Residential Energy Storage

Global Residential Energy Storage Market to Reach US$55.3 Billion by 2030

The global market for Residential Energy Storage estimated at US$17.1 Billion in the year 2024, is expected to reach US$55.3 Billion by 2030, growing at a CAGR of 21.7% over the analysis period 2024-2030. 3-6 kW, one of the segments analyzed in the report, is expected to record a 22.2% CAGR and reach US$40.8 Billion by the end of the analysis period. Growth in the 7-10 kW segment is estimated at 20.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$5.2 Billion While China is Forecast to Grow at 24.8% CAGR

The Residential Energy Storage market in the U.S. is estimated at US$5.2 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.3 Billion by the year 2030 trailing a CAGR of 24.8% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 16.8% and 18.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 18.7% CAGR.

Global Residential Energy Storage Market - Key Trends & Drivers Summarized

Residential energy storage systems are becoming increasingly vital in modern households, driven by the rising adoption of renewable energy sources like solar power and the need for reliable backup power solutions. These systems typically use advanced batteries, such as lithium-ion, to store excess energy generated by solar panels or to provide power during grid outages. Residential energy storage not only enhances energy independence but also allows homeowners to optimize their energy usage, reduce utility bills, and contribute to a more sustainable energy grid. Additionally, these systems can participate in demand response programs, providing grid stability and resilience during peak demand periods.

The market for residential energy storage is expanding rapidly due to several converging trends. The declining cost of battery technology, particularly lithium-ion batteries, has made energy storage more affordable for homeowners. Moreover, government incentives and rebates for renewable energy installations and storage systems are encouraging adoption. The increasing frequency of extreme weather events and grid reliability issues are also driving demand for home energy storage as a reliable backup solution. Innovations in battery technology, such as improved energy density and longer lifespan, are enhancing the performance and appeal of residential storage systems. Additionally, the integration of smart home technologies and energy management systems is providing homeowners with better control over their energy use.

The growth in the residential energy storage market is driven by several factors. Firstly, the decreasing cost of battery technology is making energy storage more accessible to a broader range of consumers. Secondly, government incentives and policies supporting renewable energy and storage solutions are promoting market adoption. Thirdly, the increasing need for energy reliability and resilience in the face of grid disruptions is boosting demand for home storage systems. Lastly, technological advancements in battery efficiency, smart home integration, and energy management are enhancing the functionality and attractiveness of residential energy storage solutions. These factors collectively contribute to the dynamic growth of the residential energy storage market.

SCOPE OF STUDY:

The report analyzes the Residential Energy Storage market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Power Rating (3-6 kW, 7-10 kW); Technology (Lithium-Ion, Lead-Acid); Ownership (Customer Owned, Utility Owned, Third-Party Owned)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

Select Competitors (Total 103 Featured) -

• ABB Ltd.
• Eaton Corporation PLC
• Delta Electronics, Inc.
• BYD Co., Ltd.
• Enphase Energy, Inc.
• Diamond Electric Mfg. Co., Ltd.
• Eguana Technologies, Inc.
• Echogen Power Systems LLC
• Contemporary Amperex Technology Co., Limited
• Envision Group
• EnergySage
• AZELIO AB
• Enapter Srl
• Electriq Power
• Balqon Corporation

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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