salt Lake City, U.S.
Historical & Forecast Period:
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Residential Energy Storage market are as follows:
- Research and development budgets of manufacturers and government spending
- Revenues of key companies in the market segment
- Number of end users and consumption volume, price and value.
- Geographical revenues generate by countries considered in the report
Micro and macro environment factors that are currently influencing the Residential Energy Storage market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE DETAILS
Research Period 2020-2030
Base Year 2021
Forecast Period 2022-2030
Historical Year 2020
Unit USD Million
Segmentation
Connectivity
On-Grid
Off-Grid
Technology
Lithium Ion
Lead Acid
Operation
Standalone Systems
Solar and Storage Systems
Region Segment (2020-2030; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Global Impact of COVID-19 Segment (2020-2021; US$ Million )
Pre COVID-19 situation
Post COVID-19 situation
Key questions answered in this report:
- What are the key micro and macro environmental factors that are impacting the growth of Residential Energy Storage market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Residential Energy Storage market?
- Which is the largest regional market for Residential Energy Storage market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Residential Energy Storage market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Residential Energy Storage market worldwide?
Table of Contents
1. Preface
- 1.1. Report Description
- 1.1.1. Purpose of the Report
- 1.1.2. Target Audience
- 1.1.3. Key Offerings
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.3.1. Phase I - Secondary Research
- 1.3.2. Phase II - Primary Research
- 1.3.3. Phase III - Expert Panel Review
- 1.3.4. Assumptions
- 1.3.5. Approach Adopted
2. Executive Summary
- 2.1. Market Snapshot: Global Residential Energy Storage Market
- 2.2. Global Residential Energy Storage Market, By Connectivity, 2021 (US$ Million)
- 2.3. Global Residential Energy Storage Market, By Technology, 2021 (US$ Million)
- 2.4. Global Residential Energy Storage Market, By Operation, 2021 (US$ Million)
- 2.5. Global Residential Energy Storage Market, By Geography, 2021 (US$ Million)
- 2.6. Impact of Covid 19
- 2.7. Attractive Investment Proposition by Geography, 2021
- 2.8. Competitive Analysis
- 2.8.1. Market Positioning of Key Residential Energy Storage Market Vendors
- 2.8.2. Strategies Adopted by Residential Energy Storage Market Vendors
- 2.8.3. Key Industry Strategies
3. Residential Energy Storage Market: Business Outlook & Market Dynamics
- 3.1. Introduction
- 3.2. Global Residential Energy Storage Market Value, 2020 - 2030, (US$ Million)
- 3.3. Market Dynamics
- 3.3.1. Market Drivers
- 3.3.2. Market Restraints
- 3.3.3. Key Challenges
- 3.3.4. Key Opportunities
- 3.4. Impact Analysis of Drivers and Restraints
- 3.5. See-Saw Analysis
- 3.6. Porter's Five Force Model
- 3.6.1. Supplier Power
- 3.6.2. Buyer Power
- 3.6.3. Threat Of Substitutes
- 3.6.4. Threat Of New Entrants
- 3.6.5. Competitive Rivalry
- 3.7. PESTEL Analysis
- 3.7.1. Political Landscape
- 3.7.2. Economic Landscape
- 3.7.3. Technology Landscape
- 3.7.4. Legal Landscape
- 3.7.5. Social Landscape
4. Residential Energy Storage Market: By Connectivity, 2020-2030, USD (Million)
- 4.1. Market Overview
- 4.2. Growth & Revenue Analysis: 2021 Versus 2030
- 4.3. Market Segmentation
- 4.3.1. On-Grid
- 4.3.2. Off-Grid
5. Residential Energy Storage Market: By Technology, 2020-2030, USD (Million)
- 5.1. Market Overview
- 5.2. Growth & Revenue Analysis: 2021 Versus 2030
- 5.3. Market Segmentation
- 5.3.1. Lithium Ion
- 5.3.2. Lead Acid
6. Residential Energy Storage Market: By Operation, 2020-2030, USD (Million)
- 6.1. Market Overview
- 6.2. Growth & Revenue Analysis: 2021 Versus 2030
- 6.3. Market Segmentation
- 6.3.1. Standalone Systems
- 6.3.2. Solar and Storage Systems
7. North America Residential Energy Storage Market, 2020-2030, USD (Million)
- 7.1. Market Overview
- 7.2. Residential Energy Storage Market: By Connectivity, 2020-2030, USD (Million)
- 7.3. Residential Energy Storage Market: By Technology, 2020-2030, USD (Million)
- 7.4. Residential Energy Storage Market: By Operation, 2020-2030, USD (Million)
- 7.5.Residential Energy Storage Market: By Region, 2020-2030, USD (Million)
- 7.5.1.North America
- 7.5.1.1. U.S.
