PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1497734
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1497734
Residential Energy Storage Market Report: Size and Share Analysis, Trends, Forecasts (2024-2030)
Market Highlights
The residential energy storage market was valued at USD 801.3 million in 2023, which will increase to USD 4,240.3 million, propelling at a 27.9% CAGR, by 2030.
The rising emphasis on employing renewable energy sources is a major factor driving the growth of the industry.
The utilization of renewable energy sources to allow a more dependable and effective energy supply is rising.
Many countries have openly stated their pledge to attain carbon neutrality in the wake of the rising worries regarding the consequences of the growing atmospheric concentrations of CO2 and various other GHGs on the global climate.
By shifting to renewable energy sources, humanities can largely decrease their carbon footprint, therefore aiding the overarching aim of carbon neutrality.
Community energy storage systems are the major trend being observed in the industry.
Community energy storage (CES) is an innovative smart grid technology that offers different advantages of distribution grids, in terms of quality, control stability, and reliability.
This method has become an important part of modern microgrids because it provides advantages to both consumers and utilities.
It simplifies the effects of the sporadic output of DERs, counting PVs; and various other smart grid components, such as EVs, and incorporates them into the smart grid.
CES is generally placed at the grid periphery, which is close to DERs and customers.
Key Insights
Europe was the largest contributor to the industry in 2023, with over 45% share, and it will further remain the largest throughout this decade.
This will be because of the rapid rooftop solar power acceptance, a 30% government grant for the battery system, the existence of many players, and the rising rate of urbanization.
APAC is a significant contributor to the industry.
This is ascribed to the surging populace, increasing consumer expenditure, rising need for renewable energy, massive customer base and its improving disposable salary, and mounting acceptance of innovative technologies.
The customer-owned category led the industry in 2023, and it will remain leading in the coming years.
This is attributed to the numerous benefits of consumer-owned ESSs, including decreased power price per kilowatt-hour; the increasing emphasis on achieving self-sufficiency, and the mounting need for rooftop PV solutions.
The on-grid category was the largest contributor in 2023, and it will continue this trend throughout this decade.
With on-grid systems, the extra electricity produced can be transferred to the utility that owns the grid, enabling the individual to collect credit, which can be withdrawn at the end of the year.
The 6 to 10 kW category accounted for over 55% share in 2023.
This can be because of the increasing energy usage, rising incidence of long power outages, surging need for a better amount of stable power, and faults in grid systems.
The lithium-ion category dominated the industry in 2023, with more than 75% share, and it will remain dominating in the coming years.
This is because such batteries are more dependable and constant and can be recharged many times.
The industry displays strong competition, with the presence of many large and mid-sized companies.
Table of Contents
Chapter 1. Research Scope
