IMARC Group, a leading market research company, has recently releases report titled “Residential Energy Storage System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global residential energy storage system market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What is Residential Energy Storage System?
A Residential Energy Storage System (ESS) represents an innovative technology crafted to efficiently store and regulate energy within residential environments. This sophisticated system incorporates state-of-the-art battery storage solutions, empowering homeowners to capture excess energy harnessed from renewable sources like solar panels or wind turbines. Characterized by safety, adaptability, and straightforward installation, it lessens dependence on the conventional grid infrastructure while amplifying the capacity for self-supplied solar energy. This technology elevates self-sufficiency in energy, heightens energy utilization efficiency, and curtails reliance on conventional power networks. By bestowing heightened energy stability and adaptability, Residential ESS emerges as a promising avenue in the journey toward an eco-friendlier and more sustainable future.
How Big Is the Residential Energy Storage System Market?
The global residential energy storage system market size reached US$ 847.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,846.86 Million by 2028, exhibiting a growth rate (CAGR) of 21.93% during 2023-2028.
Global Residential Energy Storage System Market Trends and Drivers:
The escalating global electricity consumption emerges as a pivotal driver fueling the demand for Residential Energy Storage Systems (ESS), aimed at curtailing instances of power outages in residential spaces. Additionally, the heightened adoption of Renewable Energy ESS (REES) as a dependable power source during emergencies, especially in regions vulnerable to natural calamities like hurricanes or wildfires, is significantly bolstering market expansion. Furthermore, the increased incorporation of intelligent home systems within REES solutions empowers homeowners to regulate and monitor their energy consumption more effectively. Concurrently, the surging trend of smart homes, propelled by rapid urbanization, enhanced lifestyles, and burgeoning income levels, contributes positively to the market dynamics.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Technology Type Insights:
Lithium-ion Batteries
Lead-acid Batteries
Others
Power Rating Insights:
3-6 Kw
6-10 Kw
More Than 10 Kw
Ownership Type Insights:
Customer-owned
Utility-owned
Third-Party Owned
Connectivity Type Insights:
On-Grid
Off-Grid
Regional Insights:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
The Major Players in the market are ABB Ltd., BYD Company Limited, Delta Electronics Inc., Eaton Corporation plc, Eguana Technologies Inc, Enphase Energy Inc, Huawei Technologies Co. Ltd., LG Energy Solution Ltd, Panasonic Corporation, Samsung SDI Co. Ltd, Schneider Electric SE, SENEC (EnBW Energie Baden-Württemberg AG), Sonnen GmbH, Tesla Inc., Varta AG.
