Residential Energy Storage Market by Power Rating (3–6 kW & 6–10 kW), Connectivity (On-Grid & Off-Grid), Technology (Lead–Acid & Lithium-Ion), Ownership (Customer, Utility, & Third-Party), Operation (Standalone & Solar), Region - Global Forecast to 2024
[135 Pages Report] The global residential energy storage market is projected to reach USD 17.5 billion by 2024 from an estimated USD 6.3 billion in 2019, at a CAGR of 22.88% during the forecast period. This growth can be attributed to factors such as declining cost of batteries, regulatory support and financial incentives, and the need for energy self-sufficiency from consumers. Residential energy storage systems provide backup power during power outages, and therefore, play a vital role in the energy industry.
By power rating, the 3–6 kW segment is expected to be the largest contributor to the residential energy storage market during the forecast period.
The report segments the residential energy storage market, by power rating, into 3–6 kW and 6–10 kW. The 3–6 kW segment is expected to hold the largest market share by 2024. The 3–6 kW residential energy storage market provides backup power during grid failures. Countries are also using 3–6 kW batteries for EV charging where solar PVs are directly providing energy to EVs without an increase in the energy bills.
The lithium-ion segment is expected to be the largest contributor during the forecast period.
The residential energy storage market, by technology, is segmented into lithium-ion and lead–acid. The lithium-ion segment is expected to hold the largest market share and be the fastest growing market with decreasing lithium-ion battery costs and high efficiency. Furthermore, environmental policies and regulations are also driving the growth of the lithium-ion energy storage market in the residential sector.
Asia Pacific is expected to account for the largest market size during the forecast period.
In this report, the residential energy storage market has been analyzed with respect to 5 regions, namely, North America, Europe, South America, Asia Pacific, and the Middle East & Africa. Asia Pacific is estimated to be the largest market from 2019 to 2024. 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. Over the past few years, this region has witnessed rapid economic development as well as the growth of the renewables and demand for energy self-sufficiency, which has resulted in an increase in the demand for energy storage options.
Key Market Players
The major players in the residential energy storage market 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), and ABB (Switzerland).
Recent Developments
- In March 2019, PurePoint Energy and Eguana Technologies partnered to provide smart energy storage systems and service to homeowners in Connecticut, US.
- In February 2019, Siemens launched the Junelight product in the European residential energy storage market which also represents the strength of the European energy storage market.
- In January 2019, Class A Energy Solutions and Eguana formed a partnership to deliver the Evolve system, under the Home Battery Scheme. They also have plans to provide a complete range of solutions for residential and commercial customers across Australia.
- In December 2018, SMA Solar Technology launched the first 3-phase PV inverter that is also designed for low-power classes that ensure higher energy yields and investment security for operators of residential PV systems.
- In October 2018, SMA and BYD collaborated successfully in the European market and APAC region and further strengthened their partnership to jointly address additional markets with high growth potentials such as the US and Africa.
Key Questions Addressed by the Report
- The report identifies and addresses the key markets for the residential energy storage market, which would help various stakeholders such as assembly, testing, and packaging vendors; companies related to the energy storage industry; consulting companies in the energy and power sector; electrical distribution utilities; EV players; government and research organizations; inverter and battery manufacturing companies; investment banks; organizations, forums, alliances, and associations; low- and medium voltage distribution substations; residential energy consumers; solar equipment manufacturing companies; solar panel manufacturers, dealers, installers, and suppliers; state and national regulatory authorities; and venture capital firms.
- The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand the strategies of their competitors better and make effective strategic decisions.
- The report addresses the market share analysis of key players in the residential energy storage market, and with the help of this, companies can enhance their revenues in the respective market.
