Residential Energy Storage Market to Experience Substantial Growth of US$ 90 Billion by 2033: Fact.MR Report

Rising Awareness of Climate Change and Increasing Adoption of Solar Power Driving Up Demand for Residential Energy Storage Systems

Rockville , Aug. 02, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global residential energy storage market is anticipated to reach US$ 90 billion by the end of 2033, expanding rapidly at a CAGR of 22% over the decade.

Energy storage is an essential component of the energy shift away from power generation based on fossil fuels and toward renewable energy generation. Several affluent countries throughout the world are transitioning from a system of energy powered by a concentrated generation of fossil fuels that can always be deployed to match energy use to one dominated by renewables.

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Residential energy storage refers to the use of batteries or other energy storage technologies in homes to store excess electricity generated from renewable energy sources such as solar panels and wind turbines, or from the grid during off-peak hours. This stored energy can be used later when electricity demand is higher or when renewable energy sources are not actively generating power.

Growing concerns about climate change and the need to reduce greenhouse gas emissions have led many homeowners to seek cleaner and more sustainable energy options. Increasing adoption of solar panels in residential properties has created a demand for energy storage solutions to store excess solar energy generated during sunny hours for later use.

Report Attributes

Forecast Period2023 - 2033
Value Projection (2033)US$ 90 Billion
Growth Rate (2023-2033)22% CAGR
No. of Pages170 pages
No. of Tables80 Tables
No. of Figures219 Figures

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.

Residential energy storage devices play a crucial role in the energy market as they offer power backup during power outages. The residential energy storage market is anticipated to grow due to various factors, including government incentives, battery price reductions, and regulatory support. Consumers’ preference for independent power sources is also driving market growth, says a Fact.MR analyst.

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

Market Competition

The global residential energy storage sector is highly competitive, with few main companies controlling the majority of the market. Businesses are focusing on strategic developments in new countries and research and development programs to develop enhanced domestic energy storage systems to establish and maintain an authoritative lead in the rapidly expanding 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:
    • Lead-acid
    • Lithium-ion
  • By Ownership:
    • Customer-owned
    • Utility-owned
    • Third-party-owned
  • By Connectivity Type:
    • On-grid
    • Off-grid
  • By Region:
    • North America
    • Latin America
    • Europe
    • 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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