Global Residential Energy Storage Market to Grow with a CAGR of 16% by 2027: Report

The residential energy storage market was valued at US$ 5.99 Billion in 2018 and expected to grow at a CAGR of 16.0% during the forecast period from 2019 to 2027

March 06, 2020. By News Bureau

The "Global Residential Energy Storage Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2019 To 2027" report has been added to ResearchAndMarkets.com's offering.

The residential energy storage market was valued at US$ 5.99 Billion in 2018 and expected to grow at a CAGR of 16.0% during the forecast period from 2019 to 2027.

Market Insights

Government support along with financial incentives for renewable energy worldwide will enhance the market growth globally

Arising opportunities for battery storage from national policies and government financial initiatives aim to spur the residential energy storage market. Many countries are adopting hybrid energy system like renewables plus storage to lessen their dependence upon energy imports, move toward environmental goals, fill gaps in their generation mix, de-carbonization targets, and enhance the reliability and resiliency of their systems. Furthermore, energy storage will benefit from broad policy mandates linked to quality-of-life goals and urbanization in developing nations.

For Instance, India's initiatives for the Smart City project use a competitive model to support the deployment of smart technologies in 100 cities across the country. Moreover, in order to meet the aggressive policy objectives, India recently launched its first grid-scale battery storage system for peak load management, along with a potential boom for residential energy storage systems.

Increasing demand for Li-Ion batteries and decreasing its cost will ramp up the residential energy storage market

The lithium-ion-based energy storage systems accounted to hold a market share of around 60% in 2018. Li-ion batteries provide various technological advantages like lead-acid batteries. In addition, the increase in the adoption of Li-ion batteries due to their technological advantage is the most energetic rechargeable batteries available. Moreover, the replacement of conventional batteries due to its techno-economic benefits have increased the use of Li-ion batteries globally. For instance, from 2017 the lithium-ion battery prices fall continuously by around 22% in 2017 from 2016 levels.

However, this sustained and sharp cost reduction in Li-ion batteries expected to drive the market for residential energy storage. Furthermore, the growing application of li-ion batteries in new markets like renewables like hydro, solar, wind and paired with the energy storage systems (ESS), for both residential and commercial applications during the forecast period.

Industrial Developments

  • In March 2019, Eguana Technologies and PurePoint Energy jointly collaborated in order to provide smart energy storage systems and services to the household in Connecticut, U.S.
  • In March 2019, Siemens AG moved into the battery storage system with the launch of the Junelight Smart Battery System. This battery system predicts and co-ordinates charging and discharging depending upon the weather conditions.
  • In January 2019, Eguana and Class A Energy Solutions collaborated to deliver the Evolve system, under Home Battery Scheme, owing to provide a complete range of solutions for commercial and residential customers across Australia.

Key Market Movements:

  • Globally, the residential energy storage market is rising at a CAGR of 16.0% for the estimated period from 2019 to 2027.
  • In 2018, Europe has dominated the residential energy storage market owing to witnessing high growth, and rapid adoption of rooftop solar power.
  • The residential energy storage markets in North America is projected to be the second-largest region with countries like the U.S., Mexico, and Canada for a residential energy storage system.
  • The Asia Pacific region projected to hold the fastest growing market for residential energy storage owing to its growing demand towards renewables, rapid economic development and increasing demand for self-sufficient energy.
  • The Middle East and Africa to create a moderate incremental opportunity with increasing use of renewable energy over the forecast period.
  • An increasing number of government initiatives, smart infrastructural development, and increased investments for the use of renewables in the emerging nations will drive the overall demand.
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