Global Residential energy storage market was valued USD 6.3 billion in 2019. This market is estimated to register growth at a CAGR of 12.5% for the period of 2020-2026.
Covid19 has impacted the market of residential energy storage. It has hit the market in a negative manner. Due to lockdown many industries has stopped working for few months are unable to make any profits which has lower down their market growth.
For more details, visit: Global Residential Energy Storage Market By Power Rating (3-6 KW, 6-10 KW), By Connectivity (On-Grid Connected, Off-Grid), By Technology (Lithium-ion Battery, Lead-acid Battery), By Region–Forecast & Opportunities to 2026
The decline in cost of residential energy storage setup has played a vital role in improving the market growth in this sector. As the cost barrier declined people are adapting this technology, owing to hue increment in this sector.
Based on power rating, the RES market has been segmented into 3-6 kW and 6-10 kW. The 3-6kW power rating is expected to dominate the market and projected to register growth at highest CAGR. EVs and solar PV are charged using 3-6 kW power rating batteries.
Based on connectivity, The RESS is segmented into On-Grid and Off-Grid. The On-Grid segment has accounted for maximum market share in year 2019. However the OFF- Grid market is now expanding very rapidly and it is expected to grow at a highest CAGR for the forecast period. The main factors that are driving Off-grid sectors are the need for self-sufficiency and portability.
Based on technology RES market is segmented into Li-ion and Lead-acid. The lithium-ion market is expected to register growth at highest CAGR. This segment is a fastest growing segment and expected to account for highest market share.
Based on region, the residential energy storage market has been segmented into North America, South America, Europe, Asia- pacific and Middle East & Africa. Europe has dominated the
The key players in RESS market are Huawei, Samsung SDI Co., Tesla, LG Chem, SMA Solar Technology, BYD, Siemens, Eaton, Schneider Electric, Panasonic, Sonnen, Saft Groupe, Hitachi, Sunverge Energy LLC and ABB.
- What are the expected industry trends over the next three to five years?
- Which of the residential energy storage technology is likely to lead by 2025?
- Which of the power rating segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?