Global Solid Oxide Fuel Cell Industry to 2025 - North America will be the Fastest Growing Market

Global Solid Oxide Fuel Cell Market Scenario:

Latest research, The global solid oxide fuel cell market size is expected to grow from estimated revenue of USD 772 million in 2020 to USD 2,881 million by 2025, at a CAGR of 30.1%. The key drivers for the solid oxide fuel cell market include government subsidies and increased R&D on fuel cell programs; fuel flexibility and increasing demand for energy-efficient power generation and stringent emission norms in Europe & North America leading to demand for clean energy sources. The market is segmented by type, application, end user, and region.

Key Market Players:

Bloom Energy (US), Ceres Power (UK), Mitsubishi Power (Japan), Aisin Seiki Co (Japan), and Hitachi Zosen (Japan) are the leading players in the solid oxide fuel cell market Sunfire (Germany), Convion (Finland), Kyocera (Japan), Elcogen (Estonia), SOLIDPower (Italy), Watt Fuel Cell Corporation (US), H2E Power (India), ZTEK Corporation (US), Fuel Cell Energy (US), Doosan Fuel Cell (US), and POSCO Energy (South Korea) and others are other players operating in the market are the leading players in the global solid oxide fuel cell market.

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The planar segment is estimated to have the largest contribution in the solid oxide fuel cell market, by type

The market is segmented, by type, into planar and tubular type solid oxide fuel cell. The planar segment is estimated to lead the market in terms of market size; however, the tubular segment is expected to be the fastest-growing market. The growth of the planar segment is mainly because of its the simple geometry and relatively easier construction process.

The stationary segment is estimated to have the largest contribution in the solid oxide fuel cell market, by application

The market is segmented, by application, into portable, stationary and transport application solid oxide fuel cell. The stationary segment is estimated to lead the market in terms of market size and is even expected to be the fastest-growing market. The growth of the stationary segment is driven by the increasing focus on hydrogen-powered fuel cells for back-up power.

Power generation: The largest end user segment of the solid oxide fuel cell market

The market is segmented, by end-user, into power generation, automotive, hydrogen generation, and others. The power generation segment accounted for the largest solid oxide fuel cell market share in 2019. Increased demand for clean energy generation is expected to drive the market. Power generation refers to distributed power generation solutions and remote and backup power solutions for residential, commercial, and industrial uses such as residential complexes, retail outlets, commercial offices, data centers, and telecom towers. The reason for the large market share of this segment is the dominance of Bloom Energy in the SOFC market, where it provides distributed power generation solutions primarily in the US, as well as other countries, such as South Korea, Japan, and India.

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North America is expected to dominate the global solid oxide fuel cell market

North America was the largest solid oxide fuel cell industry in 2019, driven mainly by activities in the US and Canada. The growth in the US country can be attributed to the high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation. In addition, government policies and subsidies, including the Department of Energy’s (DoE’s) Solid State Energy Conversion Alliance (SECA) Program, are the prime driving factors for growth in the US market. Asia Pacific is the second-largest market, following North America closely.

Report Objectives

• To define, describe and forecast the global solid oxide fuel cell market by type, application, end-user, and regions
• To provide detailed information regarding the major factors, such as drivers, restraints, opportunities, and industry-specific challenges, influencing the growth of the market
• To strategically analyze the market with respect to individual growth trends, future prospects, and the contribution of each segment to the market
• To strategically profile key players and comprehensively analyze their market shares and core competencies
• To track and analyze competitive developments such as contracts & agreements, expansions, new product launches, mergers & acquisitions, and partnerships & collaborations in the solid oxide fuel cell market

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Lead Acid Battery Market to 2024 – Insights and Precise Outlook Analysis

Global Lead Acid Battery Market Scenario:

Latest report "Lead Acid Battery Market by Technology (Basic, Advanced Lead Acid), Type (Stationary, Motive), Construction Method (Flooded, VRLA), End-User (Utilities, Transportation, Industrial, Commercial & Residential), and Region - Global Forecast to 2024", the global lead acid battery market is projected to reach USD 52.5 billion by 2024 from an estimated USD 41.6 billion in 2019, at a CAGR of 4.7% during the forecast period. This growth can be attributed to factors such as the need to integrate renewable energy to the main grid, and the booming data industry promising the installation of several data centers across the globe, which expects the utilization of lead acid batteries for backup power supply.

