According to the new
market research report "Residential Energy Storage Market by Power Rating (3–6 kW & 6–10 kW),
Connectivity (On-Grid & Off-Grid), Technology (Lead–Acid &
Lithium-Ion), Ownership (Customer, Utility, & Third-Party), Operation
(Standalone & Solar), Region - Global Forecast to 2024", the global
Residential Energy Storage Market is projected to reach USD 17.5 billion by
2024 from an estimated USD 6.3 billion in 2019, at a CAGR of 22.88% during the
forecast period. This growth can be attributed to the declining cost of
lithium-ion batteries and the need for energy self-sufficiency from consumers.
Power rating, during the forecast period.
The 3–6 kW segment is
projected to be the largest market during the forecast period. This is mainly
because of the increase in the need for power backup during natural disasters.
Furthermore, consumers and governments install small storage solutions that can
be utilized in times of need to avoid a major electricity crisis, which is also
contributing to the growth of the market.
Browse and in-depth TOC on “Residential Energy Storage
Market"
71 - Tables
42 - Figures
135 - Pages
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The customer owned
segment is expected to be the fastest growing Residential Energy Storage Market,
by ownership type, during the forecast period.
The
customer owned segment is expected to account for the highest CAGR during the
forecast period. The growth of this segment can be attributed to the increasing
need for energy self-sufficiency and rising demand for power backup. This is
expected to increase the demand for the Residential Energy Storage Market
during the forecast period. In addition to this, there is a rising demand for
modular energy storage infrastructure in residential areas in developed
countries such as the US, the UK, Germany, Norway, and China, which is driving
the growth of the residential storage market.
Asia Pacific: The
leading Residential Energy Storage Market.
In
this report, the Residential Energy Storage Market has been analyzed with
respect to 5 regions, namely, North America, South America, Europe, Asia
Pacific, and the Middle East & Africa. Asia Pacific dominated the global Residential
Energy Storage Market in 2018, owing to the installation of storage solutions
for residential end-users. Over the past few years, this region has witnessed
rapid economic development as well as the growth of renewables and demand for
energy self-sufficiency, which has resulted in an increase in the demand for
energy storage options. Countries such as Australia and some parts of India and
China are also providing subsidies and financial incentives to residential
consumers. This movement toward solar and storage is resulting in grid
stabilization and greener countries with lower carbon emissions, thereby
driving the Residential Energy Storage Market.
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To
enable an in-depth understanding of the competitive landscape, the report
includes the profiles of some of the top players in the Residential Energy
Storage Market. Some of the key players are Huawei (China), Samsung SDI Co.
Ltd. (South Korea), Tesla (US), LG Chem (South Korea), and SMA Solar Technology
(Germany). The leading players are adopting various strategies to increase
their share in the Residential Energy Storage Market.
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