- 7.5.1.2. Canada
- 7.5.1.3. Rest of North America
- 7.5.1.North America
8. UK and European Union Residential Energy Storage Market, 2020-2030, USD (Million)
- 8.1. Market Overview
- 8.2. Residential Energy Storage Market: By Connectivity, 2020-2030, USD (Million)
- 8.3. Residential Energy Storage Market: By Technology, 2020-2030, USD (Million)
- 8.4. Residential Energy Storage Market: By Operation, 2020-2030, USD (Million)
- 8.5.Residential Energy Storage Market: By Region, 2020-2030, USD (Million)
- 8.5.1.UK and European Union
- 8.5.1.1. UK
- 8.5.1.2. Germany
- 8.5.1.3. Spain
- 8.5.1.4. Italy
- 8.5.1.5. France
- 8.5.1.6. Rest of Europe
- 8.5.1.UK and European Union
9. Asia Pacific Residential Energy Storage Market, 2020-2030, USD (Million)
- 9.1. Market Overview
- 9.2. Residential Energy Storage Market: By Connectivity, 2020-2030, USD (Million)
- 9.3. Residential Energy Storage Market: By Technology, 2020-2030, USD (Million)
- 9.4. Residential Energy Storage Market: By Operation, 2020-2030, USD (Million)
- 9.5.Residential Energy Storage Market: By Region, 2020-2030, USD (Million)
- 9.5.1.Asia Pacific
- 9.5.1.1. China
- 9.5.1.2. Japan
- 9.5.1.3. India
- 9.5.1.4. Australia
- 9.5.1.5. South Korea
- 9.5.1.6. Rest of Asia Pacific
- 9.5.1.Asia Pacific
10. Latin America Residential Energy Storage Market, 2020-2030, USD (Million)
- 10.1. Market Overview
- 10.2. Residential Energy Storage Market: By Connectivity, 2020-2030, USD (Million)
- 10.3. Residential Energy Storage Market: By Technology, 2020-2030, USD (Million)
- 10.4. Residential Energy Storage Market: By Operation, 2020-2030, USD (Million)
- 10.5.Residential Energy Storage Market: By Region, 2020-2030, USD (Million)
- 10.5.1.Latin America
- 10.5.1.1. Brazil
- 10.5.1.2. Mexico
- 10.5.1.3. Rest of Latin America
- 10.5.1.Latin America
11. Middle East and Africa Residential Energy Storage Market, 2020-2030, USD (Million)
- 11.1. Market Overview
- 11.2. Residential Energy Storage Market: By Connectivity, 2020-2030, USD (Million)
- 11.3. Residential Energy Storage Market: By Technology, 2020-2030, USD (Million)
- 11.4. Residential Energy Storage Market: By Operation, 2020-2030, USD (Million)
- 11.5.Residential Energy Storage Market: By Region, 2020-2030, USD (Million)
- 11.5.1.Middle East and Africa
- 11.5.1.1. GCC
- 11.5.1.2. Africa
- 11.5.1.3. Rest of Middle East and Africa
- 11.5.1.Middle East and Africa
12. Company Profile
- 12.1. ABB Ltd.