The VRLA segment is expected to be the largest lead acid battery market, by construction method, during the forecast period

The Valve Regulated Lead Acid (VRLA) segment is expected to be the largest market during the forecast period. The VRLA batteries comprise absorbent glass mat (AGM) and gel cells. These are new technology-driven construction methods, including the presence of adsorbent glass material and silica gel, respectively. These methods ensure the longevity of the batteries and require less maintenance compared to regular lead acid batteries. In the times to come, these batteries are likely to be preferred over conventional flooded lead acid batteries due to their various advantages.

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This research report categorizes the lead acid battery market based on technology, type, construction method, end-user, industrial, and region

By Technology

• Basic Lead Acid Battery
• Advanced Lead Acid battery

By Type

• Stationary
• Motive

By Construction Method

• Flooded
• Valve Regulated Lead Acid (VRLA)

By End-user

• Utility
• Transportation
• Industrial
• Commercial & Residential

By Industrial

• Data Centers
• Telecom
• Oil & Gas
• Others

By Region

• Asia Pacific (China, Japan, India, South Korea, Rest of APAC)
• North America (US, Canada, Mexico)
• Europe (Germany, UK, Italy, Russia, Rest of Europe)
• Middle East & Africa UAE, Saudi Arabia, South Africa, Rest of the Middle East & Africa)
• South America (Brazil, Columbia, Rest of South America)

The advanced lead acid battery is expected to be the fastest-growing segment of the lead acid battery market, by technology, during the forecast period

The advanced lead acid battery has carbon coatings on the anode plate, which eliminates the requirement of cleaning the lead sulfate deposition on the electroplate. At the same time, the life of the anode electrode is enhanced, eventually increasing the overall life of the battery set. It provides benefits like rapid charging on regenerative breaking. This is a significant advantage of advanced lead acid batteries, as this task is difficult to achieve with regular lead acid batteries. Although comparatively heavier and larger than lithium-ion, these batteries are cost-effective, efficiently operating at low and subfreezing temperatures, and does not require active cooling.

Asia Pacific to account for the largest share of the global lead acid battery market

In this report, the lead acid battery market has been analyzed with respect to five regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. The Asia Pacific region is estimated to dominate the global lead acid battery market in 2019, owing to the requirement of cost-effective energy solutions. The presence of a large automotive and manufacturing base in the region is expected to be the key driver for market growth. Increasing energy consumption in the area due to rapid industrialization and urbanization is expected to propel the growth of the market over the forecast period.

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The report includes the profiles of some of the top players in the lead acid battery market to enable an in-depth understanding of the competitive landscape. Some of the key players are EnerSys (US), Exide Industries (India), GS Yuasa (China), Clarios (US), Panasonic (Japan), Chaowei Power (China), Narada Power (China), HBL Power Systems (India), Crown Battery (US), NorthStar (Sweden), Hitachi Chemical (Japan), Exide Technologies (US), Teledyne Technologies (US), East Penn (US), Hankook AltasBX (Korea), HOPPECKE (Germany), C&D Technologies (US), Rolls Battery (Canada), Camel Power (Malaysia), Amara Raja Power System (India), XUPAI Battery (China), Okaya Power (India), Leoch International Technology (Hong Kong), Harbin Coslight Power (China), and First National Battery (South Africa). The leading players are adopting various strategies to increase their share in the lead acid battery market.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Industrial Plugs and Sockets Market 2020, Industry Trends, Revenue, Segmentation and Registering A Strong Growth By 2025

Global Industrial Plugs and Sockets Market Overview:

The global Industrial Plugs and Sockets Market size is projected to grow from USD 2.5 billion in 2020 to USD 3.2 billion by 2025; it is expected to grow at a CAGR of 4.9% from 2020 to 2025. The key factors driving the growth of the industrial plugs and sockets industry include rapid industrialization in Asia Pacific and increased investments in infrastructure development projects to contribute to the global economy post-COVID-19.

