Pune, India , Dec. 12, 2022 (GLOBE NEWSWIRE) -- The increasing demand for backup power can have a tremendous impact on the global market, states Fortune Business Insights, in a report, titled “Residential Battery Market Size, Share & Industry Analysis, By Type ( Lithium-ion battery, Lead-Acid battery, Others ), By Power Rating ( 3-6 kW, 6-10 kW ), By Operation ( Standalone, Solar ) and regional forecast 2020-2027.” The growing adoption of Li-ion batteries is expected to foster the healthy growth of the market.
The report covers major growth trajectories of the market, including drivers, restraints, challenges, and opportunities of the market. Besides this, the report covers interesting insights into the market, key industry developments, and the competitive landscape. The market also lists the names of significant players and the key strategies adopted by them to gain a competitive edge in the market. The report also throws light on the current cable-laying vessel market trends and is available for sale on the company website.
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Market Driver:
Launch of New Residential Battery by Panasonic to Augment Growth
The introduction of innovative batteries by prominent companies can incite the development of the market. For instance, in September 2019, Panasonic released a new residential battery and improved solar panels. EverVolt features a modular design and is available in AC and DC coupled versions, offering a flexible solution optimized for homeowner’s energy needs and budgets. It is compatible with any solar system or inverter and can be tailored to a homeowner’s individual needs. Furthermore, the increasing demand for continuous power supply as backup power systems at residential locations is expected to enable speedy expansion of the market. The growing operational advantages of Li-ion batteries are expected to bolster the healthy growth of the market further. The growing adoption of renewable and low-cost lithium-ion batteries is likely to create opportunities for the market.
Covid-19 Impact:
The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
To get to know more about the short-term and long-term impacts of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/residential-battery-market-103994
Regional Insights:
High Electricity Generation to Propel Market Asia Pacific
The market in Asia Pacific is expected to hold the largest share globally due to the demand for continuous electricity supply. This has compelled many residential customers to install separate battery storage systems for power cuts. The heavy investments in solar electricity generation is expected to fuel demand for battery installations at residential locations.
The installation of these batteries by customers has resulted in customers having minimum outages and economical electricity rates, which can positively impact the market. Europe is expected to hold the maximum share owing to the demand for solar power installations in the residential sector.
The government's green energy targets and subsidies are expected to foster healthy growth of the market in leading nations such as Germany, the UK, France, Spain, and Italy. North America is also expected to experience healthy growth in the market, owing to the growing emphasis on solar power and wind power.
Major Industry Developments of Residential Battery Market includes:
- In September 2019, Panasonic released a new residential battery and improved solar panels. EverVolt features a modular design and is available in AC and DC coupled versions, offering a flexible solution optimized for homeowner’s energy needs and budgets. It is compatible with any solar system or inverter and can be tailored to a homeowner’s individual needs.
- In February 2020, researchers at China’s Tianjin University examined and studied the continued growth of renewables in the global energy mix. This is inextricably linked to grid-level energy storage, which can smooth out the inherent intermittency of solar and wind generation. It ensures that the generated power is in the right place to meet demand and provide a range of other services to the grid.
Significant Players of the Residential Battery Market Include:
- ABB
- Amararaja Batteries Limited
- Samsung SDI
- Luminous Power Technologies(P) Ltd
- LG Chem Power, Inc.
- SMA Solar Technology AG
- Siemens
- Eaton
- Schneider Electric
- Murata
- Ultralife Corporation
- BYD Electronic ( International) Company Limited
- EguanaTechnologies
- Tesla
- Panasonic North America.
Global Residential Battery Market Segmentation::
| ATTRIBUTES | DETAILS |
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| By Power Rating |
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| By Operation |
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
- Impact of COVID-19 on Residential Battery Market
- Global Electric Bus Market Analysis, Insights and Forecast, 2022-2029
- Key Findings / Summary
Continued…
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