- The report provides insights about emerging geographies for the residential energy storage market, and hence, the entire market ecosystem can gain a competitive advantage from such insights.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 16)
1.1 Objectives of the Study
1.2 Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regional Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Limitation
1.7 Stakeholders
2 Research Methodology (Page No. - 20)
2.1 Market Size Estimation
2.1.1 Ideal Demand-Side Analysis
2.1.1.1 Assumptions
2.1.2 Supply-Side Analysis
2.1.2.1 Calculation
2.1.3 Forecast
3 Executive Summary (Page No. - 24)
4 Premium Insights (Page No. - 29)
4.1 Global Residential Energy Storage Market, 2019–2024
4.2 Residential Energy Storage, By Power Rating
4.3 Residential Energy Storage Market, By Ownership Type
4.4 Residential Energy Storage Market, By Connectivity Type
4.5 Residential Energy Storage Market, By Technology
4.6 Residential Energy Storage Market, By Operation Type
4.7 Asia Pacific Residential Energy Storage Market
5 Market Overview (Page No. - 33)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Declining Cost of Lithium-Ion Batteries
5.2.1.2 Regulatory Support and Financial Incentives
5.2.1.3 Need for Energy Self-Sufficiency From Consumers
5.2.2 Restraints
5.2.2.1 Price Sensitivity in Developing Countries
5.2.2.2 Lack of Standards & Interoperability
5.2.3 Opportunities
5.2.3.1 Rising Use of Electric Vehicles (EVS)
5.2.3.2 Declining Feed-In Tariffs/Net Metering
5.2.4 Challenges
5.2.4.1 Lack of Awareness About Energy Storage Solutions
5.2.4.2 Overheating of Lithium-Ion Batteries
6 Residential Energy Storage Market, By Power Rating (Page No. - 38)
6.1 Introduction
6.2 3–6 kW
6.2.1 Need for Backup Power During Natural Disasters are Expected to Drive the 3–6 kW Segment
6.3 6–10 kW
6.3.1 Unreliable Grids and Long-Duration Power Outages are Driving the 6–10 kW Segment
7 Residential Energy Storage, By Technology (Page No. - 42)
7.1 Introduction
7.2 Lithium-Ion
7.2.1 Decreasing Costs of Batteries is Expected to Drive the Lithium-Ion Segment
7.3 Lead–Acid
7.3.1 High Expected Lifetime of Lead–Acid Batteries is Expected to Drive the Segment
8 Residential Energy Storage Market, By Ownership Type (Page No. - 46)
8.1 Introduction
8.2 Customer Owned
8.2.1 Need for Self-Sufficiency and Backup Power During Natural Disasters is Expected to Drive the Customer Owned Segment
8.3 Utility Owned
8.3.1 Growing Financial Incentives and Regulatory Support is Driving the Utility Segment
8.4 Third-Party Owned
8.4.1 High Upfront Costs and Low Per Capita Incomes are Expected to Drive the Third-Party Segment
9 Residential Energy Storage, By Operation Type (Page No. - 51)
9.1 Introduction
9.2 Standalone Systems
9.2.1 Lower Upfront Costs of Standalone Systems is Expected to Drive the Standalone Systems Segment
9.3 Solar and Storage
9.3.1 Need for Energy Self-Sufficiency and Lowering Solar Pv Costs are Expected to Drive the Solar and Storage Segment
10 Residential Energy Storage, By Connectivity Type (Page No. - 55)
10.1 Introduction
10.2 On-Grid
10.2.1 Lower Upfront Costs of On-Grid is Expected to Drive the On-Grid Segment
10.3 Off-Grid
10.3.1 Portability and Need for Energy Self-Sufficiency are Expected to Drive the Off-Grid Segment
11 Residential Energy Storage Market, By Region (Page No. - 59)
11.1 Introduction
11.2 North America
11.2.1 By Power Rating
11.2.2 By Technology Type
11.2.3 By Operation Type
11.2.4 By Ownership
11.2.5 By Conectivity
11.2.6 By Country
11.2.6.1 US
11.2.6.1.1 Supportive Policies and Energy Storage Subsidies are Driving the Market for Residential Energy Storage
11.2.6.2 Canada
11.2.6.2.1 Rising Energy Costs and Need to Reduce Emissions are Driving the Residential Energy Storage Cost
11.2.6.3 Mexico
11.2.6.3.1 Demand for Peak Power Reduction and Renewable Energy Integration is Driving the Residential Energy Storage Market
11.3 Asia Pacific
11.3.1 By Power Rating
11.3.2 By Technology Type
11.3.3 By Operation Type
11.3.4 By Ownership Type
11.3.5 By Connectivity Type
11.3.6 By Country
11.3.6.1 China
11.3.6.1.1 Need for Grid Stability and Countermeasure Against the Extensive Penetration of Intermittent Power are Driving the Market
11.3.6.2 India
11.3.6.2.1 Need to Manage Peak Load and Efficient Utilization of Distributed Renewables are Expected to Drive the Market
11.3.6.3 Japan
11.3.6.3.1 Threat of Frequent Natural Disasters and Need to Optimize Energy Use are Driving the Market
11.3.6.4 Australia
11.3.6.4.1 Rising Rooftop Solar Installation and Supportive Legislations are Driving the Market
11.3.6.5 South Korea
11.3.6.5.1 Need for Power Quality and Demand Management is Driving the Market
11.3.6.6 Rest of Asia Pacific
11.3.6.6.1 Land Constraint and Need for A Reliable Supply of Grid are Driving the Market
11.4 Europe
11.4.1 By Power Rating
11.4.2 By Technology Type
11.4.3 By Operation Type
11.4.4 By Ownership Type
11.4.5 By Connectivity Type
11.4.6 By Country
11.4.6.1 UK
11.4.6.1.1 Incentives for Residential Energy Storage are Driving the Market
11.4.6.2 Germany
11.4.6.2.1 Need for Energy Security and Increasing Rooftop Solar Power Generation are Driving the Market
11.4.6.3 Italy
11.4.6.3.1 Reducing Peak Demand and Growing Rooftop Solar Power Generation are Driving the Market
11.4.6.4 Spain
11.4.6.4.1 Integration of Solar Power Generation With Energy Storage is Driving the Market
11.4.6.5 Rest of Europe
11.4.6.5.1 Regulatory and Policy Support Would Drive the Residential Energy Storage Market
11.5 Middle East & Africa
11.5.1 By Power Rating
11.5.2 By Technology Type
11.5.3 By Operation Type
11.5.4 By Ownership Type
11.5.5 By Connectivity Type
11.5.6 By Country Type
11.5.6.1 Saudi Arabia
11.5.6.1.1 Rising Energy Prices and the Need for Renewable Power Generation is Driving the Market
11.5.6.2 UAE
11.5.6.2.1 Grid Stability and Flexibility Through Residential Energy Storage is Driving the Market
11.5.6.3 South Africa
11.5.6.3.1 Grid Connectivity and Proposed Solar and Storage Projects are Expected to Drive the Market
11.5.6.4 Rest of Middle East & Africa
11.5.6.4.1 Need to Reduce the Peak Energy Demand is Driving the Market
11.6 South America
11.6.1 By Power Rating
11.6.2 By Technology
11.6.3 By Operation Type
11.6.4 By Ownership
11.6.5 By Connectivity
11.6.6 By Country
11.6.6.1 Brazil
11.6.6.1.1 Need for New Tariff Plans and Tackling Power Outages is Driving the Market
11.6.6.2 Chile
11.6.6.2.1 Rapid Frequency Response and Need for Energy Backup is Driving the Market
11.6.6.3 Rest of South America
11.6.6.3.1 Need to Reduce Energy Generation Cost is Driving the Market
12 Competitive Landscape (Page No. - 96)
12.1 Overview
12.2 Market Share Analysis
12.3 Competitive Scenario
12.3.1 New Product Developments
12.3.2 Partnerships
12.3.3 Contracts & Agreements
12.3.4 Expansions & Investments
12.3.5 Others
12.4 Competitive Leadership Mapping
12.4.1 Visionary Leaders
12.4.2 Innovators
12.4.3 Dynamic
12.4.4 Emerging
13 Company Profile (Page No. - 104)
13.1 ABB
(Business Overview, Products Offered, Recent Developments, MnM View)*
13.2 Samsung SDI Co., Ltd.
13.3 Tesla
13.4 BYD Compamy Limited
13.5 Eguana Technologies
13.6 Schneider Electric
13.7 Siemens
13.8 Huawei
13.9 Eaton
13.10 LG Chem
13.11 Tabuchi Electric
13.12 SMA Solar Technology
*Details on Business Overview, Products Offered, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.
14 Appendix (Page No. - 128)
14.1 Insights of Industry Experts
15.1 Knowledge Store: Marketsandmarkets’ Subscription Portal
15.2 Available Customizations
15.3 Related Reports
15.4 Author Details
List of Tables (71 Tables)
Table 1 Declining Cost of Lithium-Ion Batteries and Financial Incentives & Regulatory Support are the Major Determining Factor for the Residential Energy Storage Market
Table 2 Residential Energy Storage Market Snapshot
Table 3 Residential Energy Storage Market Size, By Power Rating, 2017–2024 (USD Million)
Table 4 3–6 kW: Residential Energy Storage Market Size, By Region, 2017–2024 (USD Million)
Table 5 6–10 kW: Market Size, By Region, 2017–2024 (USD Million)
Table 6 Residential Energy Storage Market Size, By Technology, 2017–2024 (USD Million)
Table 7 Lithium-Ion: Global Residential Enrgy Storage Market Size, By Region, 2017–2024 (USD Million)
Table 8 Lead–Acid: Energy Storage Market Size, By Region, 2017–2024 (USD Million)
Table 9 Residential Energy Storage Market Size, By Ownership Type, 2017–2024 (USD Billion)
Table 10 Customer Owned: Energy Storage Market Size, By Region, 2017–2024 (USD Million)
Table 11 Utility Owned: Residential Enrgy Storage Market Size, By Region, 2017–2024 (USD Million)
Table 12 Third-Party Owned: Residential Enrgy Storage Market Size, By Region, 2017–2024 (USD Million)
Table 13 Residential Energy Storage Market Size, By Operation Type, 2017–2024 (USD Million)
Table 14 Standalone Systems: Global Residential Enrgy Storage Market Size, By Region, 2017–2024 (USD Million)
Table 15 Solar and Storage: Residential Energy Storage Market Size, By Region, 2017–2024 (USD Million)
Table 16 Residential Energy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 17 On-Grid: Global Residential Energy Storage Market Size, By Region, 2017–2024 (USD Million)
Table 18 Off-Grid: Residential Energy Storage Market Size, By Region, 2017–2024 (USD Million)
Table 19 Residential Energy Storage Market Size, By Region, 2017–2024 (USD Million)
Table 20 North America: Residential Energy Storage Market Size, By Power Rating, 2017–2024 (USD Million)
Table 21 North America: Market Size, By Technology Type, 2017–2024 (USD Million)
Table 22 North America: Market Size, By Operation Type, 2017–2024 (USD Million)
Table 23 North America: Market Size, By Ownership Type, 2017–2024 (USD Million)
Table 24 North America: Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 25 North America: Market Size, By Country, 2017–2024 (USD Million)
Table 26 US: Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 27 Canada: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 28 Mexico: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 29 Asia Pacfic: Residential Enrgy Storage Market Size, By Power Rating, 2017–2024 (USD Million)
Table 30 Asia Pacific: Market Size, By Technology Type, 2017–2024 (USD Million)
Table 31 Asia Pacific: Market Size, By Operation Type, 2017–2024 (USD Million)
Table 32 Asia Pacific: Market Size, By Ownership Type, 2017–2024 (USD Million)
Table 33 Asia Pacific: Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 34 Asia Pacific: Market Size, By Country, 2017–2024 (USD Million)
Table 35 China: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 36 India: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 37 Japan: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 38 Australia: Residential Enrgy Storage Market Size, By Connectivity Type, 2017-2024 (USD Million)
Table 39 South Korea: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 40 Rest of Asia Pacific: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 41 Europe: Residential Enrgy Storage Market Size, By Power Rating, 2017–2024 (USD Million)
Table 42 Europe: Market Size, By Technology Type, 2017–2024 (USD Million)
Table 43 Europe: Market Size, By Operation Type, 2017–2024 (USD Million)
Table 44 Europe: Market Size, By Ownership Type, 2017–2024 (USD Million)
Table 45 Europe: Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 46 Europe: Market Size, By Country, 2017–2024 (USD Million)
Table 47 UK: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 48 Germany: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 49 Italy: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 50 Spain: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 51 Rest of Europe: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 52 Middle East & Africa: Residential Enrgy Storage Market Size, By Power Rating, 2017–2024 (USD Million)
Table 53 Middle East & Africa: Market Size, By Technology Type, 2017–2024 (USD Million)
Table 54 Middle East & Africa: Market Size, By Operation Type, 2017–2024 (USD Million)
Table 55 Middle East & Africa: Market Size, By Ownership Type, 2017–2024 (USD Million)
