Residential Battery Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032

  • Report ID: ME_00126917
  • Format: Electronic (PDF)
  • Publish Type: Publish
  • Number of Pages: 250
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Market Snapshot

CAGR:6.14
2023
2032

Source: Market Expertz

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Study Period 2019-2032
Base Year 2023
Forcast Year 2023-2032
CAGR 6.14
Energy & Power-companies
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Report Overview

Residential Battery Market Analysis By Application (Home Energy Storage, Backup Power, Grid Services), By Type (Lithium-ion, Lead-acid, Flow Batteries), and By Region Forecast to 2032:

The Residential Battery Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 5.72% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 12,345.67 million in market size. The expansion of this market is influenced by several key factors, including the increasing demand for energy independence, the adoption of renewable energy sources, and the need for reliable backup power solutions in residential settings. Residential batteries play a crucial role in storing energy for later use, providing backup power during outages, and participating in grid services.

Residential Battery Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Residential Battery Market is the rising interest in home energy storage solutions. As homeowners seek to reduce their reliance on traditional utilities and harness the benefits of renewable energy sources such as solar panels, residential batteries offer a means to store excess energy generated during the day for use during peak demand or at night.

Furthermore, the integration of residential batteries into the electricity grid for grid services is contributing to market growth. These batteries can provide services such as demand response, frequency regulation, and grid stability, helping utilities manage the grid more efficiently and support the integration of renewable energy sources.

Trends:

An emerging trend in the Residential Battery Market is the increasing adoption of lithium-ion batteries for residential applications. Lithium-ion batteries offer high energy density, longer cycle life, and faster response times compared to other battery types. Their compact size and efficiency make them well-suited for residential settings.

Additionally, the growth of smart home technologies is driving the integration of residential batteries with energy management systems. Homeowners can optimize energy usage, monitor battery performance, and control energy flows through user-friendly interfaces and mobile apps, enhancing overall energy efficiency.

Restraints:

One of the key challenges hindering the growth of the Residential Battery Market is the initial cost of purchasing and installing residential battery systems. While these systems offer long-term savings through reduced energy bills and potential revenue generation, the upfront investment can be a barrier for some homeowners. Addressing this challenge may require financial incentives and financing options to encourage adoption.

Moreover, ensuring the safe and sustainable disposal or recycling of end-of-life batteries is a concern. As the market grows, addressing environmental and regulatory aspects related to battery disposal and recycling will become increasingly important.

Residential Battery Market Segmentation By Application:

  • Home Energy Storage: The home energy storage segment involves the use of residential batteries to store excess energy generated from renewable sources, such as solar panels, for later use, reducing dependence on the grid and lowering electricity bills.
  • Backup Power: Residential batteries serve as backup power sources during grid outages, ensuring uninterrupted electricity supply to critical appliances and systems in homes.
  • Grid Services: Residential batteries can participate in grid services, including load management, demand response, and ancillary services, supporting grid stability and reliability.

Residential Battery Market Segmentation By Type:

  • Lithium-ion: Lithium-ion batteries are the dominant type in the residential battery market due to their high energy density, efficiency, and suitability for residential applications.
  • Lead-acid: Lead-acid batteries are used in some residential applications, particularly for backup power, but they are less common due to their lower energy density and shorter cycle life compared to lithium-ion batteries.
  • Flow Batteries: Flow batteries are gaining attention for large-scale residential energy storage due to their scalability and potential for longer cycle life.

Regional Overview:


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  • North America is expected to be a key contributor to the global Residential Battery Market, accounting for approximately 38% of the market's growth during the forecast period. The region's growing interest in renewable energy, energy resilience, and sustainability is driving the adoption of residential battery systems.
  • Europe, with its ambitious renewable energy goals and supportive policies, is witnessing significant market growth. European homeowners are incentivized to install residential batteries as part of their clean energy transition efforts.

Residential Battery Market Customer Landscape:

The Residential Battery Market report encompasses a diverse customer base, including homeowners, residential developers, and energy service providers. It delves into adoption rates across different regions based on regulatory environments, energy costs, and government incentives.

Major Residential Battery Market Companies:

Companies in the residential battery market are innovating to offer more advanced and cost-effective solutions, expanding their product portfolios, and forming partnerships to drive market growth.

Example companies include:

  • Tesla, Inc.: Tesla is a prominent player in the residential battery market, offering the Powerwall, a lithium-ion battery system designed for home energy storage and backup power.
  • LG Chem, Ltd.: LG Chem manufactures lithium-ion batteries for residential applications, providing high-performance energy storage solutions.
  • Enphase Energy, Inc.: Enphase Energy specializes in integrated solar and energy storage systems, offering homeowners comprehensive solutions for energy management.

The competitive landscape analysis in the report provides insights into key market players, including:

  • Panasonic Corporation
  • BYD Company Limited
  • Sonnen GmbH
  • EnerSys
  • SimpliPhi Power
  • Pylontech
  • Kokam Co., Ltd.
  • Sunverge Energy, Inc.
  • Alpha-ESS Co., Ltd.
  • Blue Planet Energy

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on their residential battery offerings and market presence.