COVID-19 Impact on the Global Industrial Plugs and Sockets Market:

The most significant near-term impact on industrial plugs and sockets will be felt through supply chains. Industry executives are anticipating delivery and construction slowdowns, either because nations have shuttered industries to slow the spread of coronavirus or because the workers have tested positive. Many components and parts for manufacturing industrial plugs and sockets come from China, the US, and some parts of Europe. Manufacturing disruptions in China and the US could significantly fall in the industrial plugs and sockets market over the next one or two years.

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The up to 32 A segment is expected to dominate the industrial plugs and sockets market, by current, during the forecast period.

The up to 32 A segment is expected to lead the industrial plugs and sockets market from 2020 to 2025. Industrial plugs and sockets of rating up to 32 A are commonly used across all industries for many applications. Industrial plugs and sockets in this range are more commonly used than high-current industrial plugs and sockets. The prevalent use of industrial plugs and sockets of current rating up to 32 A across industries is a key driver for the growth of up to 32 A segment of the market.

The industrial plugs segment is expected to be the fastest-growing industrial plugs and sockets market, by type, during the forecast period.

The industrial plugs segment, by type, industrial plugs and sockets market is estimated to grow at the fastest rate during the forecast period. Industrial plugs allow easy connection and disconnection of electrical equipment in industrial settings. The use of industrial plugs also improves safety and reduces the risk of electrical hazards considerably. These factors are expected to drive the demand for industrial plugs during the forecast period.

Asia Pacific likely to emerge as the largest industrial plugs and sockets market

In this report, the industrial plugs and sockets market has been analyzed for six regions, namely, Asia Pacific, North America, Europe, Middle East, South America, and  Africa. Asia Pacific is estimated to be the largest market for industrial plugs and sockets during the forecast period. The growth of the market in this region is mainly driven by the increasing industrial and large-scale infrastructure investments during the forecast period. Risen demand for safe, secure, and reliable connected and disconnected equipment for use in a diverse range of environments, increased investments in the construction sector, and sustained industrial investments in the key markets offer high-growth opportunities for the industrial plugs and sockets market in Asia Pacific.

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To enable an in-depth understanding of the competitive landscape, the report includes some of the top players in the industrial plugs and sockets market.

Some of the key players are Amphenol Corporation (US), ABB (Switzerland), Emerson Electric (US), Schneider Electric (France), and Legrand SA (France). The leading players are adopting various strategies to increase their share in the industrial plugs and sockets market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Power Device Analyzer Market Outlook 2019 – Huge Growth, Trends, Revenue And In-Depth Analysis 2024

The global power device analyzer market is projected to reach USD 527 million by 2024 from an estimated market size of USD 430 million in 2019, at a CAGR of 4.2% during the forecast period. The factors driving the growth for power device analyzer is due to the growing adoption for high-performance and power-efficient devices for consumer and healthcare sector along with investments in electric vehicles due to the concern towards hazardous environmental affect.

Key market players -

Some of the top players in the power device analyzer market are Keysight Technologies (US), Yokogawa (Japan), Fortive (US), Rohde & Schwarz (Germany), Hioki E.E. Corporation (Japan), Newtons4th (UK), and Iwatsu (Japan).

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The consumer electronics & appliances segment is expected to be the most significant power device analyzer market, by end-user, during the forecast period

The consumer segment is projected to be the most significant power device analyzer market, by end-user, during the forecast period. It has the largest share of the power device analyzer market owing to the growth in the demand for consumer electronics products such as air-condition, smartphones, refrigerators, laptops, smart TV, and smartwatch. The rapid growth in the overall population along with people becoming tech-savvy, will increase the demand for consumer electronics leading to an increase in the demand for power device analyzer.