Table 56 Middle East & Africa: Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 57 Middle East & Africa: Market Size, By Country, 2017–2024 (USD Million)
Table 58 Saudi Arabia: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 59 UAE: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 60 South Africa: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 61 Rest of Middle East & Africa: Residential Enrgy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 62 South America: Residential Enrgy Storage Market Size, By Power Rating, 2017–2024 (USD Million)
Table 63 South America: Market Size, By Technology Type, 2017–2024 (USD Million)
Table 64 South America: Market Size, By Operation Type, 2017–2024 (USD Million)
Table 65 South America: Market Size, By Ownership Type, 2017–2024 (USD Million)
Table 66 South America: Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 67 South America: Market Size, By Country, 2017–2024 (USD Million)
Table 68 Brazil: Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 69 Chile: Energy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 70 Rest of South America: Energy Storage Market Size, By Connectivity Type, 2017–2024 (USD Million)
Table 71 Eguana Technologies Was the Most Active Player in the Residential Enrgy Storage Market Between 2016 and 2019
List of Figures (42 Figures)
Figure 1 Some of the Insights of Industry Experts
Figure 2 Customer Owned Segment Led the Residential Energy Storage Market, By Ownership Type in 2018
Figure 3 3–6 kW Segment is Expected to Lead the Residential Energy Storage Market, By Power Rating, During the Forecast Period
Figure 4 Lithium-Ion Segment is Expected to Lead the Residential Energy Storage Market, By Technology, During the Forecast Period
Figure 5 Solar and Storage Segment is Expected to Lead the Residential Energy Storage Market, By Operation Type, During the Forecast Period
Figure 6 On-Grid Segment is Expected to Lead the Residential Energy Storage Market, By Connectivity Type, During the Forecast Period
Figure 7 North American Market is Expected to Grow at the Fastest CAGR in the Residential Energy Storage Market, By Region, During the Forecast Period
Figure 8 Declining Costs of Lithium-Ion Batteries are Expected to Drive the Residential Energy Storage Market During the Forecast Period
Figure 9 6–10 kW Segment Led the Residential Energy Storage Market in 2018
Figure 10 Customer Owned Segment is Expected to Grow Globally in the Residential Energy Storage Market During the Forecast Period
Figure 11 On-Grid Segment Led the Residential Enrgy Storage Market in 2018
Figure 12 Lithium-Ion Segment Led the Residential Enrgy Storage Market in 2018
Figure 13 Solar and Storage Segment Led the Residential Enrgy Storage Market in 2018
Figure 14 Australia Was the Largest Residential Enrgy Storage Market in Asia Pacific, in 2018
Figure 15 Drivers, Restraints, Opportunities, and Challenges
Figure 16 Lithium-Ion Battery Prices (USD/kWh)
Figure 17 GDP Per Capita Income (USD)
Figure 18 Electric Vehicle Sales in the US During 2011–2018
Figure 19 6–10 kW Segment is Expected to Domiate the Residential Enrgy Storage Market During the Forecast Period
Figure 20 Residential Energy Storage Market, By Technology, 2019–2024 (USD Million)
Figure 21 Customer Owned Segment is Expected to Domiate the Residential Enrgy Storage Market During the Forecast Period
Figure 22 Residential Enrgy Storage Market, By Operation Type, 2019–2024 (USD Million)
Figure 23 Residential Enrgy Storage Market, By Connectivity Type, 2019–2024 (USD Million)
Figure 24 Regional Snapshot: the Market in North America is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 25 Residential Enrgy Storage Market Share (Value), By Region, 2018
Figure 26 North America: Regional Snapshot
Figure 27 Asia Pacific: Regional Snapshot
Figure 28 Key Developments in the Residential Enrgy Storage Market, July 2016–March 2019
Figure 29 Ranking of Key Players, 2018
Figure 30 Residential Enrgy Storage Market (Global) Competitive Leadership Mapping, 2018
Figure 31 ABB: Company Snapshot
Figure 32 Samsung SDI Co., Ltd.: Company Snapshot
Figure 33 Tesla: Company Snapshot
Figure 34 BYD Company Limited: Company Snapshot
Figure 35 Eguana Technologies: Company Snapshot
Figure 36 Schneider Electric: Company Snapshot
Figure 37 Siemens: Company Snapshot
Figure 38 Huawei: Company Snapshot
Figure 39 Eaton: Company Snapshot
Figure 40 LG Chem: Company Snapshot
Figure 41 Tabuchi Electric: Company Snapshot
Figure 42 SMA Solar Technology: Company Snapshot
This study involved 4 major activities in estimating the current market size of the residential energy storage market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were used to estimate the total market size. Thereafter, the market breakdown and data triangulation was done to estimate the market size of the segments and subsegments.
