Residential Battery Market Forecasts to 2028 – Global Analysis By Type (Lead-Acid Battery, Lithium-Ion Battery, Sodium-Ion Battery), Operation (Solar, Standalone), Power Rating (6-10 kW, 3-6 kW) and By Geography
According to Stratistics MRC, the Global Residential Battery market is accounted for $9.87 billion in 2020 and is expected to reach $36.85 billion by 2028 growing at a CAGR of 17.9% during the forecast period. Some of the key factors propelling the market growth include supporting the operational advantages of LI-ion batteries, increasing deployment of solar power generation, rising need for energy storage solutions in the residential sector across the world, and growing adoption of renewable and low cost of lithium-ion batteries. However, short life span of batteries and less efficiency are restricting the market growth.
Residential battery is used to store energy electric energy in the batteries. These are used across various industries; for instance, they are deployed in electric vehicles and also in smart meters. These are found to be extremely useful in remote areas deprived of a stable grid connection. These rooftop solar installations store energy and allow the user to use it in case of power cuts. Similarly, these batteries are also charged using the standard grid connection network and brought to work in cases of power cuts.
By type, the lithium-ion battery segment is expected to grow at a significant rate during the forecast period, due to its capacity-to-weight ratio, high energy density, better performance, decreasing price, high efficiency, higher capacity power packs, more economical, and the emergence of new and exciting markets such as electric vehicle and energy storage systems (ESS) for both commercial and residential applications.
On the basis of geography, Asia Pacific region is estimated to have considerable market growth during the forecast period, owing to increase in demand for continuous electricity supply, recent investments in solar electricity generation, government’s policy and regulatory support, and domestic demand for solar-related equipment through subsidies and installation targets.
Some of the key players in Residential Battery Market include Luminous Power Technologies, Hitachi, Ltd., Samsung SDI Co. Ltd., Amara Raja Batteries Ltd, FIMER SpA, NEC Corp, ABB Ltd, Delta Electronics Ltd., LG Chem Ltd, Generac Holdings,Inc., Tesla Inc, Sonnen GmbH, Siemens AG, Contemporary Amperex Technology Co. Limited, Panasonic Corporation, Tianjin Lishen Battery Joint-Stock Co., Ltd., Eaton, Schneider Electric, and BYD Electronic Company Limited.
Estimated Market Size in 2020:
USD 9.87 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 36.85 billion
Tables, Graphs & Figures
Type, Operation, Power Rating, Distribution Channel, and Application.
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• Lead-Acid Battery
• Lithium-Ion Battery
• Sodium-Ion Battery
Power Ratings Covered:
• 6-10 kW
• 3-6 kW
Distribution Channels Covered:
• Convenience Stores
• Online Retailers
• Supermarkets and Hypermarkets
• Specialist Retailers
• Residential Power Supply
• Household Appliances
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Residential Battery Market is majorly driven by increasing deployment of solar power generation, growing rooftop solar installations in residential locations, and rising need for energy storage solutions in the residential sector across the world.
The 3-6 kW segment is growing at a highest CAGR owing to the preference given by the residential customers to high capacity batteries and rising electricity consumption per house has in the urban sectors with the introduction of various home appliances in the market.
Asia Pacific dominated with a significant market share due to the increase in demand for continuous electricity supply and recent investments in solar electricity generation.
Europe market is growing at a highest CAGR owing to the green energy targets and subsidies by the government have helped the market for these batteries to rise in the region.
Key players in Residential Battery Market include Luminous Power Technologies, Hitachi, Ltd., Samsung SDI Co. Ltd., Amara Raja Batteries Ltd, FIMER SpA, NEC Corp, ABB Ltd, Delta Electronics Ltd., LG Chem Ltd, Generac Holdings,Inc., Tesla Inc, Sonnen GmbH, Siemens AG, Contemporary Amperex Technology Co. Limited, Panasonic Corporation, Tianjin Lishen Battery Joint-Stock Co., Ltd., Eaton, Schneider Electric, and BYD Electronic Company Limited.
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