The both AC and DC segment is expected to be the largest power device analyzer market, by type, during the forecast period

The both AC and DC segment is expected to grow at the highest rate during the forecast period. Both AC and DC power device analyzer are majorly used to perform component level analysis as well as system-level analysis. It is majorly used to test products such as HID lighting, Lighting consumer product, ballast testing, engineering labs, solar pane, electric vehicle, wireless battery charging, three-phase motors & drives. Growing demand for electric cars along with an investment towards the solar industry will drive the need for both AC and DC power device analyzer.

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Asia Pacific is expected to dominate the global power device analyzer market during the forecast period.

In this report, the power device analyzer market has been analyzed for five regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa. Asia Pacific is expected to lead the market during the forecast period.

The growing demand for consumer electronics and increasing industrial automation in the countries like India & Japan along with stringent regulations and standards for the use of electronics in developing countries such as China, Japan, and India are the driving factors for the growth of power device analyzer market in Asia Pacific.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Mr. Aashish Mehra

MarketsandMarkets™ INC.
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newsletter@marketsandmarkets.com

Explore the Oil & Gas Pumps Market Analysis | By Company Profiles | Size | Share | Growth | Trends and Forecast To 2025

The global oil & gas pumps market is projected to reach USD 9.0 billion by 2025 from an estimated USD 6.6 billion in 2020, at a CAGR of 6.4% during the forecast period. Continuous shale development activities and the development of gas terminals are the key factors driving the growth of the oil & gas pumps market. Likewise, the development of pipeline infrastructure in Asia Pacific and the Middle East and the discovery of new reservoirs in the African region are expected to offer lucrative opportunities for the oil & gas pumps market during the forecast period. 

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The Asia Pacific oil & gas pumps market is expected to grow at the highest CAGR during the forecast period. The region is further segmented into China, Japan, India, South Korea, Australia, and Rest of Asia Pacific. The market in China is expected to grow as it is one of the major importers of oil and its domestic demand surpasses its production. The demand for oil products in the Asia Pacific region is rapidly increasing as the region experiences strong economic growth. The region has less than 9.0% of the world’s proven reserves, implying a high rate of redevelopment and rehabilitation of oilfields. Substantial economic growth and the demand for oil & gas have led to an increase in offshore oil & gas E&P in the region. The increasing activities in deeper and more remote waters in the Philippines and Myanmar are expected to meet the growing energy demand. According to the BP Statistical Review of World Energy 2020, Asia Pacific accounted for 44.1% share of global primary energy consumption.

This research report categorizes the Oil & gas pumps market-based on type, pump type, application, and region

Based on type, the Oil & gas pumps market has been segmented as follows:

• Submersible Pumps
• Non-submersible Pumps

Based on pump type, the Oil & gas pumps market has been segmented as follows:

• Centrifugal Pump
• Positive Displacement Pump
  • Screw Pump
  • Reciprocating pump
    • Diaphragm pump
    • Multi-plunger pump
    • Piston pump
  • Rotary & Gear pump
  • Progressive Cavity pump
• Cryogenic Pump

Based on application, the Oil & gas pumps market has been segmented as follows:

• Upstream
• Midstream
• Downstream

Based on the region, the Oil & gas pumps market has been segmented as follows:

• North America
• Asia Pacific
• South America
• Europe
• Middle East & Africa

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The oil & gas pumps market, by pump type, is segmented into centrifugal, positive displacement, and cryogenic pumps. The centrifugal pump segment is projected to grow at the highest CAGR from 2020 to 2025. As centrifugal pumps are widely used for various applications and are preferred for processes that handle low viscosity liquids and high flow rates, these pumps are expected to witness the highest growth rate during the forecast period.  

The report segments the oil & gas pumps market, by application, into upstream, midstream, and downstream. The midstream segment is expected to grow at the highest CAGR during the forecast period owing to the growth of unconventional resources, which is creating the need for an expanded midstream network of pipelines, rail, tankers, and terminals.  

