Residential Energy Storage Market Worth USD 31.51 Billion in 2028 By Emergen Research
Residential Energy Storage Market Size – USD 6.97 Billion in 2020, Market Growth – at a CAGR of 20.8%, Market Trends – Increasing utilization of lithium-ion batteries
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 is anticipated to grow at a significant rate during the forecast timeline of 2020-2028, majorly bolstered by the surge in demand for the industry in the regional and global markets. The comprehensive analysis of the Residential Energy Storage industry offers the businesses insightful data to assist them in capitalizing on the lucrative growth opportunities in the Residential Energy Storage industry.
Increasing utilization of lithium-ion batteries due to stringent environmental regulations and policies and growing need to reduce carbon emissions is augmenting growth of the residential energy storage market. Techno-economic benefits of lithium-ion batteries over conventional batteries is a key factor boosting demand.
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.
Some Key Highlights From the Report
- In September 2020, 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.
To conclude everything stated above, the report offers a panoramic view of the Residential Energy Storage market in both the global and regional markets, supported by key statistical data and industry-verified facts. It offers a thorough examination of the size, share, and market volume of the Residential Energy Storage industry to forecast the same evaluations until 2028.
Source URL https://www.emergenresearch.com/industry-report/residential-energy-storage-market
