“Growing government regulatory support and financial initiatives will boost the market”
The global residential energy storage market is growing competently, expected to grow at a CAGR of 16.0% during the estimated period from 2019 to 2027, starting from US$ 5.99 Bn in 2018.
The growth of residential battery storage in the power sector has engrossed attention for a wide-scale application in the residential and commercial sectors. Most of the attention is focused towards utility-scale batteries and for commercial and industrial customers. In addition, the large batteries are precarious segments for the energy-storage market, along with the swift growth of residential energy storage and household systems will expand the battery market on a global scale. Furthermore, government initiatives and action towards grid reliability and resilience, administer the demand-response program, declining cost of batteries, and need of self-sufficient energy from consumers projected to drive the demand for residential energy storage market over the forecast period.
The global market for residential energy storage is poised to grow promptly, owing to improved performance and reduced cost of batteries, embarking of grid modernizations, extensive support towards renewables and emissions reduction. According to broadly publicized forecast, the storage market for residential batteries could reach around US $26 billion by 2025. Grid digitization, predictive maintenance, and use of 3 intelligent system configuration is paving ways and creating opportunities for batteries for an improved power quality on a global scale.
Market Synopsis
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“Declining cost of batteries and increasing trend towards new storage technology to boost the market globally”
Residential energy storage is growing rapidly, owing to new deployment incentives, falling costs and adoption of short-term energy storage technology are fuelling a recorded investments towards energy storage. Rising uptake and increasing growth of renewable energy will drives down the cost through innovation and scale, thereby driving the growth of residential energy storage globally. According to International Energy Agency (IEA) shows in 2019, the lithium-ion batteries dominates the storage technologies among other renewable like pumped hydro.
Low-cost energy storage through increased competition and economy of scale has dropped the costs of energy storage systems globally. Growing demand for electric vehicles, consumer electronics, and government-supported low-cost financing for renewables will spur investments in battery pack manufacturing, thereby expanding the market for battery storage over the forecasted period. The upcoming latest technology like “vanadium redox/flow battery” projected to grab the market especially because their fully containerized, reduced cost, compact, reusable over semi-infinite cycles, nonflammable, do not degrade for more than 20 years, and 100% discharge of stored energy than other V-flow batteries.
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“Europe to hold a dominance in residential energy storage market due to government initiatives and policy framework towards energy storage”
The ongoing dual-price method, increasing cash-out incentives and prices for flexible capacity investments, is potentially expanding the demand for the use of energy storage technologies. Government plays a vital role in steering the transition to clean energy solutions by forming the necessary market regulations, policy framework, financial incentives for private sector, and direct investment on clean energy projects. Furthermore, as a part of green energy initiatives the European Investment Bank Group (EIB) cover equity-type funding, loans, and guarantees to demonstrate the “InnovFin Energy” projects by providing loans, and equity-type financing for energy storage. In addition, in 2017 the transformation of energy mix in Germany have accounted rooftop solar for around 74% of the total solar energy across the country, largely due to advanced supporting mechanisms like grants and loans for roof-top programs.
Moreover, the government of the UK is promoting the adoption of energy storage batteries to meet carbon emission control on a global scale. In 2017, the government of the UK agreed to decrease tax by 5% for the installation of a solar-powered battery system. The aforementioned factors are expected to boost the demand for residential energy storage market over the forecast period.
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List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027 considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
ATTRIBUTE | DETAILS |
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Research Period | 2017-2027 |
Base Year | 2018 |
Forecast Period | 2019-2027 |
Historical Year | 2017 |
Unit | USD Billion |
Segmentation |
Connectivity Type (2017–2027; US$ Bn) |
Technology Type (2017–2027; US$ Bn) |
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Operation Type (2017–2027; US$ Bn) |
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Geography Segment (2017–2027; US$ Bn) |
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that give a better market understanding of the overall residential energy storage market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.