Residential Energy Storage — Development opportunities accelerate in 2024
By: Prathmesh Patil
Tags: Residential Energy, Power Grid, Energy Storage, Renewable Energy, Distributed Energy

A new marketsandmarkets analysis projects global residential energy storage demand to grow 22.8% per year through 2024, driven by key trends in the dominant energy industry, such as:

declining cost of batteries

regulatory support and financial incentives

the need for energy self-sufficiency from consumers

The 3–6 kW segment is projected to be the largest market during the forecast period. This is mainly because of the increase in the need for power backup during natural disasters. Furthermore, consumers and governments install small storage solutions that can be utilized in times of need to avoid a major electricity crisis, which is also contributing to the growth of the market.

The customer owned segment is expected to account for the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing need for energy self-sufficiency and rising demand for power backup. This is expected to increase the demand for the residential energy storage market during the forecast period. In addition to this, there is a rising demand for modular energy storage infrastructure in residential areas in developed countries such as the US, the UK, Germany, Norway, and China, which is driving the growth of the residential storage market.

In this report, the residential energy storage market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific dominated the global residential energy storage market in 2018, owing to the installation of storage solutions for residential end-users. Over the past few years, this region has witnessed rapid economic development as well as the growth of renewables and demand for energy self-sufficiency, which has resulted in an increase in the demand for energy storage options. Countries such as Australia and some parts of India and China are also providing subsidies and financial incentives to residential consumers. This movement toward solar and storage is resulting in grid stabilization and greener countries with lower carbon emissions, thereby driving the residential energy storage market.

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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 is now available from MarketsandMarkets. The report identifies and addresses the key markets for the market, which would help various stakeholders such as assembly, testing, and packaging vendors; companies related to the energy storage industry; consulting companies in the energy and power sector; electrical distribution utilities; EV players; government and research organizations; inverter and battery manufacturing companies; investment banks; organizations, forums, alliances, and associations; low- and medium voltage distribution substations; residential energy consumers; solar equipment manufacturing companies; solar panel manufacturers, dealers, installers, and suppliers; state and national regulatory authorities; and venture capital firms.