- 1.1. Research Objectives
- 1.2. Market Definition
- 1.3. Analysis Period
- 1.4. Market Size Breakdown by Segments
- 1.4.1. Market size breakdown, by technology
- 1.4.2. Market size breakdown, by utility
- 1.4.3. Market size breakdown, by connectivity type
- 1.4.4. Market size breakdown, by ownership type
- 1.4.5. Market size breakdown, by operation type
- 1.4.6. Market size breakdown, by region
- 1.4.7. Market size breakdown, by country
- 1.5. Market Data Reporting Unit
- 1.5.1. Value
- 1.6. Key Stakeholders
Chapter 2. Research Methodology
- 2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
- 2.2. Primary Research
- 2.3. Market Size Estimation
- 2.4. Data Triangulation
- 2.5. Currency Conversion Rates
- 2.6. Assumptions for the Study
- 2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Industry Outlook
- 5.1. Market Dynamics
- 5.1.1. Trends
- 5.1.2. Drivers
- 5.1.3. Restraints/challenges
- 5.1.4. Impact analysis of drivers/restraints
- 5.2. Impact of COVID-19
- 5.3. Porter's Five Forces Analysis
- 5.3.1. Bargaining power of buyers
- 5.3.2. Bargaining power of suppliers
- 5.3.3. Threat of new entrants
- 5.3.4. Intensity of rivalry
- 5.3.5. Threat of substitutes
Chapter 6. Global Market
- 6.1. Overview
- 6.2. Market Revenue, by Technology (2017-2030)
- 6.3. Market Revenue, by Utility (2017-2030)
- 6.4. Market Revenue, by Connectivity Type (2017-2030)
- 6.5. Market Revenue, by Ownership Type (2017-2030)
- 6.6. Market Revenue, by Operation Type (2017-2030)
- 6.7. Market Revenue, by Region (2017-2030)
Chapter 7. North America Market
- 7.1. Overview
- 7.2. Market Revenue, by Technology (2017-2030)
- 7.3. Market Revenue, by Utility (2017-2030)
- 7.4. Market Revenue, by Connectivity Type (2017-2030)
- 7.5. Market Revenue, by Ownership Type (2017-2030)
- 7.6. Market Revenue, by Operation Type (2017-2030)
- 7.7. Market Revenue, by Country (2017-2030)
Chapter 8. Europe Market
- 8.1. Overview
- 8.2. Market Revenue, by Technology (2017-2030)
- 8.3. Market Revenue, by Utility (2017-2030)
- 8.4. Market Revenue, by Connectivity Type (2017-2030)
- 8.5. Market Revenue, by Ownership Type (2017-2030)
- 8.6. Market Revenue, by Operation Type (2017-2030)
- 8.7. Market Revenue, by Country (2017-2030)
Chapter 9. APAC Market
- 9.1. Overview
- 9.2. Market Revenue, by Technology (2017-2030)
- 9.3. Market Revenue, by Utility (2017-2030)
- 9.4. Market Revenue, by Connectivity Type (2017-2030)
- 9.5. Market Revenue, by Ownership Type (2017-2030)
- 9.6. Market Revenue, by Operation Type (2017-2030)
- 9.7. Market Revenue, by Country (2017-2030)
Chapter 10. LATAM Market
- 10.1. Overview
- 10.2. Market Revenue, by Technology (2017-2030)
- 10.3. Market Revenue, by Utility (2017-2030)
- 10.4. Market Revenue, by Connectivity Type (2017-2030)
- 10.5. Market Revenue, by Ownership Type (2017-2030)
- 10.6. Market Revenue, by Operation Type (2017-2030)
- 10.7. Market Revenue, by Country (2017-2030)
Chapter 11. MEA Market
- 11.1. Overview
- 11.2. Market Revenue, by Technology (2017-2030)
- 11.3. Market Revenue, by Utility (2017-2030)
- 11.4. Market Revenue, by Connectivity Type (2017-2030)
- 11.5. Market Revenue, by Ownership Type (2017-2030)
- 11.6. Market Revenue, by Operation Type (2017-2030)
- 11.7. Market Revenue, by Country (2017-2030)
Chapter 12. U.S. Market
- 12.1. Overview
- 12.2. Market Revenue, by Technology (2017-2030)
- 12.3. Market Revenue, by Utility (2017-2030)
- 12.4. Market Revenue, by Connectivity Type (2017-2030)
- 12.5. Market Revenue, by Ownership Type (2017-2030)
