Chicago, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Residential Energy Storage Market size is projected to grow from USD 719 million in 2022 to USD 1,828 million by 2027, at a CAGR of 20.5% according to a new report by MarketsandMarkets™. Declining costs of lithium-ion batteries and high investment by the government is supporting the market for the growth.

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297 – Tables
58 – Figures
271– Pages

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Scope of the Report

By technology, Residential Energy Storage Market is segmented into lithium-ion and lead-acid. The lithium-ion are expected to grow at the highest rate in forecast period, owing to cost effectiveness and increasing manufacturing sites by various companies such as Tesla (US), BYD Company Ltd (China).

By operation type, residential energy storage is segmented into standalone systems and solar and storage systems. The solar and storage systems accounted for the largest market share and are expected to grow at the highest rate in the forecast period owing to the increased solar PV installations.

By ownership type, residential energy storage is segmented into customer-owned, utility-owned and third-party-owned. Utility-owned segment is expected to grow at the second highest rate in the market for residential energy storage during the forecast period, owing to expiring the feed-in-tariff contracts.

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The report is segmented by power rating, in Residential Energy Storage Market, into 3 – 6 kW, 6 – 10 kW, 10 – 20 kW. 3 – 6 kW is expected to grow at the second highest rate in forecast period, due to need of emergency backup power during natural disasters and long duration power outages.

The report segments the Residential Energy Storage Market, by connectivity, into on-grid and off-grid. On-grid segment held the largest market share and was expected to grow at the highest rate due to lower upfront costs and high frequency of power cuts.

The Asia Pacific region is the fastest growing Residential Energy Storage Market

Asia pacific is estimated to be the fastest growing market for Residential Energy Storage Market during the forecast period. The region has been segmented by country, into China, India, Japan, Australia, South Korea, and Rest of Asia Pacific which includes Philippines, Indonesia and Thailand. The dominance of Asia Pacific region can be attributed to the rapidly falling battery costs and increasing requirements to improve grid infrastructure and reliability.

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Key Market Players

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Residential Energy Storage Market.

Some of the key players include Tesla (US), VARTA AG (Germany), Enphase Energy (US), BYD Company Ltd (China), Sonnen GmbH (Germany), LG Energy Solution (South Korea). The leading players are adopting various strategies to increase their share in the Residential Energy Storage Market.

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