Residential Energy Storage Market by Power Rating (3-6 kW, 6-10 kW, 10-20 kW), Connectivity (On-Grid, Off-Grid), Technology (Lead-Acid, Lithium-Ion), Ownership (Customer, Utility, Third-Party), Operation (Standalone, Solar), Region - Forecast to 2027

Residential Energy Storage Market by Power Rating (3-6 kW, 6-10 kW, 10-20 kW), Connectivity (On-Grid, Off-Grid), Technology (Lead-Acid, Lithium-Ion), Ownership (Customer, Utility, Third-Party), Operation (Standalone, Solar), Region - Forecast to 2027

The residential energy storage market is expected to grow from an estimated in USD 719 million in 2022 to USD 1,828 million by 2027, at a CAGR of 20.5% during the forecast period. The primary drivers of the market include rising demand for energy production through renewable sources accompanies by the increasing investments in the renewables sector.

“The 6 – 10 kW, by power rating, is expected to be the largest and the fastest-growing market from 2022 to 2027”

The residential energy storage market, by application, is bifurcated into 3 – 6 kW, 6 – 10 kW, and 10 – 20 kW. The 6 – 10 kW segment is expected to dominate in terms of market share and CAGR during the forecast period and this dominance can be attributed to the decreased dependence on grid supply as storage can provide backup in the event of a grid outage.

“The lithium-ion segment, by technology, is expected to be the fastest-growing market from 2022 to 2027”

The residential energy storage market by technology is segmented into lithium-ion and lead-acid. The lithium-ion segment is expected to be the fastest growing segment. The high growth rate can be attributed to the increasing number of manufacturing sites and high investment in R & D of lithium-ion batteries

“The Customer-owned, by ownership type, is expected to be the largest and the fastest-growing market from 2022 to 2027”

The residential energy storage market, by ownership type, is bifurcated into customer-owned, utility-owned, and third-party-owned. The customer-owned segment is expected to be the fastest growing market followed by utility-owned during the forecast period. This dominance can be attributed lower energy bills and are becoming energy independent because of residential energy storage homes.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%

By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%

By Region: Europe – 35%, North America- 26%, Asia Pacific – 25%, Middle east & Africa – 8% and South America – 6 %.

Note: Others includes sales managers, marketing managers, product managers, and product engineers.

The tier of the companies is defined based on their total revenue as of 2017. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:

The residential energy storage market is dominated by a few major players that have a wide regional presence. The leading players in the residential energy storage Tesla (US), VARTA AG (Germany), Enphase Energy (US), BYD Company Ltd (China), Sonnen GmbH (Germany), LG Energy Solution (South Korea) and others.

Study Coverage:

The report defines, describes, and forecasts the residential energy storage market, by power rating, connectivity type, operation type, ownership type, technology, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the residential energy storage market.

Key Benefits of Buying the Report

1. The report identifies and addresses the key markets for residential energy storage operations and services, which would help equipment manufacturers and service providers review the growth in demand.

2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.

3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.