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Residential Energy Storage Market (16.0% CAGR) 2019 To 2027: Global Industry Size, Share, Growth, Trends, and Forecast

The latest market report published by Acute Market Reports, Inc. “Residential Energy Storage Market – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the residential energy storage market was valued at US$ 5.99 billion in 2018 and is expected to grow at CAGR by 16.0 per cent over the forecast period from 2019 to 2027.

Market Insights

Government support along with financial incentives for renewable energy worldwide will enhance the market growth globally

Increased storage opportunities for batteries from national policies and government financial initiatives are aimed at boosting the market for residential energy storage. Many countries are adopting a hybrid energy system such as renewables plus storage to reduce their dependence on energy imports, move towards environmental objectives, fill gaps in their generation mix, decarbonize targets, and enhance the reliability and resilience of their systems. Furthermore, energy storage will benefit from broad policy mandates linked to quality-of-life objectives and urbanization in developing countries.

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For Instance, India’s initiatives for the “Smart City” project use a competitive model to support the deployment of smart technologies in 100 cities across the country. Moreover, in order to meet the aggressive policy objectives, India recently launched its first grid-scale battery storage system for peak load management, along with a potential boom for the residential energy storage systems.

Increasing demand for Li-Ion batteries and decreasing its cost will ramp up the residential energy storage market

The lithium-ion-based energy storage systems accounted to hold a market share of around 60% in 2018. Li-ion batteries provide various technological advantages like lead-acid batteries. In addition, the increase in the adoption of Li-ion batteries due to their technological advantage is the most energetic rechargeable batteries available. Moreover, the replacement of conventional batteries due to its techno-economic benefits have increased the use of Li-ion batteries globally. For instance, from 2017 the lithium-ion battery prices fall continuously by around 22% in 2017 from 2016 levels.

However, this sustained and sharp cost reduction in Li-ion batteries expected to drive the market for residential energy storage. Furthermore, the growing application of li-ion batteries in new markets like renewables like hydro, solar, wind and paired with the energy storage systems (ESS), for both residential and commercial applications during the forecast period.

Industrial Developments

• In March 2019, Eguana Technologies and PurePoint Energy jointly collaborated in order to provide smart energy storage systems and services to the household in Connecticut, U.S.
• In March 2019, Siemens AG moved into the battery storage system with the launch of the June light Smart Battery System. This battery system predicts and co-ordinates charging and discharging depending upon the weather conditions.
• In January 2019, Eguana and Class A Energy Solutions collaborated to deliver the Evolve system, under Home Battery Scheme, owing to provide a complete range of solutions for commercial and residential customers across Australia.

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Key Market Movements:

• Globally, the residential energy storage market is rising at a CAGR of 16.0% for the estimated period from 2019 to 2027.
• In 2018, Europe has dominated the residential energy storage market owing to witnessing high growth, and rapid adoption of rooftop solar power.
• The residential energy storage markets in North America is projected to be the second-largest region with countries like the U.S., Mexico, and Canada for the residential energy storage system.
• The Asia Pacific region projected to hold the fastest growing market for residential energy storage owing to its growing demand towards renewables, rapid economic development and increasing demand for self-sufficient energy.
• The Middle East and Africa to create a moderate incremental opportunity with the increasing use of renewable energy over the forecast period.
• An increasing number of government initiatives, smart infrastructural development, and increased investments for the use of renewables in the emerging nations will drive the overall demand.

List of Companies Covered:

• ABB Ltd.
• Samsung SDI Co Ltd
• Tesla Inc
• BYD Co Ltd
• Eguana Technologies Inc
• Schneider Electric SE
• Siemens AG
• Huawei Technologies
• Eaton
• LG Chem Ltd
• Tabuchi Electric Co Ltd
• SMA Solar Technology AG

Market Segmentation

 By Connectivity Type

 • On-Grid

 • Off-Grid

By Technology Type

 • Lithium-Ion

 • Lead Acid

 By Operation Type

 • Standalone Systems

 • Solar and Storage Systems

By Geography Segment Type

  • North America (the U.S., Rest of North America)
  • Europe (U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, Japan, India, Rest of Asia Pacific)
  • Rest of the World (the Middle East & Africa, Latin America)

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