<p>The global residential energy storage market size is expected to reach USD 31.51 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research.</p><p><strong>Read More: </strong><a href="https://www.emergenresearch.com/industry-report/residential-energy-storage-market"><strong>https://www.emergenresearch.com/industry-report/residential-energy-storage-market</strong></a></p><p class="ql-align-justify">Steady market revenue growth can be attributed to falling battery prices and presence of incentives and schemes encouraging deployment of battery systems in developed countries, which is expected to continue to drive adoption of batteries in residential energy storage systems.</p>

Residential Energy Storage Market Insights and Regional Analysis in New Residential Energy Storage Research Reports


<div>Market Synopsis</div><p>The global residential energy storage market size reached USD 6.97 Billion in 2020, and is expected to register a double-digit CAGR of 20.8% during the forecast period. Market revenue growth is primarily driven by decreasing cost of batteries. Development of battery storage in the power industry is driving increasing demand for lithium-ion batteries in residential energy storage systems. Increasing installations of residential energy storage systems in developed countries as consumers want added reliability, control, and resilience from the battery, is contributing to growth of the global residential energy storage market. The high value that customers are placing on having their own storage systems is driving up number of installations of residential energy storage systems, which is exceeding the utility-scale storage installations. Reduction in the per-kilowatt-hour cost of a residential energy storage system in recent years is contributing to growing demand for residential energy storage systems. Increasing need of grid resilience during mass-grid outages is a key factor contributing to growing demand for energy storage in the residential sector in developed countries. Rising incidence of severe weather conditions such as hurricanes or storms cause disruptions in power supply. As a result, storm affected states and wildfire prone areas are experiencing increasing installations of home batteries for better reliability.</p><p dir="ltr">Rapid growth in renewable energy generation such as photovoltaic generation is expected to drive utilization of residential energy storage systems going ahead. Consumers are increasingly adopting residential energy storage systems to efficiently reduce electricity costs. Ability of residential energy storage systems to decrease ecological footprint by storing renewable energy such as <a href="https://www.emergenresearch.com/industry-report/photovoltaic-market" dir="ltr">photovoltaic</a> generation is contributing to market growth. Residential energy storage helps battery-equipped households to minimize the amount of power consumed during periods of peak prices, which has been increasing utilization in recent years.</p><p dir="ltr">Legislative and regulatory tailwinds, technological progress, and new grid challenges associated with intermittent renewable generation are factors propelling demand and deployment of residential energy storage systems. Government incentives for installing residential energy storage systems is expected to support growth of the residential energy storage market during the forecast period. Initiatives by government such as net metering is increasing installation of grid connected rooftop solar systems, which is supporting growth of the residential energy storage system market. In net metering, homeowners can help stabilize the grid during periods of high demand by exporting their stored power in exchange for financial credit. Presence of Self Generation Incentive Program in developed countries, which include additional funding for low income communities and consumers with resilience needs to benefit from energy storage, are projected to boost utilization of residential energy storage systems in these countries. Increasing investment by major players such as Tesla and LG Chem for development of more cost-effective and advanced batteries is expected to augment growth of the residential energy storage market during the forecast period. Increasing usage of <a href="https://www.emergenresearch.com/industry-report/electric-vehicles-market" dir="ltr">electric vehicles</a> is projected to offer lucrative growth opportunities for major players in the residential energy storage market during the forecast period. Lack of awareness regarding the storage technology and limited availability of experienced and highly skilled technicians are some key factors expected to restrain growth of the market to some extent during the forecast period.