According to a new market research report, the residential energy storage market is anticipated to reach a value of USD 898 million in 2023 and is expected to expand to USD 2,081 million by 2028, exhibiting a CAGR of 18.3%. The market growth is propelled by the decreasing costs of lithium-ion batteries and significant government investments, which contribute to the market's positive trajectory.
By technology, the residential energy storage market is divided into two segments: lithium-ion and lead-acid. The segment expected to witness the highest growth rate during the forecast period is lithium-ion. This growth can be attributed to factors such as the cost effectiveness of lithium-ion technology and the increasing number of manufacturing sites established by various companies, including Tesla (US) and BYD Company Ltd (China).
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By operation type, the residential energy storage market is segmented into standalone systems and solar and storage systems. Among these, the solar and storage systems segment holds the largest market share and is projected to grow at the highest rate during the forecast period. This growth can be attributed to the increased installations of solar PV systems, which drive the demand for combined solar and storage solutions.
By ownership type, the residential energy storage market is segmented into customer-owned, utility-owned, and third-party-owned. Among these segments, the utility-owned segment is expected to witness the second-highest growth rate in the forecast period. This growth can be attributed to the expiration of feed-in-tariff contracts, which incentivize utilities to invest in and own residential energy storage systems.
The report is divided into sections for the 3-6 kw, 6-10 kw, and 10-20 kW power ratings in the residential energy storage market. Due to the demand for emergency backup power during natural disasters and prolonged power outages, 3-6 kW is anticipated to grow at the second highest rate during the forecast period.
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According to connectivity, the report divides the residential energy storage market into on-grid and off-grid categories. Due to lower upfront costs and frequent power outages, the on-grid segment, which accounted for the largest market share, was anticipated to experience the fastest growth.
During the forecast period, Asia-Pacific is anticipated to have the residential energy storage market with the fastest growth. China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific, which includes the Philippines, Indonesia, and Thailand, are the countries into which the region has been divided. The dominance of the Asia Pacific region is due to the rapidly declining cost of batteries and growing demands for improved grid infrastructure and dependability.
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