- 12.1.1. Company Overview
- 12.1.2. Financial Performance
- 12.1.3. Product Portfolio
- 12.1.4. Strategic Initiatives
- 12.2. Samsung SDI Co Ltd
- 12.2.1. Company Overview
- 12.2.2. Financial Performance
- 12.2.3. Product Portfolio
- 12.2.4. Strategic Initiatives
- 12.3. Tesla Inc
- 12.3.1. Company Overview
- 12.3.2. Financial Performance
- 12.3.3. Product Portfolio
- 12.3.4. Strategic Initiatives
- 12.4. BYD Co Ltd
- 12.4.1. Company Overview
- 12.4.2. Financial Performance
- 12.4.3. Product Portfolio
- 12.4.4. Strategic Initiatives
- 12.5. Eguana Technologies Inc
- 12.5.1. Company Overview
- 12.5.2. Financial Performance
- 12.5.3. Product Portfolio
- 12.5.4. Strategic Initiatives
- 12.6. Schneider Electric SE
- 12.6.1. Company Overview
- 12.6.2. Financial Performance
- 12.6.3. Product Portfolio
- 12.6.4. Strategic Initiatives
- 12.7. Siemens AG
- 12.7.1. Company Overview
- 12.7.2. Financial Performance
- 12.7.3. Product Portfolio
- 12.7.4. Strategic Initiatives
- 12.8. Huawei Technologies
- 12.8.1. Company Overview
- 12.8.2. Financial Performance
- 12.8.3. Product Portfolio
- 12.8.4. Strategic Initiatives
- 12.9. Eaton
- 12.9.1. Company Overview
- 12.9.2. Financial Performance
- 12.9.3. Product Portfolio
- 12.9.4. Strategic Initiatives
- 12.10. LG Chem Ltd
- 12.10.1. Company Overview
- 12.10.2. Financial Performance
- 12.10.3. Product Portfolio
- 12.10.4. Strategic Initiatives
- 12.11. Tabuchi Electric Co Ltd
- 12.11.1. Company Overview
- 12.11.2. Financial Performance
- 12.11.3. Product Portfolio
- 12.11.4. Strategic Initiatives
- 12.12. SMA Solar Technology AG
- 12.12.1. Company Overview
- 12.12.2. Financial Performance
- 12.12.3. Product Portfolio
- 12.12.4. Strategic Initiatives
List of Tables
- TABLE 1 Global Residential Energy Storage Market By Connectivity, 2020-2030, USD (Million)
- TABLE 2 Global Residential Energy Storage Market By Technology, 2020-2030, USD (Million)
- TABLE 3 Global Residential Energy Storage Market By Operation, 2020-2030, USD (Million)
- TABLE 4 North America Residential Energy Storage Market By Connectivity, 2020-2030, USD (Million)
- TABLE 5 North America Residential Energy Storage Market By Technology, 2020-2030, USD (Million)
- TABLE 6 North America Residential Energy Storage Market By Operation, 2020-2030, USD (Million)
- TABLE 7 UK and European Union Residential Energy Storage Market By Connectivity, 2020-2030, USD (Million)
- TABLE 8 UK and European Union Residential Energy Storage Market By Technology, 2020-2030, USD (Million)
- TABLE 9 UK and European Union Residential Energy Storage Market By Operation, 2020-2030, USD (Million)
- TABLE 10 Asia Pacific Residential Energy Storage Market By Connectivity, 2020-2030, USD (Million)
- TABLE 11 Asia Pacific Residential Energy Storage Market By Technology, 2020-2030, USD (Million)
- TABLE 12 Asia Pacific Residential Energy Storage Market By Operation, 2020-2030, USD (Million)
- TABLE 13 Latin America Residential Energy Storage Market By Connectivity, 2020-2030, USD (Million)
- TABLE 14 Latin America Residential Energy Storage Market By Technology, 2020-2030, USD (Million)
- TABLE 15 Latin America Residential Energy Storage Market By Operation, 2020-2030, USD (Million)
- TABLE 16 Middle East and Africa Residential Energy Storage Market By Connectivity, 2020-2030, USD (Million)
- TABLE 17 Middle East and Africa Residential Energy Storage Market By Technology, 2020-2030, USD (Million)
- TABLE 18 Middle East and Africa Residential Energy Storage Market By Operation, 2020-2030, USD (Million)
List of Figures
- FIG. 1 Global Residential Energy Storage Market: Market Coverage
- FIG. 2 Research Methodology and Data Sources
- FIG. 3 Market Size Estimation - Top Down & Bottom-Up Approach
- FIG. 4 Global Residential Energy Storage Market: Quality Assurance
- FIG. 5 Global Residential Energy Storage Market, By Connectivity, 2021
- FIG. 6 Global Residential Energy Storage Market, By Technology, 2021
- FIG. 7 Global Residential Energy Storage Market, By Operation, 2021
- FIG. 8 Global Residential Energy Storage Market, By Geography, 2021
- FIG. 9 Global Residential Energy Storage Market, By Connectivity, 2021 Vs 2030, %
- FIG. 10 Global Residential Energy Storage Market, By Technology, 2021 Vs 2030, %
- FIG. 11 Global Residential Energy Storage Market, By Operation, 2021 Vs 2030, %
- FIG. 12 U.S. Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 13 Canada Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 14 Rest of North America Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 15 UK Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 16 Germany Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 17 Spain Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 18 Italy Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 19 France Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 20 Rest of Europe Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 21 China Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 22 Japan Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 23 India Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 24 Australia Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 25 South Korea Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 26 Rest of Asia Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 27 Brazil Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 28 Mexico Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 29 Rest of Latin America Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 30 GCC Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 31 Africa Residential Energy Storage Market (US$ Million), 2020 - 2030
- FIG. 32 Rest of Middle East and Africa Residential Energy Storage Market (US$ Million), 2020 - 2030
