Industry Overview of Residential Energy Storage System Market
Residential energy storage systems (ESS) are advanced devices designed to store and supply excess energy for future use. They can be integrated with solar power systems, allowing homeowners to store surplus energy generated during the day. Residential ESS offers benefits such as improved power security, reduced energy wastage, increased reliability, and minimized environmental impact. Additionally, it provides emergency backup power and helps lower electric bills. Residential ESS is known for its safety, flexibility, ease of installation, and ability to maximize the self-consumption of solar energy. As a result, these systems are widely installed in households to ensure uninterrupted power supply.
How Big Is the Residential Energy Storage System Market?
The global residential energy storage system market size reached US$ 847.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,846.86 Million by 2028, exhibiting a growth rate (CAGR) of 21.93% during 2023-2028.
Global Residential Energy Storage System Market Trends and Drivers:
The residential energy storage system market is driven by the increasing demand for uninterrupted and stable power supply for household activities. These systems offer benefits such as tax incentives, reduced strain on local grids, and optimized power quality, which contribute to the market growth. Additionally, the integration of energy storage systems with electric vehicles and the availability of intelligent home energy control systems further accelerate market expansion. The aging infrastructure of grid assets, the need to replace thermal power plants for enhanced grid reliability, and government policies promoting the adoption of residential energy storage systems also contribute to market growth. Furthermore, the rising demand for lithium-ion rechargeable batteries, known for their improved efficiency and longer charge retention, is expected to drive the market in the future.
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What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Technology Type Insights:
- Lithium-ion Batteries
- Lead-acid Batteries
Power Rating Insights:
- 3-6 Kw
- 6-10 Kw
- More Than 10 Kw
Ownership Type Insights:
- Third-Party Owned
Connectivity Type Insights:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
The Major Players in the market are ABB Ltd., BYD Company Limited, Delta Electronics Inc., Eaton Corporation plc, Eguana Technologies Inc, Enphase Energy Inc, Huawei Technologies Co. Ltd., LG Energy Solution Ltd, Panasonic Corporation, Samsung SDI Co. Ltd, Schneider Electric SE, SENEC (EnBW Energie Baden-Württemberg AG), Sonnen GmbH, Tesla Inc., Varta AG.
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