Global Residential Energy Storage Systems Market Size study & Forecast, by Technology (Lithium-Ion Battery, Lead Acid Battery, Others) by Application (On-Grid, Off-Grid) and Regional Analysis, 2023-2030

October 2023 | 200 pages | ID: GA25FB3E4E92EN
Bizwit Research & Consulting LLP

Abstracts

Global Residential Energy Storage Systems Market is valued approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. A residential energy storage system (RESS) is a technology that allows homeowners to store excess energy generated from renewable energy sources, such as solar panels, for later use. It is designed to provide backup power during grid outages, optimize energy usage, and reduce reliance on the electrical grid. The key factors driving the market growth is rising adoption of renewable energy, supportive government incentives and policies, increasing energy independence, and significant demand for electric vehicles that anticipated to support the market growth during forecast period.

Moreover, the growing demand for electric vehicles (EVs) is indeed supporting the growth of the Residential Energy Storage Systems (RESS) market. The electric vehicles are often charged using electricity generated from renewable energy sources like solar and wind. This creates a natural synergy between EVs and residential energy storage systems. Homeowners who install RESS can store excess renewable energy generated during the day and use it to charge their EVs at night or during peak demand periods. This helps maximize the utilization of renewable energy and reduces dependence on the grid. According to Statista, globally the number of electric vehicles sold in 2020 was 3.18 million; in 2022 the number reached 10.24 million and it is anticipated to reach 12.97 million by 2025. As a result, the growing demand for the EVs is anticipated to create the lucrative demand for the market. Additionally, increasing demand for grid energy storage systems and growing installation of solar PV modules is anticipated to create the lucrative opportunity for the market during forecast period. However, lack of battery disposal and recycling standards and high initial investment stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Residential Energy Storage Systems Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rising demand for renewable energy, government support, and growing EVs adoption in the region. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the increasing adoption of renewable energy, government initiatives and support, declining costs of energy storage systems, supporting government initiatives, and growing technological advancements and product innovations.

Major market player included in this report are:

Schneider Electric SE

Samsung SDI Co., Ltd.

Huawei Technologies Co., Ltd.

Enphase Energy Inc.

LG Electronics

Eaton Corporation

ABB Ltd

Tesla Inc.

Siemens AG

SMA Solar Technology AG.

Recent Developments in the Market:

• In January 2020, Enerezza, a residential energy storage system from Kyocera and 24M, was launched. It is the first system built using the innovative SemiSolid electrode manufacturing method developed by 24M. The device, which comes in 5 kWh, 10 kWh, and 15 kWh sizes, is made to fulfil a variety of energy demands.

Global Residential Energy Storage Systems Market Report Scope:

• Historical Data – 2020 - 2021
• Base Year for Estimation – 2022
• Forecast period - 2023-2030
• Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Segments Covered – Technology, Application, Region
• Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
• Customization Scope - Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology:

Lithium-Ion Battery

Lead Acid Battery

Others

By Application:

On-Grid

Off-Grid

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Middle East & Africa

Saudi Arabia

South Africa

Rest of Middle East & Africa

Contents

CHAPTER 1. EXECUTIVE SUMMARY

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
  1.2.1. Residential Energy Storage Systems Market, by Region, 2020-2030 (USD Billion)
  1.2.2. Residential Energy Storage Systems Market, by Technology, 2020-2030 (USD Billion)
  1.2.3. Residential Energy Storage Systems Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

CHAPTER 2. GLOBAL RESIDENTIAL ENERGY STORAGE SYSTEMS MARKET DEFINITION AND SCOPE

2.1. Objective of the Study
2.2. Market Definition & Scope
  2.2.1. Industry Evolution
  2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

CHAPTER 3. GLOBAL RESIDENTIAL ENERGY STORAGE SYSTEMS MARKET DYNAMICS

3.1. Residential Energy Storage Systems Market Impact Analysis (2020-2030)
  3.1.1. Market Drivers
    3.1.1.1. Rising adoption of renewable energy
    3.1.1.2. Supportive government incentives and policies
    3.1.1.3. Significant demand for electric vehicles
  3.1.2. Market Challenges
    3.1.2.1. Lack of battery disposal and recycling standards
    3.1.2.2. High initial investment
  3.1.3. Market Opportunities
    3.1.3.1. Increasing demand for grid energy storage systems
    3.1.3.2. Growing installation of solar PV modules

