19-Sep-2022 | Facts and Factors
According to Facts and Factors, the global residential battery market size was worth around USD 12 billion in 2021 and is predicted to grow to around USD 49 billion by 2028 with a compound annual growth rate (CAGR) of roughly 17.75% between 2022 and 2028.
Residential batteries are energy storage units specially designed for home settings and the operation of electrical devices at home during power cuts or electricity shortages. The old method of energy generation involving power grids and energy supply from market players resulted in becoming a fragile system, resulting in uneven power voltage supply along with regular power cuts owing to various external factors ranging from a bird causing the grid to malfunction to severe damage due to grid parts. There is also a rising trend of power suppliers to reroute energy to industrial sectors since they lead to higher revenue resulting in remote places without power supply for a long time. These issues are well-taken care of with the help of residential batteries since the power storage devices can be recharged either by using electricity from a power-grid source and used later when required or can be recharged with the help of solar or wind energy, which form a part of renewable energy generation.
Browse the full “Residential Battery Market Size, Share, Growth Analysis Report By Operation (Solar, and Standalone), By Type (Lead-Acid Battery, Lithium-ion Battery, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/residential-battery-market
Covid-19, at its peak, resulted in losses in the global residential battery market cap like other industrial sectors, however, since energy was deemed essential, the impact was not very high. The global market size is projected to benefit, in long run, because of the pandemic since there was an increase in regular power cuts during 2020 resulting in more people adopting residential batteries.
The global residential battery market is projected to benefit from the rising need to store energy. The world is witnessing a surging growth in energy consumption owing to factors like digitalization, modernization, and industrialization. The globe technically functions as a constant power supply. However, there is a significant gap between the supply rate of energy and the demand for power. Power grids are undergoing constant malfunctioning due to overload and in such cases, residential batteries come in handy. The global market growth is also propelled by a rising inclination toward solar-powered energy storing units driven by consumer awareness about the impact of the use of non-renewable sources of energy. India, for instance, has managed to grow its solar power capacity by 11% from 2.6 GW in 2014 to 30 GW in 2019. World leaders like the United States, European countries, and Asia giants are focusing on and encouraging more sustainable ways of development by providing tax redemptions, and other policies in favor of using an environment-friendly source of energy and its storage.
The high cost of installation may restrict the global market growth whereas growing advancements in home batteries may provide expansion opportunities. Issues with recharge sources are projected to present challenges for further market penetration.
The global residential battery is segmented based on type, operation, and region.
Based on type, the global market is divided into lead-acid battery, and lithium-ion battery, which also leads the segmental revenue. One of the major causes of higher adoption is the decreasing prices of lithium-ion batteries along with improved output efficiency. This battery technology not only charges faster but also lasts longer and has higher power density providing improved battery life in lighter packaging. In 2021, lithium-ion battery was priced at USD 123 per kWh, while the price in 2013 was 667 per kWh, a decrease of 81.57% in a matter 8 years.
Based on operation, the global market segments are solar and standalone. Currently, the highest revenue is generated from standalone systems since they have been present in the market longer than solar panels. A battery bank that can provide an average American household with a constant power supply for three days would have to supply 90 kilowatts of energy requiring 38 batteries.
Asia-Pacific is projected to lead the global residential battery market owing to the rising energy consumption as well as the presence of various market players offering quality products and post-installation services. Residential batteries have been long used in the regions of China and India, and the regional market already has a huge consumer database. With the growing advancements in home battery technology with an increase in power storage capacity and prevention from deterioration, easy replacement, lowered cost, and almost negligible post-installation care is projected to help the regional market grow further.
North America may generate significant CAGR owing to the rising technological development in home batteries as well as more inclination towards renewable sources of energy storage and generation. The lesser dependency of the population on power grids is projected to help the regional market grow further. The recent energy crisis in Europe and the coming winter season of 2022 may drive the demand for home batteries in EU territories.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 12 Billion |
Projected Market Size in 2028 |
USD 49 Billion |
CAGR Growth Rate |
17.75% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Siemens, Samsung, ABB, Eaton, BYD Electronic Company, LG Chem Power, Tesla, Luminous Power Technologies, and others. |
Key Segment |
By Operation, Type, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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The global residential battery market is dominated by players like Siemens, Samsung, ABB, Eaton, BYD Electronic Company, LG Chem Power, Tesla, Luminous Power Technologies, and others.
Recent Developments:
- In May 2022, Solar Energy Development Center (SEDC) announced its intention of tax incentives for the local and federal governments in Connecticut and Washington, DC to install battery energy storage systems powered by solar energy. It will also provide maintenance for the next 2 decades
- In March 2022, GC PowerNest, a 5 kWh residential battery was launched by Green Cell.
The global residential battery is segmented as follows:
By Operation
By Type
- Lead-Acid Battery
- Lithium-ion Battery
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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