Global Residential Energy Storage Market Analysis – 2023-2033
According to the Market Statsville Group (MSG), the Global Residential Energy Storage Market size is estimated to grow from USD 897.31 million in 2023 to USD 5,743.92 million by 2033, at a CAGR of 20.5% from 2023 to 2033.
Residential energy storage refers to the use of energy storage systems at the household level to store excess electricity generated from renewable sources or during off-peak hours. These systems allow homeowners to store electricity for later use, reducing their reliance on the grid and potentially saving money on energy bills. Residential energy storage typically involves the use of batteries, such as lithium-ion batteries, which are commonly used due to their high energy density and efficiency. These batteries are charged either by solar panels installed on the premises or by drawing electricity from the grid during periods of low demand or lower electricity rates.
A residential energy storage system provides an uninterrupted power supply during blackouts. The residential sector's rising use of solar rooftop systems and rising demand for a consistent and dependable power source are both anticipated to fuel the market's expansion. On the other hand, the fact that many nations lack direct access to metal reserves and resources for the production of batteries could have a negative effect on the industry's growth and is one of the main market limitations.
Market Segmental Analysis, 2023-2033
Based on technology, the market is divided into Lead-acid and Lithium-ion. The Lithium-ion segment accounted for the largest market share in 2023. Lithium-ion (Li-ion) batteries allow for the same ampere-hours in and out and are approximately 100% efficient in charge and discharge. Compared to alternative technologies like lead-acid batteries, these batteries have several technical advantages. Compared to lead-acid batteries, which only endure 400–500 cycles on average, rechargeable Li-ion batteries give cycles more than 5,000 times. Additionally, the expansion of rooftop solar capacity is projected to encourage a rise in demand for battery energy storage. Therefore, it is anticipated that over the projection period, the development of novel energy storage systems (ESS) for residential applications will increase demand for lithium-ion batteries. It is better for this because lithium-ion batteries have characteristics like reduced weight, quick charging, increased number of charge cycles, and reduced cost.
Based on the regions, the global residential energy storage market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. Europe accounted for the largest market share in 2023. The energy mix in Germany has been changing during the last several years. A considerable portion of Germany's total solar energy production came from rooftop solar, largely because of sophisticated supporting mechanisms that were previously created, like incentives and loans for roof programmers. Moreover, Europe has been at the forefront of renewable energy adoption, with countries like Germany, Denmark, and Spain leading in renewable energy generation.
Key Market Players, 2023
The Major key players in the global residential energy storage market are:
- Tesla
- Panasonic Holdings Corporation
- BYD Company Ltd
- Enphase Energy
- Sonnen GmbH
- VARTA AG
- Delta Electronics, Inc.
- Huawei Technologies Co., Ltd.
- Eaton
- SMA Solar Technology AG
- LG Energy Solution
- GoodWe
- E3/DC
- Alpha ESS Co., Ltd
- RCT-Power
- SOLARWATT
- SENEC
- Shanghai PYTES Energy Co., Ltd
- Pylon Technologies, Co. Ltd
- Victron Energy
- Dyness
- TESVOLT AG
- Turbo Energy - Solar Innovation
- BST POWER LIMITED
- WeCo srl
- Powervault
Recent Development
- In April 2023, Masdar expanded its presence in the US with completion of acquisition in Big Beau Project stake from EDF renewables North America.
- In October 2022, GridStor, a developer and operator of grid-scale battery energy storage systems, announced the acquisition of a portfolio of storage projects currently in development in the greater Los Angeles area from Upstream Energy of San Diego.
Report Scope of the Global Residential Energy Storage Market
This market research study categorizes the residential energy storage market-based on type, product, treatment, route of administration, distribution channel, and end-user area at the regional and global levels.
By Technology Outlook (Sales, USD Million, 2019-2033)
By Utility Outlook (Sales, USD Million, 2019-2033)
- 3 kW to <6 kW
- 6 kW to <10 kW
- 10 kW to 29 kW
By Connectivity Type Outlook (Sales, USD Million, 2019-2033)
By Ownership Type Outlook (Sales, USD Million, 2019-2033)
- Customer-owned
- Utility-owned
- Third-party owned
By Operation Type Outlook (Sales, USD Million, 2019-2033)
- Standalone Systems
- Solar and Storage System
By Region Outlook (Sales, USD Million, 2019-2033)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
