PUBLISHER: Grand View Research | PRODUCT CODE: 1268873
PUBLISHER: Grand View Research | PRODUCT CODE: 1268873
Residential Lithium-ion Battery Energy Storage Systems Market Size, Share & Trends Analysis Report By Power Rating (Under 3kW, 3kW - 5kW), By Connectivity (On-Grid, Off-Grid), By Region, And Segment Forecasts, 2023 - 2030
Residential Lithium-ion Battery Energy Storage Systems Market Growth & Trends:
The global residential lithium-ion battery energy storage systems market size is expected to reach USD 48.8 billion by 2030, expanding at 32.1% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The market here refers to the home energy storage systems that use lithium-ion batteries. These systems are designed to store excess energy produced by residential solar panels or other renewable energy sources so that the energy can be used at a later time when energy demand is high or when sunlight is unavailable.
The U.S. is one of the largest regional segments globally in terms of the adoption of battery energy storage systems owing to the rising demand for renewable energy in the country. The market in the country is projected to grow at a significant CAGR over the forecast period. Factors such positive government initiatives and increasing efficiency of residential battery energy storage analysis is expected to increase the market for residential lithium ion battery storage systems over the forecast period.
For instance, the Inflation Reduction Act of 2022 introduced a tax credit for the installation of solar PV panels as well as battery energy storage systems for residential and commercial industries. The government planned to provide a tax credit worth 30% of the installation cost of the battery energy storage system. This is expected to incentivize homeowners to install battery storage systems along with solar PV installation driving demand in the market.
3 kW to 5 kW dominated the global residential lithium-ion battery energy storage systems industry in the power rating segment and accounted for more than 54.0% overall revenue share in 2022. Residential lithium-ion battery energy storage systems with a capacity of between 3 kW to 5 kW, can store enough energy to power a household for several hours, even at peak hours of energy demand. This can help to reduce energy bills and provide greater control over energy consumption. Another advantage of these battery storage systems is their scalability. They can be easily installed in a variety of residential settings, from residential buildings for multiple apartments to larger homes, and can be scaled up or down depending on the energy needs of the household. Battery energy storage systems with a capacity between 3kW to 5kW are generally more expensive owing to their higher capacity leading to higher production and installation costs.
The off-grid segment dominated the global market in the connectivity segment and accounted for more than 56.0% overall revenue share in 2022. The demand for residential lithium-ion battery energy storage systems for on-grid applications is on the rise as it provides homeowners with reliable access to energy even in remote places. These systems are designed to store excess energy generated by solar panels or wind turbines, which can then be used to power homes during periods of low energy production or when energy generation is offline.
One of the key benefits of these systems is their ability to provide greater energy independence and security for homeowners living in remote areas. By storing excess energy from solar panels or wind turbines, homeowners can ensure that they have a reliable source of energy at all times.
Asia Pacific dominated the regional segment and accounted for the overall revenue share of more than 40.0% in 2022. The residential lithium-ion battery energy storage system industry in the Asia Pacific is expected to witness significant growth over the forecast period. This can be attributed to the increasing demand for clean energy and the increasing adoption of solar power systems in the residential sector.