New discoveries of reserves in the African region offer lucrative opportunities for energy & power companies. These companies are venturing in the region to capitalize resource. Pumps are required in upstream, midstream, and downstream activities. These investments are expected to boost the demand for pumps in the region. Pump manufactures are strengthening their sales and distribution network in the region to increase its sales.

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

Comprehensive Report on PXI SMU Market Set to Witness Huge Growth by 2024

Latest report, "PXI SMU Market by Channel (1, 2, 4, >4) Application (Semiconductor, Sensor, LED, Green Energy Product, Nanomaterial, Organic & Printed Electronics), End-User (Aerospace, Defense & Government Service, IT & Telecommunication), Region - Global forecast to 2024" The global PXI SMU market size is expected to grow from an estimated USD 124 million in 2019 to USD 267 million by 2024, at a CAGR of 16.5%, during the forecast period. Increasing demand for reliability tests for complex semiconductors and batteries to complement the expanding IoT devices is driving the PXI SMU industry growth.

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The semiconductor segment is expected to hold the largest PXI SMU market share during the forecast period.

The semiconductors application segment is expected to grow at a higher CAGR during the forecast period. The higher manufacturing rate of semiconductors for complying demand from end-use industries drives the requirement for PXI SMUs.

As the devices are getting smarter and software-centric, the semiconductor industry is focused on transformations in their basic IC designing and their testing to make these semiconductors more robust and reliable. Semiconductor technology requirements often overtake the test coverage that traditional approaches offer for analog, mixed-signal, and RF test. PXI SMUs are used for semiconductor testing as these are a smarter alternative to conventional source measure units to meet cost and coverage requirements of increasingly complex RF and mixed-signal ICs.

North America is expected to be the fastest-growing region in the PXI SMU market during the forecast period

In this report, the PXI SMU industry has been analyzed for five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The North American market is expected to grow at the fastest CAGR in the global PXI SMU industry during the forecast period. North America is anticipated as the fastest-growing PXI SMU industry due to the high adoption of modular test & measurement equipment in the R&D facilities.

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To enable an in-depth understanding of the competitive landscape, the report covers the profiles of some of the top players in the PXI SMU market including National Instruments (US), Keysight Technologies (US), Chroma ATE (Taiwan), VX Instruments (Germany), Marvin Test Solutions (US), and LitePoint a Teradyne Company (US). The leading players are trying to enter the market of developing economies and are adopting new product launches as a major strategy to increase their market shares.

Key Questions Addressed by the Report:

• The report identifies and addresses the key segments of the PXI SMU market, which will help manufacturers and service providers review the growth in demand.
• The report helps system providers understand the pulse of the market and provides insights regarding the drivers, restraints, opportunities, and challenges.
• The report will help key players understand the strategies of their competitors better and make more pivotal strategic decisions.
• The report addresses the market share analysis of key players in the PXI SMU market, and with the help of this, companies can enhance their revenues in the respective markets.
• The report provides insights about emerging geographies for PXI SMU, and hence, the entire market ecosystem can gain a competitive advantage.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

Residential Energy Storage Industry to 2024 – Market Driven by the Rising Use of Electric Vehicle

Latest report, the "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", 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 factors such as declining cost of batteries, regulatory support and financial incentives, and the need for energy self-sufficiency from consumers. Residential energy storage systems provide backup power during power outages, and therefore, play a vital role in the energy industry.

The 3–6 kW segment is expected to hold the largest share of the residential energy storage market, by 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.

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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.

This research report categorizes the global market on the basis of power rating, operation type, technology, ownership type, connectivity type, and region.

On the basis of power rating:

• 3–6 kW
• 6–10 kW

On the basis of operation type:

• Standalone systems
• Solar and storage

On the basis of technology:

• Lithium-ion
• Lead–Acid

On the basis of ownership type:

• Customer owned
• Utility owned
• Third-party owned

On the basis of connectivity type:

• On-grid
• Off-grid

On the basis of region:

• Asia Pacific
• North America
• Europe
• Middle East & Africa
• South America

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.

Don’t miss out on business opportunities in Residential Energy Storage Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

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