NEW YORK, US, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Residential Battery Market Size, Share, Growth Analysis Report By Operation (Solar, and Standalone), By Type (Lead-Acid Battery, Lithium-ion Battery, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Residential Battery Market size & share was valued at approximately USD 12 billion in 2021. The market is expected to grow above a CAGR of 17.75% and is anticipated to reach over USD 49 billion by 2028.”
The report analyses the Residential Battery market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Residential Battery market.
Residential Battery Market Overview:
Residential batteries are energy storage units specially designed for home settings and the operation of electrical devices at home during power cuts or electricity shortages. The old method of energy generation involving power grids and energy supply from market players resulted in becoming a fragile system, resulting in uneven power voltage supply along with regular power cuts owing to various external factors ranging from a bird causing the grid to malfunction to severe damage due to grid parts. There is also a rising trend of power suppliers to reroute energy to industrial sectors since they lead to higher revenue resulting in remote places without power supply for a long time.
These issues are well-taken care of with the help of residential batteries since the power storage devices can be recharged either by using electricity from a power-grid source and used later when required or can be recharged with the help of solar or wind energy, which form a part of renewable energy generation.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 227+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historical and Forecast Growth, Porter's 5 Forces Analysis
- Facts and Factors research methodology
Key Insights from Primary Research
- As per the analysis, the Residential Battery market is likely to grow above a CAGR of around 17.75% between 2022 and 2028.
- The Residential Battery market size was worth around US$ 12 Billion in 2021and is estimated to hit approximately US$ 49 Billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on type segmentation, lithium-ion battery was predicted to show maximum market share in the year 2021.
- Based on operation segmentation, standalone was the leading revenue-generating operation in 2021
- On the basis of region, Asia-Pacific was the leading revenue generator in 2021.
Market Dynamics
The global residential battery market is projected to benefit from the rising need to store energy. The world is witnessing a surging growth in energy consumption owing to factors like digitalization, modernization, and industrialization. The globe technically functions as a constant power supply. However, there is a significant gap between the supply rate of energy and the demand for power. Power grids are undergoing constant malfunctioning due to overload and in such cases, residential batteries come in handy. The global market growth is also propelled by a rising inclination toward solar-powered energy storing units driven by consumer awareness about the impact of the use of non-renewable sources of energy. India, for instance, has managed to grow its solar power capacity by 11% from 2.6 GW in 2014 to 30 GW in 2019. World leaders like the United States, European countries, and Asia giants are focusing on and encouraging more sustainable ways of development by providing tax redemptions, and other policies in favor of using an environment-friendly source of energy and its storage.
The high cost of installation may restrict the global market growth whereas growing advancements in home batteries may provide expansion opportunities. Issues with recharge sources are projected to present challenges for further market penetration.
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Residential Battery Market: COVID-19 Impact Analysis
Covid-19, at its peak, resulted in losses in the global residential battery market cap like other industrial sectors; however, since energy was deemed essential, the impact was not very high. The global market size is projected to benefit, in long run, because of the pandemic since there was an increase in regular power cuts during 2020 resulting in more people adopting residential batteries.
Competitive Players
The report contains qualitative and quantitative research on the global Residential Battery Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Residential Battery market include:
- Siemens
- Samsung
- ABB
- Eaton
- BYD Electronic Company
- LG Chem Power
- Tesla
- Luminous Power Technologies
Browse the full “Residential Battery Market Size, Share, Growth Analysis Report By Operation (Solar, and Standalone), By Type (Lead-Acid Battery, Lithium-ion Battery, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/residential-battery-market
Residential Battery Market: Segmentation Analysis
The global residential battery is segmented based on type, operation, and region.
Based on type, the global market is divided into lead-acid battery, and lithium-ion battery, which also leads the segmental revenue. One of the major causes of higher adoption is the decreasing prices of lithium-ion batteries along with improved output efficiency. This battery technology not only charges faster but also lasts longer and has higher power density providing improved battery life in lighter packaging. In 2021, lithium-ion battery was priced at USD 123 per kWh, while the price in 2013 was 667 per kWh, a decrease of 81.57% in a matter 8 years.
Based on operation, the global market segments are solar and standalone. Currently, the highest revenue is generated from standalone systems since they have been present in the market longer than solar panels. A battery bank that can provide an average American household with a constant power supply for three days would have to supply 90 kilowatts of energy requiring 38 batteries.
Regional Analysis:
Asia-Pacific is projected to lead the global residential battery market owing to the rising energy consumption as well as the presence of various market players offering quality products and post-installation services. Residential batteries have been long used in the regions of China and India, and the regional market already has a huge consumer database. With the growing advancements in home battery technology with an increase in power storage capacity and prevention from deterioration, easy replacement, lowered cost, and almost negligible post-installation care is projected to help the regional market grow further.
North America may generate significant CAGR owing to the rising technological development in home batteries as well as more inclination towards renewable sources of energy storage and generation. The lesser dependency of the population on power grids is projected to help the regional market grow further. The recent energy crisis in Europe and the coming winter season of 2022 may drive the demand for home batteries in EU territories.
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Recent Industry Developments:
- In May 2022, Solar Energy Development Center (SEDC) announced its intention of tax incentives for the local and federal governments in Connecticut and Washington, DC to install battery energy storage systems powered by solar energy. It will also provide maintenance for the next 2 decades
- In March 2022, GC PowerNest, a 5 kWh residential battery was launched by Green Cell.
Key questions answered in this report:
- What is the market size and growth rate forecast for Residential Battery industry?
- What is the main driving factors propelling the Residential Battery Market forward?
- What are the leading companies in the Residential Battery Industry?
- What segments does the Residential Battery Market cover?
- How can I receive a free copy of the Residential Battery Market sample report and company profiles?
Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 12 Billion |
| Projected Market Size in 2028 | USD 49 Billion |
| CAGR Growth Rate | 17.75% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Siemens, Samsung, ABB, Eaton, BYD Electronic Company, LG Chem Power, Tesla, Luminous Power Technologies, and others. |
| Key Segment | By Operation, Type, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
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The global Residential Battery market is segmented as follows:
By Operation
- Solar
- Standalone
By Type
- Lead-Acid Battery
- Lithium-ion Battery
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Operation, Type, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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