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Residential Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

October 2023 | 140 pages | ID: REAF714A9DE3EN
IMARC Group

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Market Overview:

The global residential battery market size reached US$ 12.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.3 Billion by 2028, exhibiting a growth rate (CAGR) of 13.78% during 2023-2028.

A residential battery refers to an in-home energy unit used to store the energy supplied from the power grid or generated from renewable energy sources like solar and wind. They are mainly made up of lithium-ion (Li-ion) or lead-acid composition to effectively handle charging and discharging cycles. They comprise an anode, electrolyte, separator, and cathode. Residential batteries are deployed in smart meters and are extremely useful in remote areas deprived of a stable grid connection. They are durable, cost-effective, safe, lightweight, stable, and have a low charging time. Besides this, residential batteries help reduce carbon footprint, save electricity costs, maximize power consumption, and keep the home's electricity resilient.

Residential Battery Market Trends:

The significant growth of solar power generation across the globe is creating a positive outlook for the market. In line with this, the increasing inclination toward deploying solar panels in houses and commercial spaces due to their cost-effectiveness is favoring the market growth. Moreover, the widespread adoption of li-ion batteries over lead-acid batteries to maintain voltage throughout the discharge cycle and allow greater and longer-lasting efficiency of electrical components is acting as another growth-inducing factor. Apart from this, the introduction of smart residential batteries that can be integrated with smartphones, assisting in managing and monitoring the equipment according to the preferences of consumers, is providing an impetus to the market growth. Additionally, the development of residential batteries made with enhanced battery materials and reduced non-active materials that offer improved battery performance, cell design, and production yield are propelling the market growth. Other factors, including rising expenditure capacities of consumers, extensive research and development (R&D) activities, and increasing demand for backup power, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global residential battery market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, power rating and operation.

Breakup by Type:

Lithium-ion Battery

Lead-acid Battery

Others

Breakup by Power Rating:

3-6 kW

6-10 kW

More than 10 kW

Breakup by Operation:

Standalone

Solar

Breakup by Region:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Amara Raja Batteries Limited, Delta Electronics Inc., Eaton Corporation plc, Energizer Holdings Inc., FIMER S.p.A., LG Energy Solution Ltd., Luminous Power Technologies Pvt. Ltd. (Schneider Electric SE), Panasonic Corporation, Samsung SDI Co. Ltd., SMA Solar Technology AG and Tesla Inc.

Key Questions Answered in This Report:

How has the global residential battery market performed so far and how will it perform in the coming years?

What has been the impact of COVID-19 on the global residential battery market?

What are the key regional markets?

What is the breakup of the market based on the type?

What is the breakup of the market based on the power rating?

What is the breakup of the market based on the operation?

What are the various stages in the value chain of the industry?

What are the key driving factors and challenges in the industry?

What is the structure of the global residential battery market and who are the key players?

What is the degree of competition in the industry?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL RESIDENTIAL BATTERY MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 MARKET BREAKUP BY TYPE

6.1 Lithium-ion Battery
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2 Lead-acid Battery
  6.2.1 Market Trends
  6.2.2 Market Forecast
6.3 Others
  6.3.1 Market Trends
  6.3.2 Market Forecast

7 MARKET BREAKUP BY POWER RATING

7.1 3-6 kW
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 6-10 kW
  7.2.1 Market Trends
  7.2.2 Market Forecast
7.3 More than 10 kW
  7.3.1 Market Trends
  7.3.2 Market Forecast

8 MARKET BREAKUP BY OPERATION

8.1 Standalone
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 Solar
  8.2.1 Market Trends
  8.2.2 Market Forecast

9 MARKET BREAKUP BY REGION

9.1 North America
  9.1.1 United States
    9.1.1.1 Market Trends
    9.1.1.2 Market Forecast
  9.1.2 Canada
    9.1.2.1 Market Trends
    9.1.2.2 Market Forecast
9.2 Asia-Pacific
  9.2.1 China
    9.2.1.1 Market Trends
    9.2.1.2 Market Forecast
  9.2.2 Japan
    9.2.2.1 Market Trends
    9.2.2.2 Market Forecast
  9.2.3 India
    9.2.3.1 Market Trends
    9.2.3.2 Market Forecast
  9.2.4 South Korea
    9.2.4.1 Market Trends
    9.2.4.2 Market Forecast
  9.2.5 Australia
    9.2.5.1 Market Trends
    9.2.5.2 Market Forecast
  9.2.6 Indonesia
    9.2.6.1 Market Trends
    9.2.6.2 Market Forecast
  9.2.7 Others
    9.2.7.1 Market Trends
    9.2.7.2 Market Forecast
9.3 Europe
  9.3.1 Germany
    9.3.1.1 Market Trends
    9.3.1.2 Market Forecast
  9.3.2 France
    9.3.2.1 Market Trends
    9.3.2.2 Market Forecast
  9.3.3 United Kingdom
    9.3.3.1 Market Trends
    9.3.3.2 Market Forecast
  9.3.4 Italy
    9.3.4.1 Market Trends
    9.3.4.2 Market Forecast
  9.3.5 Spain
    9.3.5.1 Market Trends
    9.3.5.2 Market Forecast
  9.3.6 Russia
    9.3.6.1 Market Trends
    9.3.6.2 Market Forecast
  9.3.7 Others
    9.3.7.1 Market Trends
    9.3.7.2 Market Forecast
9.4 Latin America
  9.4.1 Brazil
    9.4.1.1 Market Trends
    9.4.1.2 Market Forecast
  9.4.2 Mexico
    9.4.2.1 Market Trends
    9.4.2.2 Market Forecast
  9.4.3 Others
    9.4.3.1 Market Trends
    9.4.3.2 Market Forecast
9.5 Middle East and Africa
  9.5.1 Market Trends
  9.5.2 Market Breakup by Country
  9.5.3 Market Forecast

