Global Residential Energy Storage Market is Expected to Foresee Significant Growth. APAC to lead the growth!

Residential energy storage systems are made up of a collection of batteries that allow the extra electricity to be used at a later time. Due to the rising energy demand, deteriorating electrical infrastructure, and the need to maintain grid stability, the residential energy storage industry has experienced significant demand. Additionally, for performance optimization and lower operating costs, the household energy storage system could be combined with renewable energy sources like solar, wind, and other resources. Additionally, the home energy storage system permits energy self-consumption while supplying power at a reduced voltage.

The Residential Energy Storage Market is expected to grow at a steady rate of around 22% during the forecast period (2022-2028) owing to the increasing demand for energy independence coupled with lower battery prices and technical advancement along with supportive government regulations. Major companies in the market are focusing to provide residential energy storage with technologically advanced features along with product launches, collaboration, and mergers & acquisitions. For instance, in May 2022, Mango Power launched Mango Power Series M which could be incorporated with the solar PV system and support single & triple-phase connections and could be used as the backup gateway and EV charger.

Access sample report (including graphs, charts, and figures):https://univdatos.com/get-a-free-sample-form-php/?product_id=34085

Based on application, the market is bifurcated into the on-grid and off-grid segments. The on-grid segment is expected to witness significant CAGR during the forecast period owing to its increasing utilization in residential buildings. Also, on-grid energy storage also allows for the delivery of excess energy to the utility that controls the grid, and energy is directly stored in the system of the power generating plant. Furthermore, it is expected that in the near future, the market for on-grid home energy storage would grow as a result of technological developments such as solar PV panels, hydrogen/SNG, and electrochemical batteries.

On the basis of technology, the market is segmented into lead ion battery, Li-ion battery, and others. The Li-ion battery segment is expected to witness significant market growth during the forecast period due to its high energy density, longer durability, and constant power supply. In addition, compared to conventional batteries, Li-ion batteries have a lower self-discharging rate and require less maintenance. Additionally, Li-ion batteries don’t need priming and each cell is approximately 3.6V, which is relatively greater than conventional batteries. Additionally, it is expected that the market would rise during the forecast period due to rising government support and investment in the production of Li-ion batteries.

For a detailed analysis of the Global Residential Energy Storage Market browse through – https://univdatos.com/report/residential-energy-storage-market/

For a better understanding of the market adoption of the residential energy storage industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the rapid urbanization and increasing demand for electricity in the region. Also, the growing investment for the upgradation of grid infrastructure, advancement in battery technology, and several government incentives to promote the residential energy storage system are expected to support the market growth in the region. Additionally, it is expected that throughout the forecast period, the market expansion in the region would be fueled by falling Li-ion battery prices, cheaper manufacturing and production costs, and lower labor expenses. For instance, in June 2022, Toyota launched a residential 5.5kWh battery storage system that is capable to deliver the required output and could be connected to the PV rooftop solar installations.

Some of the major players operating in the market include Tesla, Sonnen GmbH, Panasonic Industry, Enphase Energy, VARTA AG, ABB, Siemens AG, Eguana Technologies, BYD Company Ltd., and Eaton.

Global Residential Energy Storage Market Segmentation

Market Insight, by Technology

· Lead Ion Battery

· Li-ion Battery

· Others

Market Insight, by Application

· On-grid

· Off-grid

Market Insight, by Ownership

· Utility

· Customer

· Third-party

Market Insight, by Region

· North America

o US

o Canada

o Rest of North America

· Europe

o Germany

o United Kingdom

o France

o Italy

o Spain

o Rest of Europe

· Asia-Pacific

o China

o Japan

o India

o Rest of Asia-Pacific

· Rest of the World

Top Company Profiles

· Tesla

· Sonnen GmbH

· Panasonic Industry

· Enphase Energy

· VARTA AG

· ABB

· Siemens AG

· Eguana Technologies

· BYD Company Ltd.

· Eaton