Residential Energy Storage Market Outlook 2023 – Huge Growth, Trends, Revenue And In-Depth Analysis 2028

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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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

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Produced Water Treatment Market Size, Share, Trends and Future Growth Predictions till 2029

According to a research report "Produced Water Treatment Market by Application (Onshore, Offshore), Source (Conventional, Unconventional), Treatment (Primary treatment, Secondary treatment, Tertiary treatment) and Region - Global Forecast to 2029" published by MarketsandMarkets, the produced water treatment market is forecast to reach USD 13.4 billion by 2029 from an estimated USD 10.7 billion in 2024, at a CAGR of 4.7% during the forecast period (2024-2029).

Produced water, which is a byproduct of oil and gas exploration process, requires active treatment to meet environmental regulations and helps in reuse or safe disposal. This produced water is a mixture of injected water, Natural formation water, and any other chemicals used in the exploration and drilling process.

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By Source, the Conventional segment is estimated to be the largest segment during the forecast period.

Based on source, the produced water treatment market has been split into Conventional and Unconventional. The Conventional segment in the produced water treatment market is anticipated to be the largest because it is experiencing rapid growth due to the increasing exploration and production activities.  The conventional segment for produced water treatment is growing due to the increase in established oil and gas fields that require constant maintenance to remain effective.

By Application, Onshore segment is expected to remain largest during the forecast period.

Based on Application, the produced water treatment market has been split into Onshore and Offshore. The Onshore segment in the produced water treatment market is anticipated to be the largest because the onshore drilling operations are generally less expensive compared to offshore projects. The onshore segment experienced considerable growth due to the cost advantages, technological advancements, better infrastructure, and increased exploration and production activities.

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By treatment type, Tertiary treatment is expected to grow fastest during the forecast period.

This report segments the produced water treatment market based on various treatment methods: Primary treatment, secondary treatment, and tertiary treatment. Tertiary treatment is expected to be the fastest growing segment during the forecast period due to the usage of advanced methods such as reverse osmosis and advanced oxidation. These processes provide high levels of impurities removal to make the treated water suitable for reuse as portable water as well as in industrial applications.

Middle East & Africa is expected to be the Second fastest region in the produced water treatment market.

Middle East & Africa is expected to be the second fastest growing region after Asia-Pacific in the produced water treatment market during the forecast period. The region's increasing focus on produced water treatment is due to the Geopolitical stability, Abundant oil and gas reserves, and expanding Exploration & Production activities. The MEA region is home to some of the world's largest oil and gas reserves, particularly in countries like Saudi Arabia, Iran, Iraq, Kuwait, and the United Arab Emirates. The MEA region has significant offshore oil and gas reserves, particularly in the Persian Gulf, Red Sea, and offshore West Africa.

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Key Market Players

Some of the major players in the produced water treatment market are SLB (US), Baker Hughes Company (US), Siemens Energy (Germany), Veolia Environnement SA (France), TechnipFMC (UK). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.

Solar Encapsulation Market is Expected to Experience a Swift Development by 2028

According to a latest research, the solar encapsulation market is projected to reach USD 7.2 billion by 2028 from an estimated USD 4.9 billion in 2023, at a CAGR of 8.0% during the forecast period. Solar encapsulation is the technique of sealing and protecting solar cells with a layer of materials, most often polymers such as ethylene-vinyl acetate (EVA) or polyolefins (POE). This protective layer is important to the longevity, durability, and efficiency of solar panels. Encapsulants of excellent grade are highly transparent, allowing maximum sunlight to enter the cells and improve their power generation. They can also improve light trapping within the cell and reduce optical losses. Rising growth in the demand for solar energy along with increasing adoption of photovoltaics technology solutions are the factors expected to drive the demand for the solar encapsulation market.

Key Market Players

Some of the major players in the solar encapsulation market are Mitsui Chemicals, Inc. (Japan), Elkem ASA (Norway), Dow (US), 3M (US), and DuPont (US). The major strategies these players adopt include new product launches, contracts, agreements, partnerships, and investments & expansions.

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The Thermoplastic polyurethane (TPU) segment, by materials, is expected to grow at the highest CAGR during the forecast period.

Based on materials, the solar encapsulation market has been segmented into Ethylene-vinyl Acetate (EVA), Polyvinyl Butyral (PVB), Polydimethylsiloxane (PDMS), Ionomer, Polyolefin, Thermoplastic Polyurethane (TPU).  The Thermoplastic polyurethane (TPU) segment is expected to be the fastest growing segment during the forecast period. TPU boasts excellent mechanical properties like abrasion resistance, high elasticity, and good low-temperature performance. Compared to EVA, TPU shows less yellowing and degradation under UV exposure, potentially leading to a longer lifespan for the solar panel. Currently, TPU is more expensive than EVA, making it less commercially viable for large-scale solar module production.

The Crystalline Silicon, by technology, is expected to be the largest segment during the forecast period.

This report segments the solar encapsulation market based on technology into crystalline silicon and thin-film solar technology. The crystalline silicon technology segment is further sub-segmented into mono crystalline and polycrystalline silicon solar technology. The thin-film solar technology segment is sub-segmented into Cadmium telluride (CdTe), Copper-Indium-gallanium-selenide (CIGS) and Amorphous Silicone. The crystalline silicon of the solar encapsulation market based on technology is expected to be the largest segment during the forecast period. Crystalline silicon has a reasonably high energy conversion efficiency, reaching up to 25% in laboratory settings and ranging from 18% to 22% in commercially available modules. This means that it produces more electricity per unit area of sunlight than many other technologies. Ongoing R&D efforts continue to push the efficiency limitations of crystalline silicon, making it a viable option even against newer technologies.

This research report categorizes the solar encapsulation market based on materials, technology, application, and region.

On the basis of materials:

• Ethylene Vinyl Acetate (EVA)
• Thermoplastic Polyurethane (TPU)
• Polyvinyl Butyral (PVB)
• Polydimethylsiloxane (PDMS)
• Ionomer
• Polyolefin

On the basis of technology:

• Crystalline Silicon Solar
• Thin-Film Solar

On the basis of application:

• Ground-mounted
• Building-integrated photovoltaic
• Floating photovoltaic
• Others (Automotive, Construction, and Electronics)

Based on region:

• Europe
• Asia Pacific
• North America
• Rest of the World

The Ground-mounted, by application, is expected to be the largest segment during the forecast period.

This report segments the solar encapsulation market based on application into four segments: Ground-mounted, Building-integrated photovoltaics, Floating Photovoltaics and others. The Ground-mounted segment is expected to be the largest segment during the forecast year. The ground-mounted PV systems market is predicted to increase significantly during the forecast period, owing to an increasing number of utility-scale projects worldwide. According to the Solar Energy Industries Association (SEIA), solar installation has increased by over 33% globally, with ground-mounted systems accounting for the largest share. Additionally, Ground-mounted ones can be adjusted according to the season or support a solar tracker that follows the sun's path throughout the day. A ground-mounted system with a tracker can be 10% to 45% more efficient than a rooftop solar system.

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Asia Pacific is expected to be the largest region in the solar encapsulation market.

Asia Pacific is expected to be the largest solar encapsulation market during the forecast period. Governments in Japan, South Korea, and China are actively actively promoting the advancement and integration of solar technology as a critical component of their strategies to reduce carbon emissions and encourage the adoption of sustainable energy solutions. In particular, Japan and South Korea have made significant investments in solar technology, directing their efforts toward diverse applications such as building-integrated photovoltaics.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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