- 12.6. Market Revenue, by Operation Type (2017-2030)
Chapter 13. Canada Market
- 13.1. Overview
- 13.2. Market Revenue, by Technology (2017-2030)
- 13.3. Market Revenue, by Utility (2017-2030)
- 13.4. Market Revenue, by Connectivity Type (2017-2030)
- 13.5. Market Revenue, by Ownership Type (2017-2030)
- 13.6. Market Revenue, by Operation Type (2017-2030)
Chapter 14. Germany Market
- 14.1. Overview
- 14.2. Market Revenue, by Technology (2017-2030)
- 14.3. Market Revenue, by Utility (2017-2030)
- 14.4. Market Revenue, by Connectivity Type (2017-2030)
- 14.5. Market Revenue, by Ownership Type (2017-2030)
- 14.6. Market Revenue, by Operation Type (2017-2030)
Chapter 15. France Market
- 15.1. Overview
- 15.2. Market Revenue, by Technology (2017-2030)
- 15.3. Market Revenue, by Utility (2017-2030)
- 15.4. Market Revenue, by Connectivity Type (2017-2030)
- 15.5. Market Revenue, by Ownership Type (2017-2030)
- 15.6. Market Revenue, by Operation Type (2017-2030)
Chapter 16. U.K. Market
- 16.1. Overview
- 16.2. Market Revenue, by Technology (2017-2030)
- 16.3. Market Revenue, by Utility (2017-2030)
- 16.4. Market Revenue, by Connectivity Type (2017-2030)
- 16.5. Market Revenue, by Ownership Type (2017-2030)
- 16.6. Market Revenue, by Operation Type (2017-2030)
Chapter 17. Italy Market
- 17.1. Overview
- 17.2. Market Revenue, by Technology (2017-2030)
- 17.3. Market Revenue, by Utility (2017-2030)
- 17.4. Market Revenue, by Connectivity Type (2017-2030)
- 17.5. Market Revenue, by Ownership Type (2017-2030)
- 17.6. Market Revenue, by Operation Type (2017-2030)
Chapter 18. Spain Market
- 18.1. Overview
- 18.2. Market Revenue, by Technology (2017-2030)
- 18.3. Market Revenue, by Utility (2017-2030)
- 18.4. Market Revenue, by Connectivity Type (2017-2030)
- 18.5. Market Revenue, by Ownership Type (2017-2030)
- 18.6. Market Revenue, by Operation Type (2017-2030)
Chapter 19. Japan Market
- 19.1. Overview
- 19.2. Market Revenue, by Technology (2017-2030)
- 19.3. Market Revenue, by Utility (2017-2030)
- 19.4. Market Revenue, by Connectivity Type (2017-2030)
- 19.5. Market Revenue, by Ownership Type (2017-2030)
- 19.6. Market Revenue, by Operation Type (2017-2030)
Chapter 20. China Market
- 20.1. Overview
- 20.2. Market Revenue, by Technology (2017-2030)
- 20.3. Market Revenue, by Utility (2017-2030)
- 20.4. Market Revenue, by Connectivity Type (2017-2030)
- 20.5. Market Revenue, by Ownership Type (2017-2030)
- 20.6. Market Revenue, by Operation Type (2017-2030)
Chapter 21. India Market
- 21.1. Overview
- 21.2. Market Revenue, by Technology (2017-2030)
- 21.3. Market Revenue, by Utility (2017-2030)
- 21.4. Market Revenue, by Connectivity Type (2017-2030)
- 21.5. Market Revenue, by Ownership Type (2017-2030)
- 21.6. Market Revenue, by Operation Type (2017-2030)
Chapter 22. Australia Market
- 22.1. Overview
- 22.2. Market Revenue, by Technology (2017-2030)
- 22.3. Market Revenue, by Utility (2017-2030)
- 22.4. Market Revenue, by Connectivity Type (2017-2030)
- 22.5. Market Revenue, by Ownership Type (2017-2030)
- 22.6. Market Revenue, by Operation Type (2017-2030)
Chapter 23. South Korea Market
- 23.1. Overview
- 23.2. Market Revenue, by Technology (2017-2030)
- 23.3. Market Revenue, by Utility (2017-2030)
- 23.4. Market Revenue, by Connectivity Type (2017-2030)
- 23.5. Market Revenue, by Ownership Type (2017-2030)
- 23.6. Market Revenue, by Operation Type (2017-2030)
Chapter 24. Brazil Market
- 24.1. Overview
- 24.2. Market Revenue, by Technology (2017-2030)
