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 advanced device that is specially designed to supply and store surplus amounts of mechanical, electrical, chemical, and thermal energy for later consumption as per the requirement. It can be combined with solar power that is manufactured from photovoltaic (PV) systems, and the battery facilitates the accumulation of energy generated during the day. The residential energy storage system provides greater reduction in energy waste, increased power security, improved reliability and resilience, minimized environmental impact, emergency backup, better financial savings by decreasing the electric bill price, etc. In addition to this, it is flexible, safe, easy to install, reduces the dependence on the grid system, etc., and offers maximized self-supply of solar. Consequently, residential ESS is widely installed in the residential sector to have an 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 inflating need for uninterrupted and stable power to perform various household activities is primarily driving the residential energy storage system market. Additionally, the growing adoption of lithium-ion (Li-ion) rechargeable batteries, owing to their numerous benefits, such as improved power efficiency, affordability, and longer charge retention than other conventional batteries, is further catalyzing the market growth. Besides this, the escalating demand for residential energy storage devices that reduce the involvement of additional incentives by offering tax benefits, eliminating peak load on the local grid networks, optimizing power quality, etc., is acting as another significant growth-inducing factor. Moreover, the launch of favorable green initiatives by government bodies has prompted users to replace thermal power plants with ESS to support renewable energy generation and enhance grid reliability, which is positively influencing the global market. Apart from this, the development of customizable intelligent home product variants by leading manufacturers is expected to fuel the residential energy storage system market over the forecasted period.
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.