Residential Lithium-ion Battery Energy Storage Systems Market Report Highlights:
- The 3 kW to 5 kW power rating segment occupied the largest revenue share on account of its large capacity to store sufficient energy to power a household for several hours, even during times of high energy demand. This helps reduce energy bills and provides greater control over energy consumption
- The off-grid connectivity segment occupied the largest revenue share on account of rising utilization in rural and remote areas because it provides homeowners with reliable access to energy
- The off-grid connectivity segment accounted for more than 56.0% of revenue share in 2022 and is projected to grow at the CAGR of 31.6% over the forecast period
- Asia Pacific dominated the regional segment and accounted for the overall revenue share of more than 40.0% in 2022
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Snapshot, 2022 (USD Million)
- 2.2. Segmental Outlook
- 2.3. Competitive Insights
Chapter 3. Market Variables & Trend Analysis
- 3.1. Penetration & Growth Prospect Mapping
- 3.2. Value Chain Analysis
- 3.3. Regulatory Framework
- 3.3.1. Standard and Compliance
- 3.3.2. Safety
- 3.4. Residential Lithium-ion Battery Energy Storage Systems Market Dynamics
- 3.4.1. Market Driver Analysis
- 3.4.2. Market Restraint Analysis
- 3.4.3. Market Opportunities Analysis
- 3.4.4. Market Challenges Analysis
- 3.5. Industry Analysis - Porter's Five Forces Model
- 3.5.1. Supplier Power
- 3.5.2. Buyer Power
- 3.5.3. Substitution Threat
- 3.5.4. Threat of New Entrants
- 3.5.5. Competitive Rivalry
- 3.6. Industry Analysis - Macro Economic Environment Analysis
- 3.6.1. Political Landscape
- 3.6.2. Economic Landscape
- 3.6.3. Social Landscape
- 3.6.4. Technology Landscape
- 3.6.5. Environmental Landscape
- 3.7. Key Trends for the Residential Lithium-ion Battery Energy Storage Systems Market
Chapter 4. Residential Lithium-ion Battery Energy Storage Systems Market: Power Rating Estimates & Trend Analysis
- 4.1. Power Rating Movement Analysis & Market Share, 2022 & 2030
- 4.2. Market Size & Forecasts and Trend Analysis, 2018 to 2030 for the following (USD Million):
- 4.2.1. Less than 3kW
- 4.2.2. 3 kW to 5 kW
- 4.2.3. Others
Chapter 5. Residential Lithium-ion Battery Energy Storage Systems Market: Connectivity Estimates & Trend Analysis
- 5.1. Connectivity Movement Analysis & Market Share, 2022 & 2030
- 5.2. Market Size & Forecasts and Trend Analysis, 2018 to 2030 for the following (USD Million):
- 5.2.1. On-Grid
- 5.2.2. Off-Grid
Chapter 6. Residential Lithium-ion Battery Energy Storage Systems Market: Regional Estimates & Trend Analysis
- 6.1. Regional Movement Analysis & Market Share, 2022 & 2030
- 6.2. Market Size & Forecasts and Trend Analysis, 2018 to 2030 for the following (USD Million):
- 6.2.1. North America
- 6.2.1.1. U.S.
- 6.2.1.2. Canada
- 6.2.1.3. Mexico
- 6.2.2. Europe
- 6.2.2.1. Germany
- 6.2.2.2. UK
- 6.2.2.3. Italy
- 6.2.2.4. Spain
- 6.2.2.5. France
- 6.2.2.6. Poland
- 6.2.3. Asia Pacific
- 6.2.3.1. China
- 6.2.3.2. India
- 6.2.3.3. Australia
- 6.2.3.4. Japan
- 6.2.4. Central and South America
- 6.2.4.1. Brazil
- 6.2.4.2. Argentina
- 6.2.5. Middle East & Africa
- 6.2.5.1. UAE
- 6.2.5.2. Saudi Arabia
- 6.2.1. North America
Chapter 7. Competitive Analysis
- 7.1. Company/Competition Categorization
- 7.2. List of potential customer in:
- 7.2.1. U.S.
- 7.2.2. Europe
- 7.3. List of residential battery storage installers in:
- 7.3.1. U.S.
- 7.3.2. Europe
- 7.4. Company Market Positioning
- 7.5. Company Market Share Analysis, 2022
- 7.6. Company Heat Map Analysis
- 7.7. Competitive Dashboard Analysis
- 7.8. Strategy Mapping
- 7.9. Company Listing (Overview, Financial Performance, Products Overview)
- 7.9.1. HAIKAI
- 7.9.2. Enphase Energy
- 7.9.3. E3/DC
- 7.9.4. Panasonic
- 7.9.5. sonnen Holding GmbH
- 7.9.6. Tesla
- 7.9.7. Pylon Technologies Co., Ltd.