</p><img width="720" height="405" src="https://www.emergenresearch.com/images/reportImages/residential-energy-storage-market.webp" alt="residential energy storage market"><div>Technology Insights:</div><div>Lithium-ion batteries segment accounted for largest revenue share in 2020</div><p dir="ltr">On the basis of technology, the residential energy storage market is segmented into lithium-ion batteries and lead-acid batteries. Lithium-ion batteries segment accounted for largest revenue share in the residential energy storage market in 2020. Lithium-ion batteries segment revenue growth rate is projected to incline rapidly during the forecast period. Decline in the cost of lithium-ion batteries is expected to drive demand in residential energy storage systems. Stringent environmental regulations and policies is boosting utilization of lithium-ion batteries to reduce <a href="https://www.emergenresearch.com/industry-report/smart-greenhouse-market" dir="ltr">greenhouse</a> gas emissions. Techno-economic benefits of Lithium-ion batteries over conventional batteries is another key factor augmenting demand for lithium-ion batteries. Major players such as Tesla, LG Chem, and Samsung are offering wall-mounted rechargeable battery stations, which are based on lithium nickel manganese cobalt, and lithium iron phosphate battery for larger scale residential use. Increasing investment by battery manufacturers for development of more cost-effective and advanced lithium-ion batteries is supporting rising demand for lithium-ion batteries. Advantages of lithium-ion home energy storage are cost, weight, and charge/discharge rates. These features help users who pair their power storage with a solar photovoltaic system, which allows them to charge during the light of day and power their homes via power pack at night. These factors are supporting demand for lithium-ion batteries and applications in residential energy storage systems.</p><img width="720" height="360" src="https://www.emergenresearch.com/images/reportImages/residential-energy-storage-market-share.webp" alt="residential energy storage market share"><div>Ownership type Insights: </div><div>Customer owned segment revenue is expected to expand at a rapid CAGR during the forecast period</div><p>On the basis of ownership type, the residential energy storage market is segmented into utility owned, customer owned, and third-party owned. Customer owned segment revenue growth rate is projected to incline rapidly during the forecast period. Customer owned segment accounted for largest revenue share in the residential energy storage market in 2020. The high value that customers are placing on having their own storage systems is expected to drive demand for customer owned residential energy storage systems. Decline in the per-kilowatt-hour cost of a residential energy-storage system is also driving growth of the customer owned system segment. Rising awareness regarding environmental degradation in residential sectors is driving adoption of solar rooftop charging systems. Rising need to reduce electricity costs and increasing incidence of severe weather conditions such as hurricanes or storms, which cause disruptions in power supply, are other key factors contributing to rising deployment of customer-owned systems. Government incentives for installing residential storage is another factor boosting growth of the customer-owned residential segment.</p><div>Connectivity type Insights: </div><div>On-grid segment accounted for a relatively larger revenue share in the global residential energy storage market in 2020</div><p>On the basis of connectivity type, the residential energy storage market is segmented into On-grid and Off-grid. Among these, On-grid segment accounted for largest revenue share in the residential energy storage market in 2020. On-grid segment revenue growth rate is projected to incline rapidly during the forecast period. Increasing utilization of on-grid system in the residential sector is driving growth of this segment. With the help of on-grid systems, the excess energy produced can be sent to the respective power company owning the grid, allowing the individual to build credit, which can be cashed out at the year end. The benefit of being grid-tied is it eliminates the need to purchase an expensive battery back-up system to store any excess energy. These factors are expected to drive demand for on-grid residential energy storage systems during the forecast period.</p><p>Off-grid segment is expected to register significant growth during the forecast period. The off-grid system helps users become self-sufficient and eliminates need for paying electricity bills. Increasing adoption of batteries to store excess energy produced by off-grid solar systems is driving growth of the residential energy storage market.</p><div>Regional Insights: </div><div>Asia Pacific dominated other regional markets in terms of revenue share in the global residential energy storage market in 2020</div><p>Among the regional markets, Asia Pacific accounted for largest revenue share contribution to the global residential energy storage market in 2020. Revenue from the residential energy storage market in Asia Pacific is expected to expand at a rapid rate during the forecast period. Increasing installation of residential energy storage systems in the region is expected to drive market growth during the forecast period. Presence of various incentive-based programs in countries in the region to encourage and support adoption of residential energy storage systems is boosting growth of the market in the region. Rapid growth