"Actionable Insights to Fuel Your Growth"

Residential Energy Storage System Market Size, Share & Industry Analysis, By Technology ( Lithium-Ion Battery, Lead Acid Battery, Others ), By Application ( On-Grid, Off-Grid ) and regional Forecast, 2024-2032

Region :Global | Report ID: FBI103995 | Status : Ongoing

 

KEY MARKET INSIGHTS

The residential energy storage system is gaining traction due to increased strain on the grid in many regions and the intermittent nature of renewable energy. Grid assets are aging, and severe weather is rising worsening bottlenecks and chokes points in the energy delivery system resulting in higher costs and threatening to increase local power outage. Utilities are deploying residential energy storage systems to replace thermal power plants, support renewable generation, and improve grid reliability and resilience. The residential energy storage system is a highly flexible and valuable resource, improving efficiency for system owners and the power grid. Utilities primarily regard it as a niche product for clean energy connoisseurs. Several factors are contributing to the rapid uptake of the storage system, such as falling cost, increasing natural calamities, solar plus storage benefits, incentives and tax benefits, and grid service payment. It also reduces the peak load on the local grid network and improves the quality of power.


The residential energy storage system market is classified by technology and application. Technology is divided into lithium-ion batteries, lead-acid batteries, and others. The lithium-ion battery is projected to dominate the market owing to high energy density and superior advantages over other technologies. The application segment is divided into on-grid and off-grid. In on-grid storage system power is directly stored from power generating station while off-grid energy storage is used to cater small amount of energy demand.

The residential energy storage system growth is primarily driven by spurring demand for electric vehicles to mitigate the carbon emission. Moreover, the growing demand for uninterrupted power supply and frequent power outage in remote areas likely to strengthen market prospects. Also, the residential energy storage system assists the grid in maintaining reliability and resilience in operation, which eliminates bottlenecks in the transmission and distribution of energy.

The energy storage system requires high capital investment, which deters investment by household owners. Furthermore, most of the batteries contain harmful chemicals and materials which need to be disposed of methodically. Poor implementation of standards and high cost of recycling likely to impede the growth of the market.

 

Up Arrow

Key Market Driver -

Spike in demand for electric vehicle and electronics

Down Arrow

Key Market Restraint -

Lack of standards for recycling of batteries and high initial investment


Key Players Covered:



  • The leading players in the residential energy storage market are Schneider Electric, Samsung SDI, Huawei, Enphase Energy, LG Electronics, Eaton, ABB, Tesla, Siemens, and  SMA Solar Technology AG.


Regional Analysis:


The residential energy storage system market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Residential energy storage system attracting household owners due to continuous fall in prices of the battery. Also, the government provides incentives and tax benefits, which likely to drive the market in North America. The electricity market in Europe is experiencing growth of renewables within their mix, with the level of generation from renewables overtaking those from fossil fuels. Integration of smart grid technologies and an efficient energy storage system set to barge the market in Europe. The rapid economic growth in Asia Pacific is increasing the electricity demand. Due to population explosion and urbanization, a multifold growth was observed in electricity demand. Though the government is extensively investing in ramping up grid infrastructure, a considerable portion of the country is still in dark. Frequent power outage and rising demand for uninterrupted power supply set to boost the growth of the market. Most of the countries are still facing the heat of the non-availability of electricity. A considerable population still lives without electricity. The government is collaborating with various agencies to provide electricity, which likely to drive the residential energy storage system in the Middle East & Africa.

To gain extensive insights into the market, Request for Customization


Segmentation






















ATTRIBUTES    

DETAILS

By Technology



  • Lithium-Ion Battery

  • Lead Acid Battery

  • Others



By Application



  • On-Grid

  • Off-Grid



By Geography



  • North America (United States and Canada)

  • Europe (United Kingdom, Germany, France, Italy, Spain, Russia and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)



                       

Key Industry Developments



  • In February 2020, LG Chem and Span.IO, Inc. launched a battery storage and intelligent home energy control system which enables customizable backup power. The system ensure home loads remains powered in the event of power outage. Highly reliable system is suitable for residential battery storage and backup power.

  • In January 2020, Kyocera and 24M recently unveiled its residential energy storage system, Enerezza. It is the world’s first system built using 24M’s novel SemiSolid electrode manufacturing process. The product is designed to meet varied energy demand and available in 5 kWh, 10kWh, and 15kWh.

  • In February 2019, Siemens launched Junelight Smart Battery predominantly designed for residential energy storage and use of self-generated energy. Lithium-ion storage combines functions for intelligent and safe energy management and modern design.





  • Ongoing
  • 2023
  • 2019-2022
  • Pre Book
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
Energy & Power Clients
Nikon
Itic
Hitachi
GM
Itochu
Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X