Global Residential Energy Storage Market Forecast to 2024 - Regulatory Support & Financial Incentives Drive Growth - ResearchAndMarkets.com

The "Residential
Energy Storage Market by Power Rating (3-6 kW, 6-10 kW), Connectivity
(On-Grid, Off-Grid), Technology (Lead-Acid, Lithium-Ion), Ownership
(Customer, Utility, Third-Party), Operation (Standalone, Solar), Region
- Global Forecast to 2024" report has been added to ResearchAndMarkets.com's
offering.

The global residential energy storage market is projected to reach USD
17.5 billion by 2024 from an estimated USD 6.3 billion in 2019, at a
CAGR of 22.88% during the forecast period.

This growth can be attributed to factors such as declining cost of
batteries, regulatory support and financial incentives, and the need for
energy self-sufficiency from consumers. However, price sensitivity in
developing countries and lack of standards and interoperability is
hindering the growth of the residential energy storage market.

The global residential energy storage market is dominated by a few major
players that have a wide regional presence. The leading players in the
residential energy storage market are Huawei (China), Samsung SDI Co.
Ltd. (South Korea), Tesla (US), LG Chem (South Korea), SMA Solar
Technology (Germany), BYD (China), Siemens (Germany), Eaton (Ireland),
Schneider Electric (France), ABB (Switzerland), Tabuchi Electric
(Japan), and Eguana Technologies (Canada).

The lithium-ion segment is expected to be the fastest
growing market, by technology, from 2019 to 2024

The lithium-ion segment is expected to hold the largest market share and
be the fastest growing segment during the forecast period because of the
declining price of lithium batteries and high efficiency. Increasing
emission control regulations and continuous revisions in environmental
regulations have led to the increasing use of lithium-ion batteries.

The solar and storage segment is expected to be the largest
market from 2019 to 2024

The solar and storage segment, by operation type, is estimated to be the
largest and fastest growing segment during the forecast period. The
solar and storage segment is growing due to the need for energy
self-sufficiency and the governments providing financial incentives for
energy storage to residential consumers. The growth of solar PV
installations due to a drop in prices is another major reason for the
growth of solar and storage segment.

Asia Pacific: The largest residential energy storage market

The Asia Pacific region is expected to be the largest residential energy
storage market by 2024. The residential energy storage market in this
region is mainly driven by seaborne trade, which has subsequently led to
an increase in demand for ships used to transport manufactured goods to
various regions worldwide.

The growth of this region is primarily driven by countries such as
China, Australia, and Japan, which, are installing storage solutions for
residential end-users. Over the past few years, this region has
witnessed rapid economic development as well as the growth of the
renewables and demand for energy self-sufficiency, which has resulted in
an increase in the demand for energy storage options.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Global Residential Energy Storage Market, 2019-2024

4.2 Residential Energy Storage, By Power Rating

4.3 Residential Energy Storage Market, By Ownership Type

4.4 Residential Energy Storage Market, By Connectivity Type

4.5 Residential Energy Storage Market, By Technology

4.6 Residential Energy Storage Market, By Operation Type

4.7 Asia Pacific Residential Energy Storage Market

5 Market Overview

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.1.1 Declining Cost of Lithium-Ion Batteries

5.2.1.2 Regulatory Support and Financial Incentives

5.2.1.3 Need for Energy Self-Sufficiency From Consumers

5.2.2 Restraints

5.2.2.1 Price Sensitivity in Developing Countries

5.2.2.2 Lack of Standards & Interoperability

5.2.3 Opportunities

5.2.3.1 Rising Use of Electric Vehicles (EVS)

5.2.3.2 Declining Feed-In Tariffs/Net Metering

5.2.4 Challenges

5.2.4.1 Lack of Awareness About Energy Storage Solutions

5.2.4.2 Overheating of Lithium-Ion Batteries

6 Residential Energy Storage Market, By Power Rating

6.1 Introduction

6.2 3-6 kW

6.2.1 Need for Backup Power During Natural Disasters is Expected to
Drive the 3-6 kW Segment

6.3 6-10 kW

6.3.1 Unreliable Grids and Long-Duration Power Outages are Driving the
6-10 kW Segment

7 Residential Energy Storage, By Technology

7.1 Introduction

7.2 Lithium-Ion

7.2.1 Decreasing Costs of Batteries is Expected to Drive the Lithium-Ion
Segment

7.3 Lead-Acid

7.3.1 High Expected Lifetime of Lead-Acid Batteries is Expected to Drive
the Segment

8 Residential Energy Storage Market, By Ownership Type

8.1 Introduction

8.2 Customer Owned

8.2.1 Need for Self-Sufficiency and Backup Power During Natural
Disasters is Expected to Drive the Customer Owned Segment

8.3 Utility Owned

8.3.1 Growing Financial Incentives and Regulatory Support is Driving the
Utility Segment

8.4 Third-Party Owned

8.4.1 High Upfront Costs and Low Per Capita Incomes are Expected to
Drive the Third-Party Segment

9 Residential Energy Storage, By Operation Type

9.1 Introduction

9.2 Standalone Systems

9.2.1 Lower Upfront Costs of Standalone Systems is Expected to Drive the
Standalone Systems Segment

9.3 Solar and Storage

9.3.1 Need for Energy Self-Sufficiency and Lowering Solar Pv Costs are
Expected to Drive the Solar and Storage Segment

10 Residential Energy Storage, By Connectivity Type

10.1 Introduction

10.2 On-Grid

10.2.1 Lower Upfront Costs of On-Grid is Expected to Drive the On-Grid
Segment

10.3 Off-Grid

10.3.1 Portability and Need for Energy Self-Sufficiency are Expected to
Drive the Off-Grid Segment

11 Residential Energy Storage Market, By Region

11.1 Introduction

11.2 North America

11.3 Asia Pacific

11.4 Europe

11.5 Middle East & Africa

11.6 South America

12 Competitive Landscape

12.1 Overview

12.2 Market Share Analysis

12.3 Competitive Scenario

12.3.1 New Product Developments

12.3.2 Partnerships

12.3.3 Contracts & Agreements

12.3.4 Expansions & Investments

12.3.5 Others

12.4 Competitive Leadership Mapping

12.4.1 Visionary Leaders

12.4.2 Innovators

12.4.3 Dynamic

12.4.4 Emerging

13 Company Profile

13.1 ABB

13.2 Samsung SDI Co. Ltd.

13.3 Tesla

13.4 BYD Company Limited

13.5 Eguana Technologies

13.6 Schneider Electric

13.7 Siemens

13.8 Huawei

13.9 Eaton

13.10 LG Chem

13.11 Tabuchi Electric

13.12 SMA Solar Technology

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