Residential energy storage system (ESS) market is anticipated to grow at an exponential CAGR of 23.8% during the forecast period. The cohesive government policies to promote less centralized, and more digitalized and sustainable energy system is a key factor driving the growth of the global residential ESS market. Solar Mandates coupled with storage is a major contributor to the growth of the global residential ESS market. For instance, California’s solar mandate has come into effect in early 2020 and requires all residential buildings (lower than three stories) to add enough PV to, on average, offset the annual average energy demand of the household.
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The policy offers the possibility to trade in obligatory PV “credits” through “storage” credits. Integrated building renovations and efficiency standards are further contributing to the market growth. For instance, Italy has combined a renovation stimulus with the option to deduct PV & storage by 110.0% from the annual tax bill (i.e. PV & storage comes for free once a house receives an efficiency renovation). Solar Power Europe’s first European Market Outlook on Residential Battery Storage 2020–2024 shows an emerging technology sector with high prospects that builds on a strong initial growth phase. Last year, 745 MWh from 96,000 systems were installed, representing a 57.0% annual growth rate.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Residential Energy Storage System (ESS) Market by Technology Type
- Li-Ion Batteries
- Lead-Acid Batteries
- Other Technologies
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- ABB Ltd.
- BYD Company
- Deutsche Energieversorgung GmbH (SENEC)
- Eaton Corp.
- Eguana technologies, Inc.
- Enphase Energy, Inc.
- Hitachi energy Ltd.
- Huawei Technologies, Co. Ltd.
- LG Energy Solution Ltd.
- Panasonic Corp.
- Saft Groupe SA
- Samsung SDI Co. Ltd.
- Siemens AG
- Sonnen GmbH
- Sunverge Energy LLC
- Tesla Inc.
- VARTA AG
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global residential ESS market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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