Residential Energy Storage Market Growth, Analysis, Overview Highlighting Major Drivers, Share, Company Profiles and Forecast by 2028
Reduction in cost of batteries and government incentives for installing residential energy stoarge systems are key factors driving global residential energy storage market growth
The global residential energy storage market size is expected to reach USD 31.51 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to falling battery prices and presence of incentives and schemes encouraging deployment of battery systems in developed countries, which is expected to continue to drive adoption of batteries in residential energy storage systems.
The Global Residential Energy Storage Market Market Report, published by Emergen Research, comes with an exhaustive analysis of the major segments of the global Residential Energy Storage Market market and estimates the overall market growth over the forecast timeline of 2020-2028. The latest research report can be viewed as a valuable source of viable data and information pertaining to this particular business vertical. It provides a complete overview of the Residential Energy Storage Market industry, considering the future growth analysis, demand, and supply graphs, as well as historical and future costs and revenue generation.
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The pandemic has substantially contributed to the downturn of the Residential Energy Storage Market industry, which has been left financially beleaguered since the beginning of the COVID-19 lockdown. Hence, the report highlights the financial obstacles that have slowed the progress of numerous businesses in this sector and disrupted the supply chains.
Geographical Terrain of the Global Residential Energy Storage Market Market:
- North America (U.S., Canada, and Mexico)
- Europe (Germany, France, the U.K, Russia, and Italy)
- Asia Pacific (China, Japan, Korea, India, and Southeast Asia)
- Latin America (Brazil, Argentina, Colombia, etc.)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
Some Key Highlights From the Report
- Hitachi ABB Power Grids acquired U.S. based Pioneer Solutions LLC, which is a provider of industry leading front to back office Commodities/Energy Trading and Risk Management (C/ETRM) solutions. The acquisition is expected to expand Energy Market Operations offering and empower energy market participants with leading digital capabilities to navigate the evolving regulatory environment and renewable energy goals.
- Lithium-ion batteries segment accounted for largest revenue share in 2020. Stringent environmental regulations and policies is boosting utilization of lithium-ion batteries to reduce greenhouse gas emissions.
- Customer owned segment revenue is expected to expand at a rapid CAGR during the forecast period. The high value that customers are placing on having their own storage systems is expected to continue to drive demand for customer owned residential energy storage systems.
- On-grid segment accounted for a significantly high revenue share in the residential energy storage market in 2020. Increasing utilization of on-grid systems in the residential sector as it eliminates the need to purchase an expensive battery backup system to store any excess energy is driving growth of the on-grid system segment.
The report draws focus on the present economic situations, with an emphasis on the item value, benefit, limit, generation, supply, and market development rate. Additionally, the report includes a SWOT analysis, venture return investigation, and speculation attainability investigation.
Taking into account the existing market development factors, historical events, and recent market trends, the study presents a balanced opinion on the future scenario of the global Residential Energy Storage Market market. It thus supports its opinion by discussing the key corporate strategies, such as mergers & acquisitions, takeovers, joint ventures, and strategic alliances, used by the market players to strengthen their global footprint.
Key players in the market include ABB, Samsung SDI Co, Tesla, Inc., BYD Company, Eguana Technologies, Schneider Electric, Siemens, Huawei, Eaton Corporation plc, and LG Chem.
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Research Methodology
Our analysts have performed an accurate examination of the various aspects of the global market leveraging avant-garde primary and secondary sources of data collection, along with other analytical tools like SWOT Analysis and Porter’s Five Forces Analysis. The report has gathered the necessary data and information from several reliable sources. Additionally, the report offers many strategic recommendations for companies involved in this ever-growing business sector to help them attain a competitive edge in the global Residential Energy Storage Market market.
The latest research report specializes in the in-depth analysis of the macroeconomic and microeconomic factors affecting the global Residential Energy Storage Market market development. The report also concentrates on the regulatory framework that is shaping the future of the global market. New and existing pricing structures, emerging application areas, and upcoming investment opportunities have also been detailed in the report.
Emergen Research has segmented the global residential energy storage market on the basis of technology, ownership type, connectivity type, and region:
- Technology Outlook (Revenue, USD Billion; 2018–2028)
- Lithium-ion Batteries
- Lead-acid Batteries
- Ownership Type Outlook (Revenue, USD Billion; 2018–2028)
- Utility Owned
- Customer Owned
- Third-party Owned
- Connectivity Type Outlook (Revenue, USD Billion; 2018–2028)
- On-grid
- Off-grid
The latest report elaborates on the current COVID-19 impact on the global economy, as well as this specific business vertical, with an in-depth analysis of the present and future effects of the outbreak. Our analysts speculate that the Residential Energy Storage Market market will regain traction in the post-COVID-19 market situation.
Analytical Tools Analysis: The report discusses the leading market participants and their market scope, leveraging various analytical tools. Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis, are some of the analytical tools used by researchers for this market study.
Table Of Content:
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2021-2028
Chapter 3. Key Insights
Chapter 4. Residential Energy Storage Market Segmentation & Impact Analysis
4.1. Residential Energy Storage Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Decreasing costs of batteries
4.2.2.2. Rapid growth of renewable energy
4.2.2.3. Rising need to reduce electricity costs
4.2.2.4. Growing initiatives to reduce ecological footprint
4.2.2.5. Government incentives for installing residential storage
4.2.3. Market restraints analysis
4.2.3.1. Lack of awareness regarding storage technology
4.2.3.2. Limited availability of highly skilled and experienced workforce
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Residential Energy Storage Market By Technology Insights & Trends, Revenue (USD Billion)
5.1. Technology Dynamics & Market Share, 2021 & 2028
5.1.1. Lithium-ion batteries
5.1.2. Lead-acid batteries
Continue..!!
The report aims to answer the most common queries related to the global Residential Energy Storage Market market:
- What is the scope of innovation in the current market landscape?
- What are the current trends dictating global market growth?
- What is the projected value of the market in 2028?
- Which regional market is expected to witness the highest CAGR during the forecast period?
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