10 SWOT ANALYSIS

10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats

11 VALUE CHAIN ANALYSIS

12 PORTERS FIVE FORCES ANALYSIS

12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes

13 PRICE ANALYSIS

14 COMPETITIVE LANDSCAPE

14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
  14.3.1 Amara Raja Batteries Limited
    14.3.1.1 Company Overview
    14.3.1.2 Product Portfolio
    14.3.1.3 Financials
  14.3.2 Delta Electronics Inc.
    14.3.2.1 Company Overview
    14.3.2.2 Product Portfolio
    14.3.2.3 Financials
    14.3.2.4 SWOT Analysis
  14.3.3 Eaton Corporation plc
    14.3.3.1 Company Overview
    14.3.3.2 Product Portfolio
    14.3.3.3 Financials
    14.3.3.4 SWOT Analysis
  14.3.4 Energizer Holdings Inc.
    14.3.4.1 Company Overview
    14.3.4.2 Product Portfolio
    14.3.4.3 Financials
    14.3.4.4 SWOT Analysis
  14.3.5 FIMER S.p.A.
    14.3.5.1 Company Overview
    14.3.5.2 Product Portfolio
  14.3.6 LG Energy Solution Ltd.
    14.3.6.1 Company Overview
    14.3.6.2 Product Portfolio
    14.3.6.3 Financials
  14.3.7 Luminous Power Technologies Pvt. Ltd. (Schneider Electric SE)
    14.3.7.1 Company Overview
    14.3.7.2 Product Portfolio
  14.3.8 Panasonic Corporation
    14.3.8.1 Company Overview
    14.3.8.2 Product Portfolio
    14.3.8.3 Financials
    14.3.8.4 SWOT Analysis
  14.3.9 Samsung SDI Co. Ltd.
    14.3.9.1 Company Overview
    14.3.9.2 Product Portfolio
    14.3.9.3 Financials
    14.3.9.4 SWOT Analysis
  14.3.10 SMA Solar Technology AG
    14.3.10.1 Company Overview
    14.3.10.2 Product Portfolio
    14.3.10.3 Financials
    14.3.10.4 SWOT Analysis
  14.3.11 Tesla Inc.
    14.3.11.1 Company Overview
    14.3.11.2 Product Portfolio
    14.3.11.3 Financials
    14.3.11.4 SWOT Analysis

LIST OF TABLES

Table 1: Global: Residential Battery Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Residential Battery Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Global: Residential Battery Market Forecast: Breakup by Power Rating (in Million US$), 2023-2028
Table 4: Global: Residential Battery Market Forecast: Breakup by Operation (in Million US$), 2023-2028
Table 5: Global: Residential Battery Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Residential Battery Market: Competitive Structure
Table 7: Global: Residential Battery Market: Key Players

LIST OF FIGURES

Figure 1: Global: Residential Battery Market: Major Drivers and Challenges
Figure 2: Global: Residential Battery Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Residential Battery Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Residential Battery Market: Breakup by Type (in %), 2022
Figure 5: Global: Residential Battery Market: Breakup by Power Rating (in %), 2022
Figure 6: Global: Residential Battery Market: Breakup by Operation (in %), 2022
Figure 7: Global: Residential Battery Market: Breakup by Region (in %), 2022
Figure 8: Global: Residential Battery (Lithium-ion Battery) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Residential Battery (Lithium-ion Battery) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Residential Battery (Lead-acid Battery) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Residential Battery (Lead-acid Battery) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Residential Battery (Other Types) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Residential Battery (Other Types) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Residential Battery (3-6 kW) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Residential Battery (3-6 kW) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Residential Battery (6-10 kW) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Residential Battery (6-10 kW) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Residential Battery (More than 10 kW) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Residential Battery (More than 10 kW) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Residential Battery (Standalone) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Residential Battery (Standalone) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Residential Battery (Solar) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Residential Battery (Solar) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: North America: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: North America: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: United States: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: United States: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Canada: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Canada: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Asia-Pacific: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Asia-Pacific: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: China: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: China: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Japan: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Japan: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: India: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: India: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: South Korea: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: South Korea: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Australia: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Australia: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Indonesia: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Indonesia: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Others: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Others: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Europe: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Europe: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Germany: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Germany: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: France: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: France: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: United Kingdom: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: United Kingdom: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Italy: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Italy: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Spain: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Spain: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Russia: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Russia: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Others: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Others: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Latin America: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Latin America: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Brazil: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Brazil: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Mexico: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Mexico: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Others: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Others: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Middle East and Africa: Residential Battery Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Middle East and Africa: Residential Battery Market: Breakup by Country (in %), 2022
Figure 72: Middle East and Africa: Residential Battery Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Global: Residential Battery Industry: SWOT Analysis
Figure 74: Global: Residential Battery Industry: Value Chain Analysis
Figure 75: Global: Residential Battery Industry: Porter's Five Forces Analysis


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