The residential energy storage market is expected to grow from an estimated in USD 719 million in 2022 to USD 1,828 million by 2027, at a CAGR of 20.5% during the forecast period. The rising demand of solar PV installations and the manufacturing of electric vehicles are expected to be the primary drivers of the market.
A few major players that have a wide regional presence dominate the residential energy storage market. The leading players in the residential energy storage market include Tesla (US), Panasonic Holdings Corporation (Japan), BYD Company Ltd (China), LG Energy Solution (South Korea), Enphase Energy (US).
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The major strategies adopted by these players include product launches and new product development, contracts & agreements, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Partnership & collaboration and new product launches were the two most adopted strategy from 2018 to 2022.
Tesla designs, develops, manufactures, and sells high-performance EVs and energy products. The company operates through wholly owned subsidiaries in North America, Europe, and Asia. The key operating segments of the company are Automotive and Energy Generation and Storage. The Energy Generation and Storage segment offers batteries, power electronics, and energy storage products to a wide variety of customers from homes, small commercial facilities, to large industries and utilities. Megapack and Powerwall are the two devices offered by Tesla in the Energy Generation and Storage segment. Tesla has also developed a software solution that can remotely control and dispatch the company’s energy storage systems. In the US, Tesla markets and sells its residential solar and energy storage products directly through its website, stores, and galleries, as well as through a network of channel partners. Tesla’s manufacturing facilities are in the Bay Area, California (US); Nevada (US); New York (US); and Shanghai (China).
Panasonic Holdings Corporation, a multinational electronics corporation (formerly known as Matsushita Electric Industrial Co., Ltd.), is one of the leading providers and developers of innovative technologies and products for the consumer electronics and automotive industries, as well as for housing and industrial applications. Panasonic Holdings Corporation offers batteries and energy storage systems through Life solutions business segment. The company is a leading provider of battery technology and smart storage battery systems designed for UPS, residential, utilities, and industrial applications. Panasonic Holdings Corporation has a major presence in Japan, the Americas, Asia, China, and Europe. The company has manufacturing facilities in Japan, the US, and China.
Residential Energy Storage Market by Power Rating (3-6 kW, 6-10 kW, 10-20 kW), Connectivity (On-Grid, Off-Grid), Technology (Lead-Acid, Lithium-Ion), Ownership (Customer, Utility, Third-Party), Operation (Standalone, Solar), Region - Forecast to 2027
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