By the end of 2033, it is predicted that the global market for home energy storage will be worth US$ 90 billion, expanding quickly at a CAGR of 22%.
Energy storage is crucial for the transition away from fossil fuel-based power generation towards renewable energy generation. Many wealthy nations are making the switch to an energy system that is predominately powered by renewable energy sources from one that is powered by concentrated fossil fuel generation that can always be used to fulfill energy demand.
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The use of batteries or other energy storage systems in houses to store extra electricity produced by renewable energy sources like solar panels and wind turbines or from the grid during off-peak hours is known as residential energy storage. When there is a higher demand for electricity or when renewable energy sources are not actively producing energy, this stored energy can be used.
Many homeowners are searching for cleaner and more sustainable energy solutions as a result of mounting worries about climate change and the requirement to cut greenhouse gas emissions. In order to store any extra solar energy generated during the hours of sunshine for later usage, energy storage devices are becoming more and more popular as solar panels are used in residential structures.
What Makes the United States a Highly Profitable Market for Residential Energy Storage Providers?
The government is increasingly supporting research initiatives aimed at scaling up domestic energy storage systems, and significant technological corporations are investing in energy storage technologies. By assuring renewable electricity and reducing environmental impact, this breakthrough is significantly promoting market expansion in this region.
For instance, on September 23, 2021, the US Department of Energy (DOE) announced financing of US$17.9 million for four R&D projects aimed at enhancing domestic production of flow batteries and long-duration storage systems. This money is anticipated to contribute to the Biden Administration’s objective of net-zero carbon emissions by 2050 by helping to provide the resources required to expand the system with new and renewable energy sources, offer affordable electricity to underserved areas, and do so.
Key Takeaways from Market Study
- The global residential energy storage market is valued at US$ 12.2 billion in 2023.
- Worldwide demand for residential energy storage systems is projected to increase at a CAGR of 22% from 2023 to 2033.
- The global market is estimated to reach US$ 90 billion by the end of 2033.
- The United States market stands at a valuation of US$ 3.5 billion in 2023.
- During the forecast period (2023 to 2033), the market in Germany is forecasted to advance at a CAGR of 20%.
- The market in China is set to expand at a CAGR of 26% over the forecast period.
Key Companies Profiled in This Report
- BYD Co. Ltd.
- Samsung SDI Co. Ltd.
- Eaton Corporation
- Siemens AG
- Schneider Electric
- LG Energy Solution Ltd.
- Saft Groupe SA
- Sonnen GmbH
- Panasonic Corporation
The domestic energy storage market is highly fragmented, and just a few major companies dominate it. Businesses are focusing on strategic advances in new nations and research and development activities to produce enhanced home energy storage systems in order to establish and maintain a commanding lead in the swiftly developing sector.
- Enphase Energy and Swell Energy recently partnered to create a collaborative initiative. As a result, Enphase Energy Systems, equipped with IQTM Microinverters and IQTM Batteries, has been integrated into Swell’s distributed, virtual power plant (VPP) efforts. This collaboration began in February 2022 and is operational in California, New York, and Hawaii.
Key Segments of Residential Energy Storage Industry Research Report
- By Power Rating:
- 3 to 6 KW
- 7 to 10 KW
- By Technology:
- By Ownership:
- By Connectivity Type:
- By Region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global residential energy storage market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on power rating (3 to 6 KW, 7 to 10 KW), technology (lead-acid, lithium-ion), ownership (customer-owned, utility-owned, third-party-owned), and connectivity type (on-grid, off-grid), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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