- 7.9.8. LG Chem
- 7.9.9. AlphaESS
- 7.9.10. Generac Power Systems
- 7.9.11. Hitachi Energy
- 7.9.12. GOODWE
List of Tables
- Table 1 Recent Developments & Impact Analysis, By Key Market Participants
- Table 2 Company Heat Map Analysis
- Table 3 Key Companies undergoing expansions
- Table 4 Key Companies involved in M&As
- Table 5 Key Companies undergoing collaborations
- Table 6 Key Companies launching new power ratings
- Table 7 Key Companies undertaking R&D activities
List of Figures
- Fig. 1 Residential Lithium-ion Battery Energy Storage Systems Market Segmentation
- Fig. 2 Information Procurement
- Fig. 3 Data Analysis Models
- Fig. 4 Market Formulation And Validation
- Fig. 5 Data Validating & Publishing
- Fig. 6 Market Snapshot 2022
- Fig. 7 Segment Snapshot(1/2)
- Fig. 8 Competitive Landscape Snapshot
- Fig. 9 Plastics Market, 2022 (USD Million)
- Fig. 10 Residential Lithium-ion Battery Energy Storage Systems Market - Industry Value Chain Analysis
- Fig. 11 Residential Lithium-ion Battery Energy Storage Systems Market dynamics
- Fig. 12 Residential Lithium-ion Battery Energy Storage Systems Market: PORTER's Analysis
- Fig. 13 Residential Lithium-ion Battery Energy Storage Systems Market: PESTEL Analysis
- Fig. 14 Residential Lithium-ion Battery Energy Storage Systems Market, by product: Key Takeaways
- Fig. 15 Residential Lithium-ion Battery Energy Storage Systems Market, by Product: Market Share, 2022 & 2030
- Fig. 16 Residential Lithium-ion Battery Energy Storage Systems Market, by Power Rating: Market Share, 2022 & 2030
- Fig. 17 Less than 3kW market estimates & forecasts, 2018 - 2030 (USD Million)
- Fig. 18 3 kW to 5 kW market estimates & forecasts, 2018 - 2030 (USD Million)
- Fig. 19 Others Market estimates & forecasts, 2018 - 2030 (USD Million)
- Fig. 20 Residential Lithium-ion Battery Energy Storage Systems Market, by Connectivity: Key Takeaways
- Fig. 21 Residential Lithium-ion Battery Energy Storage Systems Market, by Connectivity: Market Share, 2022 & 2030
- Fig. 22 Residential Lithium-ion Battery Energy Storage Systems Market, by Connectivity: Market Share, 2022 & 2030
- Fig. 23 On-Grid market estimates & forecasts, 2018 - 2030 (USD Million)
- Fig. 24 Off-Grid market estimates & forecasts, 2018 - 2030 (USD Million)
- Fig. 25 Residential Lithium-ion Battery Energy Storage Systems Market revenue, by region, 2022 & 2030 (USD Million)
- Fig. 26 Regional marketplace: Key takeaways
- Fig. 27 Regional marketplace: Key takeaways
- Fig. 28 North America Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 29 U.S. Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 30 Canada Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 31 Mexico Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 32 Europe Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 33 Germany. Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 34 France Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 35 UK Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 36 Italy Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 37 Spain Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 38 Poland Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 39 Asia Pacific Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 40 China Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 41 India Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 42 Japan Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 43 Australia Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 44 Central & South America Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 45 Brazil Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 46 Argentina Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 47 Middle East & Africa Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 48 UAE Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 49 Saudi Arabia Residential Lithium-ion Battery Energy Storage Systems Market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 50 Key Company Categorization
- Fig. 51 Strategic framework
