The Global Residential Energy Storage Market size is expected to reach $2.8 billion by 2030, rising at a market growth of 18.0% CAGR during the forecast period

The combination of solar and storage systems can substantially positively impact microgrids and small-scale applications, such as portable power units. Hence, the Solar & Storage System segment is anticipated to capture more than 55% share of the market by 2030.

New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Residential Energy Storage Market Size, Share & Industry Trends Analysis Report By Connectivity, By Power Rating, By Technology, By Operation, By Ownership Type, By Regional Outlook and Forecast, 2023 - 2030" - https://www.reportlinker.com/p06488054/?utm_source=GNW Solar PV modules and energy storage systems are useful resources in times of power outages because they can supply backup power. Their functionality guarantees the ongoing operation of crucial infrastructure, enabling necessary services like communication and device charging (for mobile phones and laptops) and preserving summer air conditioning. The quickening adoption of residential energy storage systems can be linked to the rising demand for solar PV systems. These systems help reduce energy costs and support beneficial government initiatives, ensuring a steady electricity supply in the event of power outages.The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In May, 2023, Enphase Energy, Inc. partnered with Natec to distribute IQ® Microinverters and IQ™ Batteries in Europe. Additionally, In February, 2023, Eaton came into an agreement with IES for developing approaches that would help building owners accelerate the sustainability of their buildings and maintain them for the energy transition.Based on the Analysis presented in the KBV Cardinal matrix; Tesla, Inc. are the forerunners in the Market. In May, 2023, Tesla came into collaboration with BayWa r.e. Solar Systems. Through this collaboration, BayWa r.e. would deliver Tesla’s residential solar battery system. Additionally, BayWa r.e. would add Tesla Powerall in California and would work with Tesla to broaden availability to various U.S. states. Companies such as BYD Company Ltd., Panasonic Holdings Corporation and Enphase Energy, Inc. are some of the key innovators in the Market.Market Growth FactorsA substantial demand for electric vehiclesThe market is booming primarily due to the rising demand for electric vehicles and the widespread use of virtual power plants. Electric vehicles, representing a sizable application area, could spur the broad adoption of energy storage solutions in residential settings. The use of electric vehicles is increasing, which increases the demand for residential energy storage systems in Europe and North America. An imbalance in the grid services market disadvantages solar-battery-electric vehicle (EV) systems. This market provides incentives for producing and storing power, which are essential for real-time network demand and supply balancing. As a result, there is a focus on developing battery-based charging infrastructure for EVs, which in turn encourages the expansion of the market.The rising incidents of power outagesThe market is expanding significantly due to the rising frequency of power outages. Additionally, the frequency and severity of extreme phenomena like hurricanes, tornadoes, snowstorms, and wildfires are being significantly impacted by climate change. Power outages could result from these strong weather conditions damaging power lines and other infrastructure. Moreover, the electrical grid in many nations, mainly developed nations, is aging and needs enhancements. As a result, the length of power interruptions is a key factor affecting the demand for domestic energy storage systems. As a result of the rising number of power outages, the market is estimated to grow.Market Restraining FactorsAging Lithium-Ion BatteryDespite notable improvements and breakthroughs, the aging problem is a significant disadvantage of lithium-ion battery technology. Lithium-ion batteries lose some of their ability to store energy with time and with use, which lowers their performance. This aging phenomenon can be observed in the batteries of electronic devices such as mobile phones and laptops. Although this degradation is annoying for portable electronics, electric vehicles are more seriously affected. Electric vehicles’ available driving range is directly impacted by battery cell aging, reducing their effectiveness and usability. Lithium-ion batteries naturally age due to chemical interactions between the negative electrode and electrolyte. Furthermore, it is critical to comprehend the underlying aging mechanisms linked to new cell chemistries.Technology OutlookBy technology, the market is categorized into lead-acid and lithium-ion. The lithium-ion segment held the highest revenue share in the market in 2022. In comparison to other battery technologies, it is anticipated that lithium-ion technology will increase at the fastest rate. The higher energy density of lithium-ion batteries, which outperforms lead-acid batteries, is responsible for this growth. As a result, the lithium-ion segment is anticipated to experience a