Secondary Research
This research study involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the global residential energy storage market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The residential energy storage market comprises several stakeholders such as assembly, testing, and packaging vendors; companies related to the energy storage industry; consulting companies in the energy and power sector; electrical distribution utilities; EV players; government and research organizations; inverter and battery manufacturing companies; investment banks; organizations, forums, alliances, and associations; low- and medium voltage distribution substations; residential energy consumers; solar equipment manufacturing companies; solar panel manufacturers, dealers, installers, and suppliers; state and national regulatory authorities; and venture capital firms. The demand-side of this market is characterized by the residential consumers, transmission & distribution utilities implementing energy storage in the residential sector. The supply side is characterized by advancements in the battery, inverter, and energy source technologies such as conventional and renewable energy companies. Various primary sources from both the supply- and demand-sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents is as follows:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the size of the global residential energy storage market and its dependent submarkets. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research, and their market shares in the respective regions have been determined through both primary and secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in commercial, offshore support, and other sectors.
Report Objectives
- To define, describe, and forecast the global residential energy storage market by power rating, operation type, technology, ownership type, connectivity type, and region
- To provide detailed information on the major factors influencing the growth of the residential energy storage market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the residential energy storage market with respect to individual growth trends, prospects, and contribution of each segment to the market
- To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders
- To forecast the growth of the residential energy storage market with respect to the major regions (Asia Pacific, Europe, North America, South America, and the Middle East & Africa)
- To strategically profile key players and comprehensively analyze their market rankings and core competencies
- To track and analyze the competitive developments such as contracts & agreements, expansions, new product developments, mergers & acquisitions, and partnerships in the residential energy storage market
Scope of the Report
|
Report Metric |
Details |
|
Market size available for years |
2017–2024 |
|
Base year considered |
2018 |
|
Forecast period |
2019–2024 |
|
Forecast units |
Value (USD) |
|
Segments covered |
Power rating, operation type, technology, ownership type, connectivity type, and region |
|
Geographies covered |
Asia Pacific, North America, Europe, the Middle East & Africa, and South America |
|
Companies covered |
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), and ABB (Switzerland), Tabuchi Electric (Japan), and Eguana Technologies (Canada) |
This research report categorizes the residential energy storage market on the basis of power rating, operation type, technology, ownership type, connectivity type, and region.
On the basis of power rating, the residential energy storage market has been segmented as follows:
- 3–6 kW
- 6–10 kW
On the basis of operation type, the residential energy storage market has been segmented as follows:
- Standalone systems
- Solar and storage
On the basis of technology, the residential energy storage market has been segmented as follows:
- Lithium-ion
- Lead–Acid
On the basis of ownership type, the residential energy storage market has been segmented as follows:
- Customer owned
- Utility owned
- Third-party owned
n the basis of connectivity type, the residential energy storage market has been segmented as follows:
- On-grid
- Off-grid
On the basis of region, the residential energy storage market has been segmented as follows:
- Asia Pacific
- North America
- Europe
- Middle East & Africa
- South America
Available Customizations:
With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:
Regional Analysis
Further breakdown of region or country-specific analysis
Company Information
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Growth opportunities and latent adjacency in Residential Energy Storage Market