PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1477327
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1477327
Residential Battery Market, By Type, By Power Output, By Operation Type, By Geography
The residential battery market is estimated to be valued at US$ 12.11 billion in 2024 and is expected to reach US$ 39.18 billion by 2031, growing at a compound annual growth rate (CAGR) of 18.3% from 2024 to 2031.
| Report Coverage | Report Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 12.11 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 18.30% | 2031 Value Projection: | US$ 39.18 Bn |
The residential battery market is witnessing significant growth driven by increasing installations of rooftop solar panels and the need for energy storage solutions across homes. Battery technologies allow households to store excess energy generated from solar panels during the day and use it later for daily needs. This reduces dependency on grid supply and lowers electricity costs. Various types of batteries like lithium-ion and lead-acid are becoming popular for residential use due to advantages like high energy density, long lifespan, and modular design. With growing awareness about clean energy and cost benefits of battery storage, the residential battery market is expected to grow substantially in the coming years.
Market Dynamics:
The global residential battery market is driven by the rising adoption of rooftop solar panels among households looking to reduce electricity bills and carbon footprint. According to estimates, close to 25% of solar PV installations across homes have an integrated battery storage solution. Declining battery prices and availability of lucrative rebate programs on battery purchases are encouraging more homeowners to opt for energy storage. However, high initial investment remains a key challenge hampering widespread adoption. Ongoing innovations to develop low-cost and high-performance lithium-ion batteries present lucrative opportunities for market growth. Growing customer preference for modular batteries that can be expanded as per needs is another trend being capitalized by residential battery suppliers.
Key features of the study:
- This report provides an in-depth analysis of the global residential battery market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024-2031), considering 2023 as the base year.
- It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
- It profiles key players in the global residential battery market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies.
- Key companies covered as a part of this study include Amara Raja Batteries Ltd, BYD Co. Ltd, Delta Electronics Ltd, Duracell Inc., Energizer Holding Inc., FIMER SpA, LG Energy Solution Ltd, Luminous Power Technologies Pvt. Ltd, NEC Corporation, Panasonic Corporation, Samsung SDI Co. Ltd, Siemens AG, and Tesla Inc. are the major players.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
- The global residential battery market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global residential battery market.
Market Segmentation
- By Type
- Lithium-ion Battery
- Lead-acid Battery
- By Power Output
- 3-6 kW
- 6-10 kW
- 10-20 kW
- By Operation Type
- Standalone Systems
- Solar and Storage Systems
- By Regional
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
- Key Players Insights
- Amara Raja Batteries Ltd
- BYD Co. Ltd
- Delta Electronics Ltd
- Duracell Inc.
- Energizer Holding Inc.
- FIMER SpA
- LG Energy Solution Ltd
- Luminous Power Technologies Pvt. Ltd
- NEC Corporation
- Panasonic Corporation
- Samsung SDI Co. Ltd
- Siemens AG
- Tesla Inc.
Table of Contents
1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
2. Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Type
- Market Snippet, By Power Output
- Market Snippet, By Operation Type
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Regulatory Scenario
- Industry Trend
- Merger and Acquisitions
- New system Launch/Approvals
- Impact of COVID-19 Pandemic
4. Global Residential Battery Market, By Type, 2019-2031 (US$ Billion)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2019-2031
- Segment Trends
- Lithium-ion Battery
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
- Lead-acid Battery
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
5. Global Residential Battery Market, By Power Output, 2019-2031 (US$ Billion)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2019-2031
- Segment Trends
- 3-6 kW
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
- 6-10 kW
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
- 10-20 kW
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
6. Global Residential Battery Market, By Operation Type, 2019-2031 (US$ Billion)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2019-2031
- Segment Trends
- Standalone Systems
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
- Solar and Storage Systems
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
7. Global Residential Battery Market, By Region, 2019-2031 (US$ Billion)
- Introduction
- Market Share Analysis, By Region, 2024 and 2031 (%)
- North America
- Regional Trends
- Market Size and Forecast, By Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Power Output, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Operation Type, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2024 and 2031 (%)
- U.S.
- Canada
- Europe
- Regional Trends
- Market Size and Forecast, By Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Power Output, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Operation Type, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2024 and 2031 (%)
- U.K.
- Germany
- France
- Russia
- Rest of Europe
- Asia Pacific
- Regional Trends
- Market Size and Forecast, By Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Power Output, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Operation Type, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2024 and 2031 (%)
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Regional Trends
- Market Size and Forecast, By Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Power Output, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Operation Type, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2024 and 2031 (%)
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Middle East and Africa
- Regional Trends
- Market Size and Forecast, By Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Power Output, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Operation Type, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2024 and 2031 (%)
- South Africa
- GCC Countries
- Rest of the Middle East and Africa
8. Competitive Landscape
- Company Profiles
- Amara Raja Batteries Ltd
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- BYD Co. Ltd
- Delta Electronics Ltd
- Duracell Inc.
- Energizer Holding Inc.
- FIMER SpA
- LG Energy Solution Ltd
- Luminous Power Technologies Pvt. Ltd
- NEC Corporation
- Panasonic Corporation
- Samsung SDI Co. Ltd
- Siemens AG
- Tesla Inc.
9. Wheel of Fortune
- Wheel of Fortune
- Analyst View
- Coherent Opportunity Map
10. Section
- References
- Research Methodology
- About us and Sales Contact
