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Residential Energy Storage System Market by Technology Type (Lithium-ion Batteries, Lead-acid Batteries, and Others), Power Rating (3-6 Kw, 6-10 Kw, More Than 10 Kw), Ownership Type (Customer-owned, Utility-owned, Third-Party Owned), Connectivity Type (On-Grid, Off-Grid), and Region 2024-2032
Market Report I 2024-04-08 I 137 Pages I IMARC Group
The global residential energy storage system market size reached US$ 1,033.4 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 5,227.6 Million by 2032, exhibiting a growth rate (CAGR) of 19.1% during 2024-2032. The aging of several grid assets, the increasing energy consumption and the growing need for uninterrupted and stable power to perform multiple household activities represent some of the key factors driving the market.
A residential energy storage system (ESS) refers to advanced devices specially designed to store and supply surplus amounts of electrical, mechanical, chemical, and thermal energy for later consumption as per the requirement. It can be combined with solar power that is produced from photovoltaic (PV) systems, and the battery facilitates the further accumulation of energy generated during the day. Residential ESS offers increased power security, greater reduction in energy waste, improved reliability and resilience, minimized environmental impact, emergency backup, and better financial savings by decreasing the electric bill price. Apart from this, residential ESS is safe, flexible, easy to install, reduces the dependence on the grid system, and provides maximized self-supply of solar. As a result, residential ESS is extensively installed in the residential sector to have an uninterrupted power supply.
Residential Energy Storage System Market Trends:
Significantly increasing energy consumption represents one of the key factors driving the market growth. In line with this, the rising need for uninterrupted and stable power to perform multiple household activities have facilitated the demand for residential ESS, which is acting as another growth-inducing factor. Such devices reduce the involvement of additional incentives by offering tax benefits, eliminate peak load on the local grid networks and optimize power quality; thus, they are widely employed as storage systems. Moreover, the increasing aging of several grid assets due to severe weather conditions and the rising deterioration of chokepoints and bottlenecks in the energy delivery systems resulting in higher costs and risk of local power outages are driving the market growth. The fueling environmental consciousness and the enforcement of favorable green initiatives by governments have prompted users to replace thermal power plants with ESS to support renewable energy generation and enhance grid reliability, which is favoring the market growth. Additionally, the widespread adoption of lithium-Ion (Li-ion) rechargeable batteries, owing to their multiple benefits, such as improved power efficiency, affordability, and longer charge retention than other conventional batteries, is supporting the market growth. Apart from this, the extensive installation of ESS in electric vehicles (EVs) and the launch of customizable intelligent home energy control systems are positively impacting the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global residential energy storage system market, along with forecasts at the global, regional, and country level from 2024-2032. Our report has categorized the market based on technology type, power rating, ownership type, and connectivity type.
Technology Type Insights:
Lithium-ion Batteries
Lead-acid Batteries
Others
The report has also provided a detailed breakup and analysis of the residential energy storage system market based on the technology type. This includes lithium-ion, lead-acid batteries, and others. According to the report, lithium-ion batteries represented the largest segment.
Power Rating Insights:
3-6 Kw
6-10 Kw
More Than 10 Kw
A detailed breakup and analysis of the residential energy storage system market based on the power rating has also been provided in the report. This includes 3-6Kw, 6-10Kw, and more than 10 Kw. According to the report, 6-10 Kw accounted for the largest market share.
Ownership Type Insights:
Customer-owned
Utility-owned
Third-Party Owned
The report has also provided a detailed breakup and analysis of the residential energy storage system market based on the ownership type. This includes customer, utility, and third-party owned. According to the report, customer-owned represented the largest segment.
Connectivity Type Insights:
On-Grid
Off-Grid
A detailed breakup and analysis of the residential energy storage system market based on the connectivity type has also been provided in the report. This includes on-grid and off-grid. According to the report, on-grid accounted for the largest market share.