of renewable energy such as photovoltaic generation to minimize electricity costs is another key factor driving adoption of solar PVs and augmenting growth of the residential energy storage market. Growing concerns regarding environmental degradation and increasing interest in attaining self-sufficiency are key factors boosting installations of solar power generation and storage equipment and systems</p><p>Europe is expected to register significant growth during the forecast period. Increasing adoption of rooftop solar system is resulting in rising demand for residential energy storage systems. Government initiatives such as incentive-based schemes promoting installation of battery storage system is another factor contributing to growth of the residential energy storage market in the region. Moreover, implementation of initiatives to minimize carbon emissions is contributing to increasing adoption of renewable energy sources and batteries to store excess energy produced.</p><img width="720" height="585" src="https://www.emergenresearch.com/images/reportImages/residential-energy-storage-market-size.webp" alt="residential energy storage market size"><div>Major Companies and Competitive Landscape</div><p>The global residential energy storage market is consolidated with a number of players accounting for majority market share. Companies are focusing on strategic expansions into untapped markets and on research and development initiatives to develop enhanced residential energy storage systems in order to secure and maintain a robust position in the rapidly growing market. Some prominent players operating in the residential energy storage market are:</p><UL><LI>ABB</LI><LI>Samsung SDI Co</LI><LI>Tesla, Inc.</LI><LI>BYD Company</LI><LI>Eguana Technologies</LI><LI>Schneider Electric</LI><LI>Siemens</LI><LI>Huawei</LI><LI>Eaton Corporation plc</LI><LI>LG Chem</LI></UL><div>Strategic development</div><p>In February 2021, Hitachi ABB Power Grids announced that it would supply battery energy storage and smart controls to first virtual power plant in Singapore, on a project which is aimed at validating methods for integrating more renewable energy onto the city-state’s electricity networks. The project is expected to help integrate electricity from different Distributed Energy Resources (DERs), including solar in a way that stimulates the workings of a utility-scale power resource system.</p><div>Scope of Research</div><table border="1" dir="ltr">
<tbody dir="ltr">
<tr dir="ltr">
<td dir="ltr">PARAMETERS</td>
<td dir="ltr">DETAILS</td>
</tr>
<tr dir="ltr">
<td dir="ltr">The market size value in 2020</td>
<td dir="ltr">USD 6.97 Billion</td>
</tr>
<tr dir="ltr">
<td dir="ltr">CAGR (2021–2028)</td>
<td dir="ltr">20.8%</td>
</tr>
<tr dir="ltr">
<td dir="ltr">The Revenue forecast in 2028</td>
<td dir="ltr">USD 31.51 Billion</td>
</tr>
<tr dir="ltr">
<td dir="ltr">Base year for estimation</td>
<td dir="ltr">2020&nbsp;</td>
</tr>
<tr dir="ltr">
<td dir="ltr">Historical data</td>
<td dir="ltr">2018-2019</td>
</tr>
<tr dir="ltr">
<td dir="ltr">Forecast period</td>
<td dir="ltr">2021-2028</td>
</tr>
<tr dir="ltr">
<td dir="ltr">Quantitative units</td>
<td dir="ltr">Revenue in Billion, revenue share (%) and CAGR (%)</td>
</tr>
<tr dir="ltr">
<td dir="ltr">Report coverage</td>
<td dir="ltr">
<p dir="ltr">Revenue forecast, company ranking, competitive landscape, growth factors, and trends</p>
</td>
</tr>
<tr dir="ltr">
<td dir="ltr">Segments covered</td>
<td dir="ltr">
<p dir="ltr">Technology, Ownership type, Connectivity type, Region</p>
</td>
</tr>
<tr dir="ltr">
<td dir="ltr">Regional scope</td>
<td dir="ltr">
<p dir="ltr">North America; Europe; Asia Pacific; Central &amp; South America; MEA</p>
</td>
</tr>
<tr dir="ltr">
<td dir="ltr">Country scope</td>
<td dir="ltr">
<p dir="ltr">U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey</p>
</td>
</tr>
<tr dir="ltr">
<td dir="ltr">Key companies profiled</td>
<td dir="ltr">
<p dir="ltr">ABB, Samsung SDI Co, Tesla, Inc., BYD Company, Eguana Technologies, Schneider Electric, Siemens, Huawei, Eaton Corporation plc, and LG Chem</p>
</td>
</tr>
<tr dir="ltr">
<td dir="ltr">Customization scope</td>
<td dir="ltr">
<p dir="ltr">10 hrs of free customization and expert consultation</p>
</td>
</tr>
</tbody>
</table><div>Segments Covered in Report</div><p>This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each segment from 2018 to 2028.</p><p>For the purpose of this report, Emergen Research has segmented the global residential energy storage market on the basis of technology, ownership type, connectivity type, and region:</p><UL><LI><div>Technology Outlook (Revenue, USD Billion; 2018–2028)</div><UL><LI>Lithium-ion batteries</LI><LI>Lead-acid batteries</LI></UL></LI></UL><UL><LI><div>Ownership type Outlook (Revenue, USD Billion; 2018–2028)</div><UL><LI>Utility owned</LI><LI>Customer owned</LI><LI>Third-party owned &nbsp;&nbsp;&nbsp;&nbsp;</LI></UL></LI></UL><UL><LI><div>Connectivity type Outlook (Revenue, USD Billion; 2018–2028)</div><UL><LI>On-grid</LI><LI>Off-grid</LI></UL></LI></UL><UL><LI><div>Regional Outlook (Revenue, USD Billion; 2018–2028)</div><UL><LI>North America
</LI></UL></LI></UL>

