Residential Energy Storage Market Will Generate Massive Revenue In Future 2023-2028

Residential Energy Storage Market is projected to reach USD 2,081 million in 2028 from USD 898 million in 2023 at a CAGR of 18.3% according to a new report by MarketsandMarkets™. The Residential Energy Storage Market has promising growth potential due to the rising production of electric vehicles, initiatives by government, growing R & D investment in lithium-ion batteries.

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By connectivity type, the on-grid segment is anticipated to rule the residential energy storage market during the forecast period.

The residential energy storage market is dominated by the on-grid segment. Due to its lower upfront costs than off-grid connectivity, it has a larger market share. Energy storage technologies occasionally also support extra functions like Transmission & Delivery (T&D) deferral, power quality assurance, voltage regulation, spinning reserve, and improved system reliability. Off-grid residential energy storage systems commonly combine renewable energy sources such as solar panels or wind turbines with energy storage technology to create a self-sufficient power supply. On-grid residential energy storage systems are connected to the electric grid, offering benefits like backup power during outages and optimizing energy usage. They charge batteries during off-peak hours and discharge during peak demand, enabling participation in grid programs and services like demand response.

By operation type, the residential energy storage market for solar and storage is anticipated to grow at the highest rate.

Solar and storage systems make up the largest portion of the residential energy storage market, which is segmented into standalone systems and solar and storage systems. Due to growing awareness and demand for energy independence, solar and storage are also anticipated to grow the fastest during the forecast period. The residential energy storage market provides standalone systems for backup power and load management, regardless of solar panel usage. Additionally, there is a growing demand for integrated solar and storage systems, optimizing self-consumption and energy independence.

Asia Pacific region being the fastest growing residential energy storage market

North America, Europe, Asia Pacific, the Middle East & Africa, and South America are the five geographic areas in which the residential energy storage market has been examined in this report. Due to the rapidly rising cost-competitiveness of solar-plus-storage solutions, which give residential consumers access to clean energy power and opportunities to lower their energy costs, Europe is currently a significant contributor to the residential energy storage market.

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Key Market Players:

The report includes profiles of some of the leading players in the residential energy storage market to help readers gain a thorough understanding of the market's competitive environment.

Tesla (US), VARTA AG (Germany), Enphase Energy (US), BYD Company Ltd. (China), Sonnen GmbH (Germany), and LG Energy Solution (South Korea) are a few of the major players. The market's top players are using a variety of tactics to gain market share for residential energy storage.

About MarketsandMarkets™

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.

The B2B economy is witnessing the emergence of 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 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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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Lithium Iron Phosphate Batteries Market Trends & Opportunities with Forecast 2023-2028

According to a research report "Lithium Iron Phosphate Batteries Market by Industry (Automotive, Power, Industrial, Consumer Electronics, Aerospace, Marine), Application (Portable, Stationary), Voltage (Low, Medium, High), Capacity, Design & Region - Global forecast to 2028" published by MarketsandMarkets, the global lithium iron phosphate batteries market is projected to reach USD 35.5 billion by 2028 from an estimated USD 17.7 billion in 2023, at a CAGR of 14.9% during the forecast period.

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Lithium Iron Phosphate (LiFePO4) batteries, also known as LFP batteries, are a type of rechargeable lithium-ion battery chemistry. They are composed of a cathode made of lithium iron phosphate and an anode made of carbon. LiFePO4 batteries are known for their high energy density, long cycle life, and excellent thermal stability. The market growth of LFP is driven by substantial need for battery-operated material-handling equipment. Transition from conventional power generation to renewable generation present promising opportunities for the lithium iron phosphate batteries market. However, the risks associated with disposal of spent lithium-based batteries has hindered the growth of the market in recent years and is expected to restrain the market's growth during the forecast period.

The 50,001–100,000 mAh, by capacity, is expected to grow at the highest CAGR during the forecast period.

Based on capacity, the lithium iron phosphate batteries market has been split into 0–16,250 mAh; 16,251–50,000 mAh; 50,001–100,000 mAh and 100,001–540,000 mAh. 50,001–100,000 mAh capacity batteries are expected to grow at the highest CAGR during the forecasted period. These batteries are used in industries where high power capacity is required. Major applications include EVs, plug-in HEVs, uninterrupted power supply, wind energy storage, electric robot, electric mower, solar energy storage, vacuum cleaner, golf cart, telecom, marine, defense, mobile, and floor machines. The types of batteries made for such high-power applications include lithium iron phosphate, lithium manganese oxide, lithium titanium oxide, and nickel manganese cobalt, and some are made in modular formats. Besides the modular format, the other formats include polymer, prismatic, energy storage systems, and battery packs.

