Residential Energy Storage Market: Challenges and Opportunities

Browse over xx market data Figures spread through 180 Pages and an in-depth TOC on " Global Residential Energy Storage Market.”

TechSci Research's report on the "Global Residential Energy Storage Market - By Region, Competition, Forecast & Opportunities, 2028" reveals that the market is poised for substantial growth, with an expected CAGR of 20.07%. While residential energy storage policies are still in their early stages, countries like the United States and Germany are paving the way for local energy storage markets through state and regulatory actions.

The growth of the residential energy storage system is fueled by several factors, including the increasing demand for electric vehicles to reduce carbon emissions, the need for uninterrupted power supply, especially in remote areas prone to frequent power outages, and the system's contribution to grid reliability and resilience.

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In Germany, the transformation of the energy mix has been notable, with rooftop solar accounting for a significant share of solar energy generation. Recent reforms in Renewable Energy Law (EEG 2021) in Germany, such as the exemption of EEG levy for owners of PV systems, are expected to boost the residential battery market.

Home storage systems (HSS) dominated new energy capacity installations in 2021, indicating a growing trend towards residential energy storage. In the United Kingdom, residential rooftop solar PV installations have contributed significantly to the total solar capacity, with system sizes tailored to meet varying energy needs.

Report Scope:

In this report, the Global Residential Energy Storage  Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Global Residential Energy Storage Market, By Technology Type:

• Lithium-ion Batteries
• Lead-acid Batteries
• Others

Global Residential Energy Storage Market, By Power:

• 3-6 kW
• 6-10 kW
• 10-20 kW

Global Residential Energy Storage Market, By Connectivity:

• On-Grid
• Off-Grid

Global Residential Energy Storage Market, By Operation:

• Standalone
• Solar

Global Residential Energy Storage Market, By Region:

• North America

• United States
• Canada
• Mexico

• Asia-Pacific

• China
• India
• Japan
• South Korea
• Indonesia

• Europe

• Germany
• United Kingdom
• France
• Russia
• Spain

• South America

• Brazil
• Argentina

• Middle East & Africa

• Saudi Arabia
• South Africa
• Egypt
• UAE
• Israel

Italy introduced incentive schemes like the super bonus, offering tax credits for energy efficiency interventions, including PV and storage system installations. This initiative aims to improve energy efficiency ratings and encourage investments in renewable energy systems.

Key market players in the Global Residential Energy Storage Market include:

• Tesla, Inc.
• LG Chem Ltd.
• Sonnen GmbH.
• Enphase Energy, Inc.
• Sunrun Inc.
• Panasonic Corporation.
•  Orison.
• Eguana Technologies Inc.
• Pika Energy.
• BYD Company Limited

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Recent innovations like LG Chem and Span.IO, Inc.'s battery storage and intelligent home energy control system, and Kyocera and 24M's Enerezza residential energy storage system are further propelling market growth.

The report, "Residential Energy Storage Market – Global Industry Size, Share, Trends, Opportunity, and Forecast," segmented by technology type, power rating, connectivity, operation, and region, aims to provide comprehensive market intelligence to aid decision-makers in making informed investment decisions. Additionally, it identifies emerging trends, drivers, challenges, and opportunities in the Global Residential Energy Storage Market.

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