Segment Overview:

The Residential Battery Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

  • Application Outlook (USD Million, 2019 - 2032):
    • Home Energy Storage
    • Backup Power
    • Grid Services
  • Type Outlook (USD Million, 2019 - 2032):
    • Lithium-ion
    • Lead-acid
    • Flow Batteries
  • Geography Outlook (USD Million, 2019 - 2032):
    • North America
      • United States
      • Canada
    • Europe
      • United Kingdom
      • Germany
      • France
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • India
      • Rest of Asia-Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • Saudi Arabia
      • United Arab Emirates
      • Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL Residential battery MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition   

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. Residential battery MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Residential battery Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

    4.5.1. Residential battery Of Suppliers

    4.5.2. Residential battery Of Buyers

    4.5.3. Threat Of Substitutes

    4.5.4. Threat Of New Entrants

    4.5.5. Competitive Rivalry

Chapter 5. Residential battery MARKET BY type landscape

SIGHTS & TRENDS                                             

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2 Lithium-ion Battery

    5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3 Lead-Acid Battery

    5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. Residential battery MARKET BY End user INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2 End user 1

    6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3 End user 2

    6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.4 End user 3

    6.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. Residential battery MARKET REGIONAL OUTLOOK

7.1. Residential battery Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

    7.2.1. North America Residential battery Market Estimates And Forecast, 2016 – 2027 (USD Million)

    7.2.2. North America Residential battery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.3. North America Residential battery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.4. North America Residential battery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

    7.2.5.1. U.S. Residential battery Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.5.2. U.S. Residential battery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.5.3. U.S. Residential battery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.5.4. U.S. Residential battery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

    7.2.6.1. Canada Residential battery Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.6.2. Canada Residential battery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.6.3. Canada Residential battery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.6.4. Canada Residential battery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

    7.3.1. Europe Residential battery Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.2. Europe Residential battery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.3. Europe Residential battery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.4. Europe Residential battery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

    7.3.5.1. Germany Residential battery Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.5.2. Germany Residential battery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.5.3. Germany Residential battery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.5.4. Germany Residential battery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

    7.3.6.1. France Residential battery Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.6.2. France Residential battery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.6.3. France Residential battery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.6.4. France Residential battery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

    7.3.7.1. U.K. Residential battery Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.7.2. U.K. Residential battery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.7.3. U.K. Residential battery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.7.4. U.K. Residential battery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

    7.4.1. Asia Pacific Residential battery Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.2. Asia Pacific Residential battery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.3. Asia Pacific Residential battery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.4. Asia Pacific Residential battery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

 7.4.5. CHINA

     7.4.5.1. China Residential battery Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.5.2. China Residential battery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.5.3. China Residential battery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.5.4. China Residential battery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

     7.4.6.1. India Residential battery Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.6.2. India Residential battery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.6.3. India Residential battery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.6.4. India Residential battery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

     7.4.7.1. Japan Residential battery Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.7.2. Japan Residential battery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.7.3. Japan Residential battery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.7.4. Japan Residential battery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

    7.4.8.1. Australia Residential battery Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.8.2. Australia Residential battery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.8.3. Australia Residential battery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.8.4. Australia Residential battery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

    7.5.1. Mea Residential battery Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.5.2. Mea Residential battery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.5.3. Mea Residential battery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.5.4. Mea Residential battery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

     7.6.1. Latin America Residential battery Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.6.2. Latin America RESIDENTIAL BATTERY Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.6.3. Latin America Residential battery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.6.4. Latin America Residential battery Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

    7.6.5. Latin America Residential battery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

    8.2.1. New Product Launches

    8.2.2. Investment & Expansion

    8.2.3. Acquisitions

    8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

     8.3.1. North American Suppliers

     8.3.2. European Suppliers

     8.3.3. Asia-Pacific Suppliers

     8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1 ABB Ltd

    9.1.1. Company Overview

    9.1.2. Financial Performance

    9.1.3. Product Insights

    9.1.4. Strategic Initiatives

9.2 Amara Raja Batteries Ltd

    9.2.1. Company Overview

    9.2.2. Financial Performance

    9.2.3. Product Insights

    9.2.4. Strategic Initiatives

9.3 Samsung SDI

    9.3.1. Company Overview

    9.3.2. Financial Performance

    9.3.3. Product Insights

    9.3.4. Strategic Initiatives

9.4 Luminous Power Technologies

    9.4.1. Company Overview

    9.4.2. Financial Performance

    9.4.3. Product Insights

    9.4.4. Strategic Initiatives

9.5 LG Chem Ltd

    9.5.1. Company Overview

    9.5.2. Financial Performance

    9.5.3. Product Insights

    9.5.4. Strategic Initiatives

9.6 Company 6

    9.6.1. Company Overview

    9.6.2. Financial Performance

    9.6.3. Product Insights

    9.6.4. Strategic Initiatives

9.7 Company 7

   9.7.1. Company Overview

    9.7.2. Financial Performance

    9.7.3. Product Insights

    9.7.4. Strategic Initiatives

9.8 Company 8

    9.8.1. Company Overview

    9.8.2. Financial Performance

    9.8.3. Product Insights

    9.8.4. Strategic Initiatives

9.9 Company 9

    9.9.1. Company Overview

    9.9.2. Financial Performance

    9.9.3. Product Insights

    9.9.4. Strategic Initiatives

9.10 Company 10

    9.10.1. Company Overview

    9.10.2. Financial Performance

    9.10.3. Product Insights

    9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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