Residential Energy Storage Market by Power Rating (10-29 kW, 3-6 kW, 6-10 kW), Technology, Connectivity Type, Operation Type, Ownership Type

Description

List of Tables

[190 Pages Report] The Residential Energy Storage Market size was estimated at USD 5.18 billion in 2023 and expected to reach USD 5.54 billion in 2024, at a CAGR 7.51% to reach USD 8.60 billion by 2030.

Residential energy storage refers to using energy storage systems or devices within homes and residential properties to store electricity for later use. These systems are developed to reserve excess electricity generated from various sources, such as solar panels, wind turbines, or the grid, and then release that stored energy when needed. The primary goal of residential energy storage is to increase energy independence, improve energy efficiency, and provide backup power during outages. Increasing awareness regarding environmental conservation and climate change has led to consumers' rising need for clean, sustainable energy solutions. Government policies and investments promoting renewable energy adoption contribute to market growth. Incorporating residential energy storage solutions into the smart grid network can further enhance its functioning while providing additional revenue streams for businesses operating within this space. However, high capital costs associated with installing these systems, lack of standardization, and related technical issues hamper the market demand. Advancements in lithium-ion battery technologies and the development of smart grid infrastructure that integrates information technology with power generation create a lucrative market opportunity in the residential energy storage market.

KEY MARKET STATISTICS
Base Year [2023]	USD 5.18 billion
Estimated Year [2024]	USD 5.54 billion
Forecast Year [2030]	USD 8.60 billion
CAGR (%)	7.51%

Power Rating: 10-29 kW power rating providing highest capacity and performance

The 10-29 kW power rating caters to large residential properties with high energy consumption rates. This range is suitable for homeowners who require substantial backup power during outages or those seeking to maximize their self-consumption of solar-generated electricity. The mid-power segment ranges from 3-6 kW and primarily targets average-sized households with moderate energy demands. It covers homeowners who aim to reduce their dependence on grid-supplied electricity while benefiting from lower utility bills. The low-power segment ranges from 6-10 kW and is designed for small-to-medium-sized residential properties with average-to-low energy consumption patterns. This category serves homeowners who seek backup power during outages or want to store solar-generated electricity for evening usage.

Technology: Proliferating use of lead-acid batteries to provide cost-effective and short-term energy storage solutions

Lead-acid batteries have been used for over a century due to their low-cost production and recycling capabilities. These batteries suit homeowners who prioritize affordability or require short-term backup power solutions. Lithium-ion batteries are increasingly used as they provide higher energy density, longer lifespan, and lower maintenance requirements than Lead-acid counterparts. These batteries are increasingly used by consumers seeking long-term investments with better performance and sustainability.

Connectivity Type: Penetrating utilization of on-grid connectivity systems to efficiently manage electricity consumption

Off-grid energy storage systems are designed for households in remote areas with limited or no access to the grid. These systems offer complete independence from utility providers by using sources of renewable energy such as solar panels, wind turbines, and battery storage units. On-grid energy storage systems are connected to the utility grid, allowing homeowners to efficiently manage their electricity consumption by storing surplus energy generated from renewable sources or during off-peak hours. These systems are developed to store extra electricity when it is abundant and then feed that stored energy back into the grid when needed.

Operation Type: Solar & storage systems provide energy independence and reduce greenhouse gas emissions

Solar and storage systems are integrated solutions that combine solar photovoltaic (PV) panels with energy storage systems (ESS) in homes. These systems are designed to generate electricity from solar energy, store excess energy in batteries, and provide homeowners with several benefits, including energy cost savings, backup power during outages, and increased energy independence. Standalone Systems are energy storage solutions that primarily store electricity from the grid or a generator and can be used during peak demand hours or as backup power during outages. These systems can provide a reliable emergency power supply during grid outages or natural disasters.