Increasing utilization of lithium-ion batteries due to stringent environmental regulations and policies and growing need to reduce carbon emissions is augmenting growth of the residential energy storage market. Techno-economic benefits of lithium-ion batteries over conventional batteries is a key factor boosting demand.

The global residential energy storage market size reached USD 6.97 Billion in 2020 and is expected to reach USD 31.51 Billion in 2028 and register a CAGR of 20.8%. Residential energy storage industry report classifies global market by share, trend, and on the basis of technology, ownership type, connectivity type, and region

<p>The global residential energy storage market size reached USD 6.97 Billion in 2020, and is expected to register a double-digit CAGR of 20.8% during the forecast period. Market revenue growth is primarily driven by decreasing cost of batteries. Development of battery storage in the power industry is driving increasing demand for lithium-ion batteries in residential energy storage systems. Increasing installations of residential energy storage systems in developed countries as consumers want added reliability, control, and resilience from the battery, is contributing to growth of the global residential energy storage market. The high value that customers are placing on having their own storage systems is driving up number of installations of residential energy storage systems, which is exceeding the utility-scale storage installations. Reduction in the per-kilowatt-hour cost of a residential energy storage system in recent years is contributing to growing demand for residential energy storage systems. Increasing need of grid resilience during mass-grid outages is a key factor contributing to growing demand for energy storage in the residential sector in developed countries. Rising incidence of severe weather conditions such as hurricanes or storms cause disruptions in power supply. As a result, storm affected states and wildfire prone areas are experiencing increasing installations of home batteries for better reliability. </p>

<p>Rapid growth in renewable energy generation such as photovoltaic generation is expected to drive utilization of residential energy storage systems going ahead. Consumers are increasingly adopting residential energy storage systems to efficiently reduce electricity costs. Ability of residential energy storage systems to decrease ecological footprint by storing renewable energy such as <a href="https://www.emergenresearch.com/industry-report/photovoltaic-market">photovoltaic </a>generation is contributing to market growth. Residential energy storage helps battery-equipped households to minimize the amount of power consumed during periods of peak prices, which has been increasing utilization in recent years. </p>

