by Residential batteries are energy storage solutions used for storing electricity generated from renewable energy sources like solar photovoltaic panels for use during power outages or when grid power is unavailable. Residential batteries help store excess energy produced during the day from solar panels which can be used in the night or when there is low solar generation. The global residential battery market is estimated to be valued at US$15.59 Billion in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of renewable energy sources like solar is a key trend propelling the growth of the residential battery market. Solar energy is an abundant renewable source of energy but it has an intermittent nature. Residential batteries help consumers store excess solar energy during the daytime for usage at night. This allows solar panel owners to make the most of their solar systems throughout the day and also during power outages. As the costs of solar panels continue to decline and their installation increases among homes and residences, the demand for residential batteries is also growing in tandem to fully capitalize on solar power potential. Residential batteries complement renewable energy sources and help further their adoption by providing a reliable backup power solution from stored solar energy.
SWOT Analysis
Strength: The residential battery market is experiencing higher demand due to benefits like reduced dependency on grid during power outage and backup power storage.
Weakness: High initial investment cost of residential batteries hinders widespread adoption. Safety issues related to battery disposal remains a concern.
Opportunity: Government incentives and subsidies for residential batteries provide opportunities for market growth. Rising dependency on renewable energy further supplements market expansion.
Threats: Technological upgrades and frequent product launches raise threat from substitute products. Stringent regulations around battery recycling poses challenges.
Key Takeaways
The Global Residential Battery Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by a projected CAGR of 9.7%. Rising adoption of renewable energy and energy storage at residential spaces drive the market expansion.
Regional analysis reveals that Asia Pacific dominates the global residential battery market currently owing to large customer base and supportive government policies in countries like China, Japan and South Korea. Europe is also emerging as a major regional market propelled by initiatives to reduce carbon footprint.
Key players operating in the residential battery market are Svenska Cellulosa Aktiebolaget SCA, Eni S.p.A., Fulcrum BioEnergy, SOCOTEC Group, Drax Biomass Inc., Aggregated Micro Power Holdings plc, PVM Environmental Products, VGrid Energy Systems, and Vattenfall AB. These players focus on new product launches and partnerships to cater to growing demand.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