significant increase throughout the anticipated period, propelling market expansion.Power Rating OutlookBased on power rating, the market is fragmented into 3 kW to 6 kW, 6 kW to 10 kW, and 10 kW to 20 kW. The 10 kW to 29 kW segment acquired a substantial revenue share in the market in 2022. The energy storage segment ranging from 10 kW to 29 kW appealed to homeowners seeking greater energy independence and resilience. These systems’ greater storage capabilities enable them to offer backup power during grid outages or periods of high demand. Energy storage systems became more necessary to store the extra energy as more houses started using solar panels and other renewable energy sources. These devices assist homeowners in increasing their level of independence and lowering their reliance on the grid.Connectivity Type OutlookOn the basis of connectivity type, the market is divided into on-grid and off-grid. In 2022, the on-grid segment dominated the market with maximum revenue share. In residential structures, on-grid systems are employed more commonly. The extra energy produced can be sent to the relevant power provider, which owns the grid, using on-grid devices, allowing the person to build up credit that can be withdrawn at the end of the year. Moreover, being grid-connected eliminates the need for a costly battery backup system to store excess energy. These factors will increase demand for on-grid household energy storage systems over the projection period.Ownership Type OutlookBy ownership type, the market is segmented into customer-owned, utility-owned, and third-party owned. In 2022, the customer-owned segment registered the maximum revenue share in the market. This development can be attributed to its capacity to handle issues with overvoltage and unbalanced energy supply and demand. Customer-owned energy storage systems enable residential users to efficiently regulate their energy consumption, resulting in a more reliable and adequate energy distribution within their premises.Operation Type OutlookBased on operation type, the market is bifurcated into standalone systems, solar & storage system. In 2022, the standalone systems segment registered the maximum revenue share in the market. Standalone energy storage systems provide a dependable backup power source during grid disruptions. To use the energy stored during peak demand or power disruptions, homeowners can keep electricity during off-peak times or when renewable energy production is high. This increases the residential energy infrastructure’s resilience and homeowners’ capacity to maintain power under challenging circumstances.Regional OutlookRegion wise, the market analyzed across North America, Europe, Asia Pacific and LAMEA. In 2022, the Europe region led the market by generating the highest revenue share. Adopting energy-efficient and clean technology and strict government restrictions relating to decarbonization will improve the business outlook in this region. The combination of favorable government subsidies and a decline in the price of solar systems has made these technologies increasingly desirable for homeowners. Additionally, the regional market for these systems will be fueled by strict demands to optimize energy and a favorable regulatory attitude for deploying practicable solar technologies.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tesla, Inc., Panasonic Holdings Corporation, BYD Company Ltd., Enphase Energy, Inc., Sonnen GmbH, VARTA AG, Delta Electronics, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Eaton Corporation PLC and LG Energy Solutions Ltd.Recent Strategies Deployed in Residential Energy Storage MarketPartnerships, Collaborations and Agreements:Jun-2023: Enphase Energy, Inc. came into partnership with 4blue, a full-service wholesaler of solar and battery systems. This partnership aims to distribute IQ® Microinverters and IQ™ Batteries across Germany, Belgium, Netherlands, and Luxembourg.May-2023: Enphase Energy, Inc. partnered with Natec, a leading wholesaler of solar and battery products. Following this partnership, both companies aim to distribute IQ® Microinverters and IQ™ Batteries in Europe. Furthermore, Enphase delivers the Enphase IQ7™ and IQ8™ family of microinverters, IQ Batteries, and other system components.May-2023: Tesla came into collaboration with BayWa r.e. Solar Systems, a leading developer, provider, and distributor of various energy solutions. Through this collaboration, BayWa r.e. would deliver Tesla’s residential solar battery system. Additionally, BayWa r.e. would add Tesla Powerall in California and would work with Tesla to broaden availability to various U.S. states.Feb-2023-Feb Eaton came into an agreement with IES, the global climate tech and building performance analytics company. Under this agreement, both companies would develop approaches that would help building owners accelerate the sustainability of their buildings and maintain them for the energy transition.Jan-2023-Jan Enphase Energy, Inc. partnered with Enerix, a Germany-based network of specialist companies for decentralized energy systems. This partnership aims to broaden Enphase® product portfolio across Europe. Furthermore, Enerix would deliver Enphase