Market Overview:
The global Residential Battery Market is estimated to be valued at US$ 11.08 billion in 2023 and is expected to exhibit a CAGR of 18.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Residential batteries provide clean, reliable and sustainable energy storage for homes by storing energy generated from rooftop solar panels or through the electric grid. These batteries help homeowners save money on their electricity bills by powering their homes primarily using stored solar energy.
Market key trends:
One of the key trends driving the growth of the residential battery market is the rising demand for sustainable and clean energy solutions for homes. With growing environmental consciousness, many homeowners are opting for solar panel installations along with battery storage to meet their energy needs from carbon-free sources. Furthermore, favorable government policies in the form of subsidies for residential battery and solar installations are encouraging individuals to shift to solar-plus-storage systems. Rapid technological advancements are also playing a role with the development of more powerful yet affordable lithium-ion battery packs specially designed for residential use. This is boosting the adoption of residential batteries as a reliable and cost-effective backup energy source.
Market key trends:
One of the key trends driving the growth of the Global Residential Battery Market is the rising adoption of renewable energy sources such as solar power for residential use. With more homes installing rooftop solar panels, the demand for reliable energy storage solutions to make the most of solar power during nighttime or other periods has increased significantly. Residential battery solutions offer a cleaner and more sustainable alternative to power homes generated from renewable sources compared to conventional power grids that rely heavily on fossil fuels.
SWOT Analysis
Strength: Residential batteries provide backup power during power outages and help reduce reliance on utility grids. They also help homeowners benefit from energy cost savings over the long run.
Weakness: High upfront installation and equipment costs of residential battery solutions pose a barrier for mass adoption. Storage capacity is also limited.
Opportunity: Increased government incentives and subsidies on battery storage are helping boost adoption rates. Growing consumer awareness on benefits of stored solar energy also opens new opportunities.
Threats: Threat of developing cheaper and higher capacity alternatives by new market entrants. Stringent regulations regarding battery disposal and recycling also pose threats.
Key Takeaways
The global residential battery market is expected to witness high growth, exhibiting CAGR of 18.6% over the forecast period of 2023 to 2030, due to increasing installations of rooftop solar panels in homes.
The Asia Pacific region dominates the residential battery market currently in terms of value. Rapidly growing economies like India and China are witnessing significant growth in rooftop solar installations and related battery installations to store excess solar energy.
Key players operating in the residential battery market are FIMER SpA, Amara Raja Batteries Ltd, Samsung SDI, Energizer Holding Inc., Luminous Power Technologies Private Limited, LG Energy Solution, Ltd., Duracell Inc., Panasonic Corporation, Siemens AG, Tesla Inc., Delta Electronics Inc., BYD Co. Ltd and NEC Corp. Fierce competition exists among these players to develop newer and higher capacity residential battery solutions with competitive pricing.
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