Regional Insights

The Americas has a significant landscape in the residential energy storage market owing to federal government initiatives and funding for innovative home battery projects to support renewable energy integration and grid reliability. Increased occurrences of natural disasters have heightened concerns around grid resilience, contributing to higher demand for energy storage solutions. The EMEA region has seen significant growth in residential energy storage deployment due to the push for renewable energy adoption and efforts to improve grid stability. European countries offered financial incentives, subsidies, and tax credits to encourage homeowners to invest in residential energy storage systems. These incentives varied by country and were often designed to promote self-consumption of solar energy and enhance grid stability. In the APAC region, the presence of significant players in the residential energy storage market, government incentives, and subsidies have played a crucial role in driving the adoption of residential energy storage. The government launched a subsidy program to encourage homeowners to install lithium-ion battery systems, contributing to overall market expansion in the APAC region.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Residential Energy Storage Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Residential Energy Storage Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Residential Energy Storage Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Alpha ESS Co., Ltd., BYD Company Limited, Consolidated Electrical Distributors, Inc., Covestro AG, Delta Electronics, Inc., East Penn Manufacturing Co. Inc., Eaton Corporation, EDF Energy Group, Generac Power Systems, Inc, HAIKAI, Hitachi Chemical Co. Ltd., Huawei Technologies Co. Ltd., LG Chem Ltd., Panasonic Corporation, Samsung SDI Co., Ltd., Schneider Electric SE, Siemens AG, Sonnen GmbH, Sungrow Deutschland GmbH, SunPower Corporation, Sunrun Inc., Tesla, and TotalEnergies.

Market Segmentation & Coverage

This research report categorizes the Residential Energy Storage Market to forecast the revenues and analyze trends in each of the following sub-markets:

Power Rating
- 10-29 kW
- 3-6 kW
- 6-10 kW

Technology
- Lead-Acid
- Lithium-Ion

Connectivity Type
- Off-Grid
- On-Grid

Operation Type
- Solar & Storage Systems
- Standalone Systems

Ownership Type
- Customer Owned
- Third-Party Owned
- Utility Owned

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Residential Energy Storage Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Residential Energy Storage Market?

3. What are the technology trends and regulatory frameworks in the Residential Energy Storage Market?

4. What is the market share of the leading vendors in the Residential Energy Storage Market?

5. Which modes and strategic moves are suitable for entering the Residential Energy Storage Market?

Product Code: MRR-6E71EA1EF110

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing demand for non-interrupted and reliable power supply
  - 5.1.1.2. Rising adoption of solar rooftop systems coupled with increasing awareness regarding environmental conservation
  - 5.1.1.3. Favorable regulatory support and financial incentives for renewable energy adoption
- 5.1.2. Restraints
  - 5.1.2.1. High cost of installation of solar plus battery systems
- 5.1.3. Opportunities
  - 5.1.3.1. Rising development of smart grid infrastructure and the advancement of lithium-ion battery technology
  - 5.1.3.2. Surge in integration of smart energy management systems
- 5.1.4. Challenges
  - 5.1.4.1. Dearth of standards and interoperability and associated technical issues
5.2. Market Segmentation Analysis
- 5.2.1. Power Rating: 10-29 kW power rating providing highest capacity and performance
- 5.2.2. Technology: Proliferating use of lead-acid batteries to provide cost-effective and short-term energy storage solutions
- 5.2.3. Connectivity Type: Penetrating utilization of on-grid connectivity systems to efficiently manage electricity consumption
- 5.2.4. Operation Type: Solar & storage systems provide energy independence and reduce greenhouse gas emissions
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Residential Energy Storage Market, by Power Rating

6.1. Introduction
6.2. 10-29 kW
6.3. 3-6 kW
6.4. 6-10 kW

7. Residential Energy Storage Market, by Technology

7.1. Introduction
7.2. Lead-Acid
7.3. Lithium-Ion

8. Residential Energy Storage Market, by Connectivity Type

8.1. Introduction
8.2. Off-Grid
8.3. On-Grid

9. Residential Energy Storage Market, by Operation Type

9.1. Introduction
9.2. Solar & Storage Systems
9.3. Standalone Systems

10. Residential Energy Storage Market, by Ownership Type

10.1. Introduction
10.2. Customer Owned
10.3. Third-Party Owned
10.4. Utility Owned

11. Americas Residential Energy Storage Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Residential Energy Storage Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Residential Energy Storage Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. LG Energy Solution Launches Prime+ ESS in the U.S.
- 14.3.2. Lunar Energy Announces New Residential Energy Storage System
- 14.3.3. JinkoSolar Signs Strategic Distribution Agreement for Residential Storage Solution with V. Kafkas SA
14.4. Strategy Analysis & Recommendation

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio