Residential Energy Storage Market industry booms

  • September 24, 2019
  • 327
  • Energy and Natural Resources

New York City, NY, 24 September, 2019/ 24 Market Reports: It is estimated for the residential solar energy storage market to reach USD 17.5 billion by 2024 from that of USD 6.3 billion in 2019 at a CAGR of 22.88% during the forecast period. Regulatory support and financial incentives, declining cost of batteries, and the need for energy self-sufficiency from consumers are the driving factors for the growth of the market. Residential energy storage systems provide backup power during power outages, and therefore, play a vital role in the energy industry.

A 3-6kW segment to hold the largest market share in the forecast period

3–6 kW and 6–10 kW are the categories of the segmentation of the market by power rating. In the forecast period, it is estimated for the 3-6kW segment to hold the largest market share. The backup power during grid failures is provided by 3-6kW market segment. Countries are also using 3–6 kW batteries for EV charging where solar PVs are directly providing energy to EVs without an increase in the energy bills.

The lithium-ion segment to hold the largest market share

Based on technology, the residential storage market is segmented into lithium-ion and lead­–acid. It is expected for the lithium-ion segment to hold the largest market share and is expected to be the fastest-growing market with decreasing lithium-ion battery costs and high efficiency. Also, the environmental policies and regulations are the growth driving factors for the lithium-ion energy storage market.

The Asia Pacific to hold the largest market share in the forecast period

North America, Europe, South America, Asia Pacific, and the Middle East & Africa are the five regions the residential energy storage market is divided into. In the forecast period, it is estimated for the Asia-pacific region to hold the largest market share. Countries such as China, Australia, and Japan, which are installing storage solutions for residential end-users are the growth drivers for the market in the region. Due to the rapid development in the economy and the growth of the renewables and demand for energy self-sufficiency the region is witnessing an increase in the demand for energy storage options.

Samsung SDI, C&D Technologies, Exide Technologies, GS Yuasa, LG Chem, and Panasonic are some of the major players in the residential energy storage market.

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