Energy Systems, powered by IQ Microinverters and IQ Batteries, to its network of more than 100 franchise partners in Austria and Germany.May-2022-May BYD joined hands with XCHARGE, an EV charging solutions provider. Under this Collaboration, XCHARGE launched the ’Net Zero Series’ to propel the adoption of energy storage and fast charging solutions. Additionally, both companies teamed up for new products with an aim to a carbon-free, sustainable transportation and to promote a greener future.Dec-2021-Dec Eaton Power Quality (Shanghai) Co., Ltd. signed an agreement with Contemporary Amperex Technology Co., Limited, a global leader in lithium-ion battery development and manufacturing. Under this agreement, both companies would cooperate on product R&D, business models, service response mechanisms, and marketing. Additionally, both companies would jointly develop energy storage solutions for multiple application scenarios.Jan-2021-Jan Enphase Energy, Inc. signed a partnership with Sunnova Energy International Inc., a leading national residential solar company. This partnership aims to include Enphase Encharge storage systems. As a power service provider, Sunnova would strengthen its network of solar dealers in the U.S. to deliver a simple upgrade path for existing Enphase homeowners and also homeowners who are new to solar and storage.Product Launches and Product Expansions:Jun-2023-Jun Panasonic Corporation announced an enhancement to its EVERVOLT Smartbox, a Home Battery System solution. This new and updated EVERVOLT Smartbox supports both DC and AC coupling, making it suitable for both existing and new solar installations. With its compact and sleek design, the EVERVOLT would be installed indoors and outdoors and mountable on walls or floors.May-2023: Delta introduced a prefabricated energy storage system (ESS) for industrial and commercial enterprises and EV charging stations. The launched system is developed to help businesses address their ESG, carbon reduction, and power stability requirements. Moreover, the ESS also solves issues related to peak shaving and load shifting with solar power systems or EV charging facilities.May-2023: Huawei released Smart PV+Energy Storage System (ESS) solutions. These offerings empower the boosted energy transformation from fossil fuels to renewable energy, propelled by energy independence, business value, and carbon neutrality.May-2022: BYD introduced Battery-Max Lite, a new addition to its Battery-Box product offerings. The launched C&I battery system is available in capacities from 30 kWh to 90 kWh, and around units would be connected in alignment for a total capacity of 5.76 MWh. Moreover, the product is compatible with PV inverters from different manufacturers, enabling end users to match and mix to create the best efficient system.Acquisitions and Mergers:Oct-2022: Enphase Energy, Inc. took over GreenCom Networks AG, a Software-as-a-Service Company and a provider of Internet of Things (IoT) software solutions for customers to connect and manage a wide range of distributed energy devices within the home. The acquisition of GreenCom Networks’ technology facilitates a link-up of industries including mobility, heating, and renewable energy to help attain full home electrification.Dec-2021: Enphase Energy, Inc. acquired 365 Pronto, Inc., a predictive software platform dedicated to simplifying the cleantech service landscape by matching cleantech asset owners to a local and on-demand workforce of service providers. This acquisition delivers Enphase’s installers the opportunity to service their operations and maintenance contracts through the 365 Pronto software platform when required.Apr-2021: Enphase Energy, Inc. acquired the Solar Design Services business of DIN Engineering Services LLP, India based engaged in providing outsourced proposal drawings and permit plan sets for residential solar installers in North America. This acquisition aims to provide Enphase’s installers with new services by delivering proposal drawings and permit plan sets.Scope of the StudyMarket Segments covered in the Report:By Connectivity• On-Grid• Off-GridBy Power Rating• 6-10 kW• 3-6 kW• 10-20 kWBy Technology• Lithium-Ion• Lead-AcidBy Operation• Solar & Storage System• Standalone SystemsBy Ownership Type• Customer Owned• Utility Owned• Third-Party OwnedBy Geography• North Americao USo Canadao Mexicoo Rest of North America• Europeo Germanyo UKo Franceo Russiao Spaino Italyo Rest of Europe• Asia Pacifico Chinao Japano Indiao South Koreao Singaporeo Malaysiao Rest of Asia Pacific• LAMEAo Brazilo Argentinao UAEo Saudi Arabiao South Africao Nigeriao Rest of LAMEACompanies Profiled• Tesla, Inc.• Panasonic Holdings Corporation• BYD Company Ltd.• Enphase Energy, Inc.• Sonnen GmbH• VARTA AG• Delta Electronics, Inc.• Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)• Eaton Corporation PLC• LG Energy Solutions Ltd.Unique Offerings • Exhaustive coverage• Highest number of market tables and figures• Subscription based model available• Guaranteed best price• Assured post sales research support with 10% customization freeRead the full report: https://www.reportlinker.com/p06488054/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________