- 24.3. Market Revenue, by Utility (2017-2030)
- 24.4. Market Revenue, by Connectivity Type (2017-2030)
- 24.5. Market Revenue, by Ownership Type (2017-2030)
- 24.6. Market Revenue, by Operation Type (2017-2030)
Chapter 25. Mexico Market
- 25.1. Overview
- 25.2. Market Revenue, by Technology (2017-2030)
- 25.3. Market Revenue, by Utility (2017-2030)
- 25.4. Market Revenue, by Connectivity Type (2017-2030)
- 25.5. Market Revenue, by Ownership Type (2017-2030)
- 25.6. Market Revenue, by Operation Type (2017-2030)
Chapter 26. Saudi Arabia Market
- 26.1. Overview
- 26.2. Market Revenue, by Technology (2017-2030)
- 26.3. Market Revenue, by Utility (2017-2030)
- 26.4. Market Revenue, by Connectivity Type (2017-2030)
- 26.5. Market Revenue, by Ownership Type (2017-2030)
- 26.6. Market Revenue, by Operation Type (2017-2030)
Chapter 27. South Africa Market
- 27.1. Overview
- 27.2. Market Revenue, by Technology (2017-2030)
- 27.3. Market Revenue, by Utility (2017-2030)
- 27.4. Market Revenue, by Connectivity Type (2017-2030)
- 27.5. Market Revenue, by Ownership Type (2017-2030)
- 27.6. Market Revenue, by Operation Type (2017-2030)
Chapter 28. U.A.E. Market
- 28.1. Overview
- 28.2. Market Revenue, by Technology (2017-2030)
- 28.3. Market Revenue, by Utility (2017-2030)
- 28.4. Market Revenue, by Connectivity Type (2017-2030)
- 28.5. Market Revenue, by Ownership Type (2017-2030)
- 28.6. Market Revenue, by Operation Type (2017-2030)
Chapter 29. Competitive Landscape
- 29.1. List of Market Players and their Offerings
- 29.2. Competitive Benchmarking of Key Players
- 29.3. Product Benchmarking of Key Players
- 29.4. Recent Strategic Developments
Chapter 30. Company Profiles
- 30.1. Panasonic Industry Co. Ltd.
- 30.1.1. Business overview
- 30.1.2. Product and service offerings
- 30.1.3. Key financial summary
- 30.2. sonnen GmbH
- 30.2.1. Business overview
- 30.2.2. Product and service offerings
- 30.2.3. Key financial summary
- 30.3. VARTA AG
- 30.3.1. Business overview
- 30.3.2. Product and service offerings
- 30.3.3. Key financial summary
- 30.4. Enphase Energy Inc.
- 30.4.1. Business overview
- 30.4.2. Product and service offerings
- 30.4.3. Key financial summary
- 30.5. Samsung SDI Co. Ltd.
- 30.5.1. Business overview
- 30.5.2. Product and service offerings
- 30.5.3. Key financial summary
- 30.6. Saft Groupe SAS
- 30.6.1. Business overview
- 30.6.2. Product and service offerings
- 30.6.3. Key financial summary
- 30.7. LG Energy Solution Ltd.
- 30.7.1. Business overview
- 30.7.2. Product and service offerings
- 30.7.3. Key financial summary
- 30.8. BYD Company Limited
- 30.8.1. Business overview
- 30.8.2. Product and service offerings
- 30.8.3. Key financial summary
- 30.9. Huawei Technologies Co. Ltd.
- 30.9.1. Business overview
- 30.9.2. Product and service offerings
- 30.9.3. Key financial summary
- 30.10. Eaton Corporation plc
- 30.10.1. Business overview
- 30.10.2. Product and service offerings
- 30.10.3. Key financial summary
- 30.11. Solar Technology AG
- 30.11.1. Business overview
- 30.11.2. Product and service offerings
- 30.11.3. Key financial summary
- 30.12. GoodWe Technologies Co. Ltd.
- 30.12.1. Business overview
- 30.12.2. Product and service offerings
- 30.12.3. Key financial summary
- 30.13. Hitachi Energy Ltd.
- 30.13.1. Business overview
- 30.13.2. Product and service offerings
- 30.13.3. Key financial summary
Chapter 31. Appendix
- 31.1. Abbreviations
- 31.2. Sources and References
- 31.3. Related Reports