<p>Legislative and regulatory tailwinds, technological progress, and new grid challenges associated with intermittent renewable generation are factors propelling demand and deployment of residential energy storage systems. Government incentives for installing residential energy storage systems is expected to support growth of the residential energy storage market during the forecast period. Initiatives by government such as net metering is increasing installation of grid connected rooftop solar systems, which is supporting growth of the residential energy storage system market. In net metering, homeowners can help stabilize the grid during periods of high demand by exporting their stored power in exchange for financial credit. Presence of Self Generation Incentive Program in developed countries, which include additional funding for low income communities and consumers with resilience needs to benefit from energy storage, are projected to boost utilization of residential energy storage systems in these countries. Increasing investment by major players such as Tesla and LG Chem for development of more cost-effective and advanced batteries is expected to augment growth of the residential energy storage market during the forecast period. Increasing usage of <a href="https://www.emergenresearch.com/industry-report/electric-vehicles-market">electric vehicles </a>is projected to offer lucrative growth opportunities for major players in the residential energy storage market during the forecast period. Lack of awareness regarding the storage technology and limited availability of experienced and highly skilled technicians are some key factors expected to restrain growth of the market to some extent during the forecast period. </p>

<p>On the basis of technology, the residential energy storage market is segmented into lithium-ion batteries and lead-acid batteries. Lithium-ion batteries segment accounted for largest revenue share in the residential energy storage market in 2020. Lithium-ion batteries segment revenue growth rate is projected to incline rapidly during the forecast period. Decline in the cost of lithium-ion batteries is expected to drive demand in residential energy storage systems. Stringent environmental regulations and policies is boosting utilization of lithium-ion batteries to reduce <a href="https://www.emergenresearch.com/industry-report/smart-greenhouse-market">greenhouse </a>gas emissions. Techno-economic benefits of Lithium-ion batteries over conventional batteries is another key factor augmenting demand for lithium-ion batteries. Major players such as Tesla, LG Chem, and Samsung are offering wall-mounted rechargeable battery stations, which are based on lithium nickel manganese cobalt, and lithium iron phosphate battery for larger scale residential use. Increasing investment by battery manufacturers for development of more cost-effective and advanced lithium-ion batteries is supporting rising demand for lithium-ion batteries. Advantages of lithium-ion home energy storage are cost, weight, and charge/discharge rates. These features help users who pair their power storage with a solar photovoltaic system, which allows them to charge during the light of day and power their homes via power pack at night. These factors are supporting demand for lithium-ion batteries and applications in residential energy storage systems. </p>

<p>On the basis of ownership type, the residential energy storage market is segmented into utility owned, customer owned, and third-party owned. Customer owned segment revenue growth rate is projected to incline rapidly during the forecast period. Customer owned segment accounted for largest revenue share in the residential energy storage market in 2020. The high value that customers are placing on having their own storage systems is expected to drive demand for customer owned residential energy storage systems. Decline in the per-kilowatt-hour cost of a residential energy-storage system is also driving growth of the customer owned system segment. Rising awareness regarding environmental degradation in residential sectors is driving adoption of solar rooftop charging systems. Rising need to reduce electricity costs and increasing incidence of severe weather conditions such as hurricanes or storms, which cause disruptions in power supply, are other key factors contributing to rising deployment of customer-owned systems. Government incentives for installing residential storage is another factor boosting growth of the customer-owned residential segment. </p>

<p>On the basis of connectivity type, the residential energy storage market is segmented into On-grid and Off-grid. Among these, On-grid segment accounted for largest revenue share in the residential energy storage market in 2020. On-grid segment revenue growth rate is projected to incline rapidly during the forecast period. Increasing utilization of on-grid system in the residential sector is driving growth of this segment. With the help of on-grid systems, the excess energy produced can be sent to the respective power company owning the grid, allowing the individual to build credit, which can be cashed out at the year end. The benefit of being grid-tied is it eliminates the need to purchase an expensive battery back-up system to store any excess energy. These factors are expected to drive demand for on-grid residential energy storage systems during the forecast period. </p>