Regional Insights:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe was the largest market for residential energy storage systems. Some of the factors driving the Europe residential energy storage system market included the increasing need for uninterrupted supply of power, significant technological advancements, and steadily rising power consumption across the residential sector.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global residential energy storage system market. Detailed profiles of all major companies have also been provided. Some of the companies covered includes 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-Wurttemberg AG), Sonnen GmbH, Tesla Inc., Varta AG, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report
1. How big is the global residential energy storage system market?
2. What is the expected growth rate of the global residential energy storage system market during 2024-2032?
3. What are the key factors driving the global residential energy storage system market?
4. What has been the impact of COVID-19 on the global residential energy storage system market?
5. What is the breakup of the global residential energy storage system market based on the technology type?
6. What is the breakup of the global residential energy storage system market based on the power rating?
7. What is the breakup of the global residential energy storage system market based on the ownership type?
8. What is the breakup of the global residential energy storage system market based on the connectivity type?
9. What are the key regions in the global residential energy storage system market?
10. Who are the key players/companies in the global residential energy storage system market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Residential Energy Storage System Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Technology Type
6.1 Lithium-ion Batteries
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Lead-acid Batteries
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Others
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Power Rating
7.1 3-6 Kw
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 6-10 Kw
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 More Than 10 Kw
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by Ownership Type
8.1 Customer-owned
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Utility-owned
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Third-Party Owned
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Connectivity Type
9.1 On-Grid
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Off-Grid
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 Drivers, Restraints, and Opportunities
11.1 Overview
11.2 Drivers
11.3 Restraints
11.4 Opportunities
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 ABB Ltd.
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 BYD Company Limited
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.2.4 SWOT Analysis
15.3.3 Delta Electronics Inc.
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 Eaton Corporation plc
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 Financials
15.3.4.4 SWOT Analysis
15.3.5 Eguana Technologies Inc
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.5.4 SWOT Analysis
15.3.6 Enphase Energy Inc
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 Huawei Technologies Co. Ltd.
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 SWOT Analysis
15.3.8 LG Energy Solution Ltd
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 SWOT Analysis
15.3.9 Panasonic Corporation
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 Financials
15.3.9.4 SWOT Analysis
15.3.10 Samsung SDI Co. Ltd
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.10.4 SWOT Analysis
15.3.11 Schneider Electric SE
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.12 SENEC (EnBW Energie Baden-Wurttemberg AG)
15.3.12.1 Company Overview
15.3.12.2 Product Portfolio
15.3.13 Sonnen GmbH
15.3.13.1 Company Overview
15.3.13.2 Product Portfolio
15.3.14 Tesla Inc.
15.3.14.1 Company Overview
15.3.14.2 Product Portfolio
15.3.14.3 Financials
15.3.14.4 SWOT Analysis
15.3.15 Varta AG
15.3.15.1 Company Overview
15.3.15.2 Product Portfolio
15.3.15.3 Financials
Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.
Figure 1: Global: Residential Energy Storage System Market: Major Drivers and Challenges
Figure 2: Global: Residential Energy Storage System Market: Sales Value (in Million US$), 2018-2023
Figure 3: Global: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 4: Global: Residential Energy Storage System Market: Breakup by Technology Type (in %), 2023
Figure 5: Global: Residential Energy Storage System Market: Breakup by Power Rating (in %), 2023
Figure 6: Global: Residential Energy Storage System Market: Breakup by Ownership Type (in %), 2023
Figure 7: Global: Residential Energy Storage System Market: Breakup by Connectivity Type (in %), 2023
Figure 8: Global: Residential Energy Storage System Market: Breakup by Region (in %), 2023
Figure 9: Global: Residential Energy Storage System (Lithium-ion Batteries) Market: Sales Value (in Million US$), 2018 & 2023
Figure 10: Global: Residential Energy Storage System (Lithium-ion Batteries) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 11: Global: Residential Energy Storage System (Lead-acid Batteries) Market: Sales Value (in Million US$), 2018 & 2023
Figure 12: Global: Residential Energy Storage System (Lead-acid Batteries) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 13: Global: Residential Energy Storage System (Other Technology Types) Market: Sales Value (in Million US$), 2018 & 2023
Figure 14: Global: Residential Energy Storage System (Other Technology Types) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 15: Global: Residential Energy Storage System (3-6 Kw) Market: Sales Value (in Million US$), 2018 & 2023
Figure 16: Global: Residential Energy Storage System (3-6 Kw) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 17: Global: Residential Energy Storage System (6-10 Kw) Market: Sales Value (in Million US$), 2018 & 2023
