Industry Overview of Residential Energy Storage System Market
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 a Residential Energy Storage System?
A residential energy storage system (ESS) is an advanced device designed to store surplus energy, including mechanical, electrical, chemical, and thermal energy, for later use according to demand. It can be integrated with solar power generated from photovoltaic (PV) systems, allowing for the storage of excess energy produced during the day. The residential energy storage system offers various benefits such as reduced energy waste, enhanced power security, improved reliability and resilience, reduced environmental impact, emergency backup power, and financial savings by lowering electricity bills. It is also known for its flexibility, safety, ease of installation, reduced reliance on the grid, and the ability to maximize self-consumption of solar energy. As a result, residential ESS installations are increasingly common in residential properties, ensuring a continuous and uninterrupted power supply.
How Big Is the Residential Energy Storage System Market?
|
Market Size in 2022 |
US$ 847.5 Million |
|
Market Forecast in 2028 |
US$ 2,846.86 Million |
|
Growth rate (2023 to 2028) |
CAGR of 21.93% |
|
Base Year of the Analysis |
2022 |
|
Forecast Period |
2023-2028 |
What Are the Growth Prospects and Trends in The Residential Energy Storage System Industry?
The increasing need for reliable and uninterrupted power supply for various household activities is a key driver of the residential energy storage system market. The adoption of lithium-ion rechargeable batteries, known for their efficiency, affordability, and longer charge retention, is also contributing to market growth. There is a growing demand for residential energy storage devices that can reduce dependence on the grid, offer tax benefits, optimize power quality, and alleviate peak load on local networks. Government initiatives promoting green energy solutions have encouraged users to replace traditional power plants with energy storage systems, supporting renewable energy generation and improving grid reliability. Additionally, leading manufacturers are developing customizable intelligent home products, further stimulating the residential energy storage system market.
What is included in market segmentation?
The report provides detailed segmentation of the global residential energy storage system market based on based on technology type, power rating, ownership type, connectivity type and region.
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:
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.
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