<p>Off-grid segment is expected to register significant growth during the forecast period. The off-grid system helps users become self-sufficient and eliminates need for paying electricity bills. Increasing adoption of batteries to store excess energy produced by off-grid solar systems is driving growth of the residential energy storage market. </p>

<p>Among the regional markets, Asia Pacific accounted for largest revenue share contribution to the global residential energy storage market in 2020. Revenue from the residential energy storage market in Asia Pacific is expected to expand at a rapid rate during the forecast period. Increasing installation of residential energy storage systems in the region is expected to drive market growth during the forecast period. Presence of various incentive-based programs in countries in the region to encourage and support adoption of residential energy storage systems is boosting growth of the market in the region. Rapid growth of renewable energy such as photovoltaic generation to minimize electricity costs is another key factor driving adoption of solar PVs and augmenting growth of the residential energy storage market. Growing concerns regarding environmental degradation and increasing interest in attaining self-sufficiency are key factors boosting installations of solar power generation and storage equipment and systems </p>

<p>Europe is expected to register significant growth during the forecast period. Increasing adoption of rooftop solar system is resulting in rising demand for residential energy storage systems. Government initiatives such as incentive-based schemes promoting installation of battery storage system is another factor contributing to growth of the residential energy storage market in the region. Moreover, implementation of initiatives to minimize carbon emissions is contributing to increasing adoption of renewable energy sources and batteries to store excess energy produced. </p>

<p>The global residential energy storage market is consolidated with a number of players accounting for majority market share. Companies are focusing on strategic expansions into untapped markets and on research and development initiatives to develop enhanced residential energy storage systems in order to secure and maintain a robust position in the rapidly growing market. Some prominent players operating in the residential energy storage market are: </p>

<ul><li>ABB </li><li>Samsung SDI Co </li><li>Tesla, Inc. </li><li>BYD Company </li><li>Eguana Technologies </li><li>Schneider Electric </li><li>Siemens </li><li>Huawei </li><li>Eaton Corporation plc </li><li>LG Chem </li> </ul>

<p>In February 2021, Hitachi ABB Power Grids announced that it would supply battery energy storage and smart controls to first virtual power plant in Singapore, on a project which is aimed at validating methods for integrating more renewable energy onto the city-state’s electricity networks. The project is expected to help integrate electricity from different Distributed Energy Resources (DERs), including solar in a way that stimulates the workings of a utility-scale power resource system. </p>

<p>Revenue forecast, company ranking, competitive landscape, growth factors, and trends </p>

<p>Technology, Ownership type, Connectivity type, Region </p>

<p>North America; Europe; Asia Pacific; Central & South America; MEA </p>

<p>U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey </p>

<p>ABB, Samsung SDI Co, Tesla, Inc., BYD Company, Eguana Technologies, Schneider Electric, Siemens, Huawei, Eaton Corporation plc, and LG Chem </p>

<p>10 hrs of free customization and expert consultation </p>

<p>This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each segment from 2018 to 2028. </p>

<p>For the purpose of this report, Emergen Research has segmented the global residential energy storage market on the basis of technology, ownership type, connectivity type, and region: </p>

<ul><li><div>Technology Outlook (Revenue, USD Billion; 2018–2028) </div><ul><li>Lithium-ion batteries </li><li>Lead-acid batteries </li> </ul> </li> </ul>

<ul><li><div>Ownership type Outlook (Revenue, USD Billion; 2018–2028) </div><ul><li>Utility owned </li><li>Customer owned </li><li>Third-party owned      </li> </ul> </li> </ul>

<ul><li><div>Connectivity type Outlook (Revenue, USD Billion; 2018–2028) </div><ul><li>On-grid </li><li>Off-grid </li> </ul> </li> </ul>

<ul><li><div>Regional Outlook (Revenue, USD Billion; 2018–2028) </div><ul><li>North America </li> </ul> </li> </ul>

Residential Energy Storage Market Trend, Size & Forecast 2020- 2028

Residential Energy Storage Market Insights and Regional Analysis in New Residential Energy Storage Research Reports

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