Residential Energy Storage Market and Projected to Reach US$ 17.5 Billion Growing at CAGR 22.88% to 2024

Residential Energy Storage Market and Projected to Reach US$ 17.5 Billion Growing at CAGR 22.88% to 2024

The Global Residential Energy Storage Market is committed fulfilling the requirements of the clients by giving them thorough insights into the market. An exclusive data offered in this report is collected by research and industry experts team.

The Global Residential Energy Storage Market is projected to reach US$ 17.5 Billion by 2024 from an estimated US$ 6.3 Billion in 2019, at a CAGR of 22.88% during the forecast period. Residential Energy Storage Market spread across 135 pages, profiling 12 companies and supported with 71 tables and 42 figures is now available in this research report.

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The Lithium-ion segment is expected to hold the largest market share and be the fastest growing segment during the forecast period because of the declining price of lithium batteries and high efficiency. Increasing emission control regulations and continuous revisions in environmental regulations have led to the increasing use of lithium-ion batteries.

The Solar and storage segment, by operation type, is estimated to be the largest and fastest growing segment during the forecast period. The solar and storage segment is growing due to the need for energy self-sufficiency and the governments providing financial incentives for energy storage to residential consumers. The growth of solar PV installations due to a drop in prices is another major reason for the growth of solar and storage segment.

The Asia Pacific region is expected to be the largest residential energy storage market by 2024.The residential energy storage market in this region is mainly driven by seaborne trade, which has subsequently led to an increase in demand for ships used to transport manufactured goods to various regions worldwide. The growth of this region is primarily driven by countries such as China, Australia, and Japan, which, are installing storage solutions for residential end-users.

Breakdown of Primary Participants’ Profile:

  • By Company Type: Tier 1- 62%, Tier 2-22%, and Tier 3-16%
  • By Designation: C-Level- 45%, Director Level- 25%, and Others- 30%
  • By Region: Asia Pacific- 45%, Europe- 15%, North America- 24%,the Middle East& Africa- 6%, and South America- 10%

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Research Coverage:

The Report defines, describes, and forecasts the residential energy storage market, by power rating, operation type, technology, ownership type, connectivity type, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the residential energy storage market.

Competitive Landscape of Residential Energy Storage Market:

1 Overview

2.2 Market Share Analysis

3 Competitive Scenario

3.1 New Product Developments

3.2 Partnerships

3.3 Contracts & Agreements

3.4 Expansions & Investments

3.5 Others

4 Competitive Leadership Mapping

4.1 Visionary Leaders

4.2 Innovators

4.3 Dynamic

4.4 Emerging

Most Popular Companies in the Residential Energy Storage Market include are Huawei (China), Samsung SDI Co. Ltd. (South Korea), Tesla (US), LG Chem (South Korea), SMA Solar Technology (Germany), BYD (China), Siemens (Germany), Eaton (Ireland), Schneider Electric (France), ABB (Switzerland), Tabuchi Electric (Japan), and Eguana Technologies (Canada).

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