DUBLIN--(BUSINESS WIRE)--The "Residential Energy Storage Market by Power Rating (3-6 kW, 6-10 kW, 10-20 kW), Connectivity (On-Grid, Off-Grid), Technology (Lead-Acid, Lithium-Ion), Ownership (Customer, Utility, Third-Party), Operation (Standalone, Solar), Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The residential energy storage market is expected to grow from an estimated in USD 719 million in 2022 to USD 1,828 million by 2027, at a CAGR of 20.5% during the forecast period.
The primary drivers of the market include rising demand for energy production through renewable sources accompanies by the increasing investments in the renewables sector.
The 6 - 10 kW, by power rating, is expected to be the largest and the fastest-growing market from 2022 to 2027
The residential energy storage market, by application, is bifurcated into 3 - 6 kW, 6 - 10 kW, and 10 - 20 kW. The 6 - 10 kW segment is expected to dominate in terms of market share and CAGR during the forecast period and this dominance can be attributed to the decreased dependence on grid supply as storage can provide backup in the event of a grid outage.
The lithium-ion segment, by technology, is expected to be the fastest-growing market from 2022 to 2027
The residential energy storage market by technology is segmented into lithium-ion and lead-acid. The lithium-ion segment is expected to be the fastest growing segment. The high growth rate can be attributed to the increasing number of manufacturing sites and high investment in R & D of lithium-ion batteries
The Customer-owned, by ownership type, is expected to be the largest and the fastest-growing market from 2022 to 2027
The residential energy storage market, by ownership type, is bifurcated into customer-owned, utility-owned, and third-party-owned. The customer-owned segment is expected to be the fastest growing market followed by utility-owned during the forecast period. This dominance can be attributed lower energy bills and are becoming energy independent because of residential energy storage homes.
Market Dynamics
Drivers
- Government Initiatives Pertaining to Energy Storage Projects
- Significant Demand for Electric Vehicles
- Increased Investments in R&D of Lithium-Ion Batteries
Restraints
- Lack of Battery Disposal and Recycling Standards
- High Initial Investment
Opportunities
- Rising Demand for Grid Energy Storage Systems
- Increasing Installation of Solar Pv Modules
Challenges
- Safety Concerns for Lithium-Ion Batteries
- Aging of Lithium-Ion Batteries
Companies Mentioned
- Alpha Ess Co. Ltd.
- BST Power (Shenzhen) Limited
- BYD Company Ltd.
- Delta Electronics, Inc.
- Dyness
- E3/DC
- Eaton
- Enphase Energy
- Goodwe
- Huawei Technologies Co. Ltd.
- Lg Energy Solution
- Panasonic Holdings Corporation
- Powervault
- Pylon Technologies Co. Ltd.
- RCT-Power
- Senec
- Shanghai Pytes Energy Co. Ltd.
- SMA Solar Technology Ag
- Solarwatt
- Sonnen Gmbh
- Tesla
- Tesvolt Ag
- Turbo Energy - Solar Innovation
- Varta Ag
- Victron Energy
- Weco SRL
For more information about this report visit https://www.researchandmarkets.com/r/vtkqdc
