The global residential energy storage market is estimated to be valued at USD 898 million in 2023 (Estimate Year) and is projected to reach USD 2,081 million by 2028 (Forecast Year) growing at a CAGR of 18.3% during the forecast period. The growing production of electric vehicles and the rising demand for solar PV systems are expected to be the main drivers of this growth. These factors are expected to act as key catalysts for market expansion, with a compounded annual growth rate (CAGR) of 18.3% throughout the forecast period.The domestic energy storage market is dominated by a select number of large companies with extensive regional reach. The primary competitors in the residence energy storage market are Tesla (US), Panasonic Holdings Corporation (Japan), BYD Company Ltd. (China), LG Energy Solution (South Korea), and Enphase Energy (US).
Product launches and new product development, contracts and agreements, investments and expansions, mergers and acquisitions, joint ventures, and partnerships and collaborations are some of the main strategies used by these businesses. From 2019 to 2023, partnership & collaboration and new product releases were the two most popular strategies.
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Tesla creates, develops, produces, and markets high-performance electric vehicles (EVs) and energy goods. Through entirely owned subsidiaries, the company conducts business in North America, Europe, and Asia. The company's two key operating segments are automotive and energy generation and storage. Batteries, power electronics, and energy storage devices are offered by the Energy Generation and Storage section to a wide range of clients, including households, small businesses, major corporations, and utilities. Tesla's two energy generation and storage products are the Megapack and Powerwall.
Panasonic Holdings Corporation, formerly known as Matsushita Electric Industrial Co., Ltd., is a renowned multinational electronics corporation that specializes in developing and providing cutting-edge technologies and products for various industries including consumer electronics, automotive, housing, and industrial applications. As part of its Life solutions business segment, Panasonic is a leading provider and developer of batteries and energy storage systems. These innovative technologies serve a variety of uses, including industrial, residential, and uninterruptible electrical power supply (UPS) needs. With a strong presence in Japan, the Americas, Asia, China, and Europe, Panasonic Holdings Corporation operates manufacturing facilities in Japan, the United States, 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 - Global Forecast to 2028
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