CHAPTER 4. GLOBAL RESIDENTIAL ENERGY STORAGE SYSTEMS MARKET INDUSTRY ANALYSIS

4.1. Porter’s 5 Force Model
  4.1.1. Bargaining Power of Suppliers
  4.1.2. Bargaining Power of Buyers
  4.1.3. Threat of New Entrants
  4.1.4. Threat of Substitutes
  4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
  4.3.1. Political
  4.3.2. Economical
  4.3.3. Social
  4.3.4. Technological
  4.3.5. Environmental
  4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion

CHAPTER 5. GLOBAL RESIDENTIAL ENERGY STORAGE SYSTEMS MARKET, BY TECHNOLOGY

5.1. Market Snapshot
5.2. Global Residential Energy Storage Systems Market by Technology, Performance - Potential Analysis
5.3. Global Residential Energy Storage Systems Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
5.4. Residential Energy Storage Systems Market, Sub Segment Analysis
  5.4.1. Lithium-Ion Battery
  5.4.2. Lead Acid Battery
  5.4.3. Others

CHAPTER 6. GLOBAL RESIDENTIAL ENERGY STORAGE SYSTEMS MARKET, BY APPLICATION

6.1. Market Snapshot
6.2. Global Residential Energy Storage Systems Market by Application, Performance - Potential Analysis
6.3. Global Residential Energy Storage Systems Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
6.4. Residential Energy Storage Systems Market, Sub Segment Analysis
  6.4.1. On-Grid
  6.4.2. Off-Grid

CHAPTER 7. GLOBAL RESIDENTIAL ENERGY STORAGE SYSTEMS MARKET, REGIONAL ANALYSIS

7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Residential Energy Storage Systems Market, Regional Market Snapshot
7.4. North America Residential Energy Storage Systems Market
  7.4.1. U.S. Residential Energy Storage Systems Market
    7.4.1.1. Technology breakdown estimates & forecasts, 2020-2030
    7.4.1.2. Application breakdown estimates & forecasts, 2020-2030
  7.4.2. Canada Residential Energy Storage Systems Market
7.5. Europe Residential Energy Storage Systems Market Snapshot
  7.5.1. U.K. Residential Energy Storage Systems Market
  7.5.2. Germany Residential Energy Storage Systems Market
  7.5.3. France Residential Energy Storage Systems Market
  7.5.4. Spain Residential Energy Storage Systems Market
  7.5.5. Italy Residential Energy Storage Systems Market
  7.5.6. Rest of Europe Residential Energy Storage Systems Market
7.6. Asia-Pacific Residential Energy Storage Systems Market Snapshot
  7.6.1. China Residential Energy Storage Systems Market
  7.6.2. India Residential Energy Storage Systems Market
  7.6.3. Japan Residential Energy Storage Systems Market
  7.6.4. Australia Residential Energy Storage Systems Market
  7.6.5. South Korea Residential Energy Storage Systems Market
  7.6.6. Rest of Asia Pacific Residential Energy Storage Systems Market
7.7. Latin America Residential Energy Storage Systems Market Snapshot
  7.7.1. Brazil Residential Energy Storage Systems Market
  7.7.2. Mexico Residential Energy Storage Systems Market
7.8. Middle East & Africa Residential Energy Storage Systems Market
  7.8.1. Saudi Arabia Residential Energy Storage Systems Market
  7.8.2. South Africa Residential Energy Storage Systems Market
  7.8.3. Rest of Middle East & Africa Residential Energy Storage Systems Market

CHAPTER 8. COMPETITIVE INTELLIGENCE

8.1. Key Company SWOT Analysis
  8.1.1. Company
  8.1.2. Company
  8.1.3. Company
8.2. Top Market Strategies
8.3. Company Profiles
  8.3.1. Schneider Electric
    8.3.1.1. Key Information
    8.3.1.2. Overview
    8.3.1.3. Financial (Subject to Data Availability)
    8.3.1.4. Product Summary
    8.3.1.5. Recent Developments
  8.3.2. Samsung SDI Co., Ltd.
  8.3.3. Huawei Technologies Co., Ltd.
  8.3.4. Enphase Energy
  8.3.5. LG Electronics
  8.3.6. Eaton
  8.3.7. ABB
  8.3.8. Tesla
  8.3.9. Siemens
  8.3.10. SMA Solar Technology AG

CHAPTER 9. RESEARCH PROCESS

9.1. Research Process
  9.1.1. Data Mining
  9.1.2. Analysis
  9.1.3. Market Estimation
  9.1.4. Validation
  9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption