The global Residential Battery Market is estimated to be valued at US$ 15.59 Bn or Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Residential batteries refers energy storage systems installed in residential buildings to store electricity from solar panels or grid and use it when needed. They provide backup power during outages and time-of-use electricity cost savings.
Market key trends:
One of the key driver for residential battery market is declining prices of lithium-ion batteries. As the adoption of electric vehicles have increased globally, it has benefited the battery manufacturers to mass produce lithium-ion batteries at lower costs. This has positively impacted the residential battery market. In addition, various government incentives and subsidies for residential solar plus storage systems have further boosted the demand. However, lack of consumer awareness remains a challenge for widespread adoption of residential batteries.
SWOT Analysis:
Strength: Residential Battery market is growing at a rapid pace owing to rising adoption of renewable energy sources like solar panels for residential use and need for backup during power outages.
Weakness: High initial investment cost for residential batteries act as a barrier for mass adoption. Lack of standardization also increases integration challenges.
Opportunity: Increasing government support through incentives and subsidies for grid defection and rising consumer awareness about benefits of residential batteries is expected to drive future opportunities.
Threats: Declining subsidies and regulations around grid defection policies across regions pose threats. stringent safety standards and regulations around batteries also increase compliance challenges.
Key Takeaways:
The global residential battery market is expected to witness high growth, exhibiting CAGR of 18.% over the forecast period, due to increasing adoption of renewable energy sources like solar panels for residential use. Growing concerns regarding carbon emissions and need for standalone power backup is driving the demand for residential batteries.
Regional analysis:
North America dominated the global Residential Battery Market Share in 2022 and is expected to continue its dominance over the forecast period. This is attributed to favorable government policies and incentives for installations of residential solar systems along with energy storage. Asia Pacific is expected to be the fastest growing region due to rising installations of rooftop solar panels in China, India and other developing nations driven by supportive government policies.
Key players:
Key players operating in the residential battery market are FIMER SpA, Amara Raja Batteries Ltd, Samsung SDI, Energizer Holding Inc., Luminous Power Technologies Private Limited, LG Energy Solution, Ltd., Duracell Inc., Panasonic Corporation, Siemens AG, Tesla Inc., Delta Electronics Inc., BYD Co. Ltd and NEC Corp. Major players are focusing on developing safer and economical battery packs with improved performance through intensive R&D and strategic partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
