Pune, India, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global residential energy storage system market size is set to gain impetus from the intermittent nature of renewable energy and rising pressure on grids in various countries. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Residential Energy Storage System Market, 2020-2027.” The report further states that numerous prominent companies are persistently striving to introduce novel products for fulfilling the high demand. In February 2020, Span.IO, Inc. and LG Chem announced the launch of an intelligent home energy control and battery storage system that allows users to customize the backup power. This way, people can control the home load amid outages.
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Key Industry Developments:
January 2020: Kyocera Corporation unveiled Enerezza, its new residential energy storage system. It was developed by using the SemiSolid electrode manufacturing process of 24M.
February 2019: Siemens introduced Junelight Smart Battery, its first residential energy storage system for private homes. People can use the new product to surge the consumption of self-generated energy. It can also help in lowering emissions and energy procurement cost.
Market Drivers & Restraints:
Frequent Power Outage in Remote Areas to Propel Growth
The demand for electric vehicles is rising rapidly for lowering the emission of carbon in the atmosphere. It is expected to propel the residential energy storage system market growth in the upcoming years. Additionally, the increasing frequent power outage in remote places, as well as the high demand for uninterrupted power supply would accelerate growth. However, residential energy storage systems are equipped with batteries containing toxic chemicals. Coupled with this, the high cost of recycling of these chemicals may hinder growth.
COVID-19 Impact:
Amid the COVID-19 pandemic, the power generation and supply for a particular day are planned on the basis of the demand. The lockdown has taken a huge toll on the demand for electricity from the commercial and industrial sectors. But, the availability of fuel and plant operations was not affected as these are classified as essential services by regulatory bodies. Our research reports will help you pave the way toward success by providing in-depth analysis of the overall industry.
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Competitive Landscape
Key Players Focus on Unveiling Technologically Advanced Products to Intensify Competitio
The global market for residential energy storage systems houses a large number of manufacturers that are presently focusing on R&D activities to come up with state-of-the-art solutions as per requirements of customers.
Segmentation:
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Regional Insights:
Increasing Government Incentives to Favor Growth in North Americ
North America: The increasing tax benefits and incentives provided by regulatory bodies are expected to bolster growth in this region. Also, the constantly falling prices of batteries are propelling homeowners to buy residential energy storage systems.
Europe: The market in this region is anticipated to grow steadily backed by the increasing integration of smart grid technologies. Also, the surging development of renewables is anticipated to aid regional growth.
Asia Pacific: In this region, the high demand for electricity would accelerate growth. Also, the rapid urbanization and explosion of population. Governments of developing countries in the region are investing hugely in developing their grid infrastructure.
A list of all the renowned residential energy storage system providers present in the market:
- Schneider Electric
- Samsung SDI
- Huawei
- Enphase Energy
- LG Electronics
- Eaton
- ABB
- Tesla
- Siemens
- SMA Solar Technology AG
- Other key players
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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
- Distribution Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Impact of COVID-19
Continued…
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