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.
Reported by Research And Markets. Asia-Pacific and EMEA will be the dominant markets for battery energy storage systems over the forecast period 2019-2023, according to GlobalData that the global battery energy storage market is forecast to grow to $13.13bn by 2023.
The residential energy storage system growth is primarily driven by the demand of EV to mitigate the carbon emission. However, the growing demand for uninterrupted power supply and frequent power outage in remote areas strength market prospects. It assists the grid in maintaining reliability and resilience in operation. Moreover, the energy storage system requires high capital investment who deters invest by household owners。 Residential energy storage system attracting household owners due to continuous fall in prices of the battery also consider the government incentives and tax benefits to drive the market.
In the event of a grid outage, market outlook that the residential energy storage market, 3-6kw, 6-10kwh, 10-20kwh will be the main home residential storage system. The 6 – 10 kW segment is expected to dominate during the forecast period and this dominance can be attributed to the decreased dependence on grid supply as storage can provide backup.
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.
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