The high segment, by voltage, is expected to be the largest segment during the forecast period

This report segments the lithium iron phosphate batteries market based on voltage into three segments:  low (Below 12V), medium (12–36V), and high (Above 36V). The high voltage segment is expected to be the largest segment during the forecast period. These high-voltage batteries are used for powering heavy electric vehicles, industrial applications, power backup, HEVs, energy storage systems, emergency power systems, microgrids, yachts, military, and marine applications. The batteries cannot be made of a single cell and hence require a module and sometimes an array of modules, power racks, power containers, and others. These systems can be made using lithium manganese oxide, lithium iron phosphate, nickel manganese cobalt, and lithium titanium oxide. The rising sustainability concerns and the consequent transition toward the adoption of EVs are expected to influence the adoption of these batteries, consequently increasing the demand.

Asia Pacific is expected to be the largest region in the lithium iron phosphate batteries market

Asia Pacific is expected to be the largest lithium iron phosphate batteries market during the forecast period. The Asia Pacific region, comprising major economies such as China, India, Japan, South Korea, and the Rest of Asia Pacific, which have a huge potential for several application areas within the lithium iron phosphate. In recent years, this region has emerged as a hub for automobile production. Recent infrastructure developments and industrialization activities in emerging nations have opened new avenues and opportunities for OEMs. Additionally, the increasing purchasing power of the population has stimulated the demand for automobiles, which would be a driving force for the growth of the lithium iron phosphate batteries market. Asia-Pacific region has a significant presence in the lithium-ion battery industry, both in terms of battery production and demand. Countries, particularly China, South Korea, and Japan, are major manufacturers of lithium-ion batteries. These countries have a well-established battery industry, with large-scale production facilities operated by companies such as BYD Company Ltd, CATL, CALB, LG Chem, and few other key players. They produce batteries for a wide range of applications, including electric vehicles, consumer electronics, and energy storage systems.

Some of the major players in the lithium iron phosphate batteries market are BYD Company Ltd. (China), Contemporary Amperex Technology Co., Limited. (China), Gotion, Inc. (US), CALB (China), and A123 Systems LLC (US). The major strategies adopted by these players include product launches, contracts, agreements, and expansions.

About MarketsandMarkets™

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.

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.

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

Generator Sales Market May Reach to $34.5 billion at a CAGR of 5.9% by 2030

The generator sales market is expected to grow from an estimated USD 23.1 billion in 2023 to USD 34.5 billion by 2030, at a CAGR of 5.9% during the forecast period.

Generators are devices that convert mechanical energy into electrical energy. They consist of an engine or motor that drives a rotor, which creates a rotating magnetic field. This field induces an electric current in the stator windings, producing usable electrical power for various applications, such as providing backup power during outages.

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Commercial, by end-user industry, is expected be the largest market during the forecast period.

Based on end-user industry, the Generator Sales Market has been split into commercial, residential, industrial. Commercial end users include IT & telecom, healthcare, data centers, and others. Other commercial end users include hotels, shopping complexes, malls, and public infrastructure.  Blackouts in commercial premises can lead to huge financial losses and safety issues. Also, it is challenging for IT and other commercial end users to conduct smooth operations during peak hours and in remote locations using power grids. Generators indirectly protect business interests and revenues by running operations smoothly and avoiding losses. These benefits is driving the market for commercial segment.

The direct segment, by sales channel is expected to be the fastest segment during the forecast period

Companies offering generators directly to end users or EPC contractors in different regions are considered under the direct sales segment. This mode eliminates the intermediaries involved in product distribution and helps avoid expensive overheads and reduce advertising costs. This advantage is driving the segment to the fastest market.

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North America is expected to be the second largest region in the Generator Sales Industry

North America is expected to be the second largest Generator Sales Market during the forecast period. Extensive LNG projects and growing investments in manufacturing and chemicals & petrochemicals industries are the primary drivers of the market in this region. Due to its large-scale industrial sector and the world's highest per capita energy consumption, the region has tremendous energy requirements. This is creating demand for the generators in the market.

Key Market Players:

Some of the major players in the Generator Sales Companies are Caterpillar Inc. (US), Cummins Inc. (US), Rolls-Royce Holdings plc (UK), Generac Holdings Inc. (US), Mitsubishi Heavy Industries, Ltd. (Japan). The major strategies adopted by these players include acquisitions, sales contracts, product launches, partnerships, and expansions.

 

About MarketsandMarkets™

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.

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.

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