Figure 18: Global: Residential Energy Storage System (6-10 Kw) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 19: Global: Residential Energy Storage System (More Than 10 Kw) Market: Sales Value (in Million US$), 2018 & 2023
Figure 20: Global: Residential Energy Storage System (More Than 10 Kw) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 21: Global: Residential Energy Storage System (Customer-owned) Market: Sales Value (in Million US$), 2018 & 2023
Figure 22: Global: Residential Energy Storage System (Customer-owned) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 23: Global: Residential Energy Storage System (Utility-owned) Market: Sales Value (in Million US$), 2018 & 2023
Figure 24: Global: Residential Energy Storage System (Utility-owned) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 25: Global: Residential Energy Storage System (Third-Party Owned) Market: Sales Value (in Million US$), 2018 & 2023
Figure 26: Global: Residential Energy Storage System (Third-Party Owned) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 27: Global: Residential Energy Storage System (On-Grid) Market: Sales Value (in Million US$), 2018 & 2023
Figure 28: Global: Residential Energy Storage System (On-Grid) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 29: Global: Residential Energy Storage System (Off-Grid) Market: Sales Value (in Million US$), 2018 & 2023
Figure 30: Global: Residential Energy Storage System (Off-Grid) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 31: North America: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 32: North America: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 33: United States: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 34: United States: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 35: Canada: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 36: Canada: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 37: Asia-Pacific: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 38: Asia-Pacific: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 39: China: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 40: China: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 41: Japan: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 42: Japan: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 43: India: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 44: India: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 45: South Korea: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 46: South Korea: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 47: Australia: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 48: Australia: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 49: Indonesia: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 50: Indonesia: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 51: Others: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 52: Others: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 53: Europe: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 54: Europe: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 55: Germany: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 56: Germany: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 57: France: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 58: France: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 59: United Kingdom: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 60: United Kingdom: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 61: Italy: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 62: Italy: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 63: Spain: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 64: Spain: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 65: Russia: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 66: Russia: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 67: Others: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 68: Others: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 69: Latin America: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 70: Latin America: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 71: Brazil: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 72: Brazil: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 73: Mexico: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 74: Mexico: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 75: Others: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 76: Others: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 77: Middle East and Africa: Residential Energy Storage System Market: Sales Value (in Million US$), 2018 & 2023
Figure 78: Middle East and Africa: Residential Energy Storage System Market: Breakup by Country (in %), 2023
Figure 79: Middle East and Africa: Residential Energy Storage System Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 80: Global: Residential Energy Storage System Industry: Drivers, Restraints, and Opportunities
Figure 81: Global: Residential Energy Storage System Industry: Value Chain Analysis
Figure 82: Global: Residential Energy Storage System Industry: Porter's Five Forces Analysis
Table 1: Global: Residential Energy Storage System Market: Key Industry Highlights, 2023 & 2032
Table 2: Global: Residential Energy Storage System Market Forecast: Breakup by Technology Type (in Million US$), 2024-2032
Table 3: Global: Residential Energy Storage System Market Forecast: Breakup by Power Rating (in Million US$), 2024-2032
Table 4: Global: Residential Energy Storage System Market Forecast: Breakup by Ownership Type (in Million US$), 2024-2032
Table 5: Global: Residential Energy Storage System Market Forecast: Breakup by Connectivity Type (in Million US$), 2024-2032
Table 6: Global: Residential Energy Storage System Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 7: Global: Residential Energy Storage System Market: Competitive Structure
Table 8: Global: Residential Energy Storage System Market: Key Players
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