Residential Energy Storage Market is projected to grow from USD 719 million in 2022 to USD 1,828 million by 2027, at a CAGR of 20.5%, according to a new report by MarketsandMarkets.
The Residential Energy Storage Market has promising growth potential due to the rising production of electric vehicles, initiatives by government, growing R & D investment in lithium-ion batteries.
The market, by operation, is divided into standalone systems and solar and storage systems, wherein the solar and storage accounts for the largest share.
The solar and storage is expected to be the fastest growing segment in the residential energy storage market, says the report, owing to increasing awareness and demand for energy self-sufficiency worldwide.
In this report, the Residential Energy Storage Market has been analyzed for five regions, namely, North America, Europe, Asia Pacific, Middle east & Africa and South America.
Europe is a significant contributor to the Residential Energy Storage Market in the current scenario owing to the rapid increasing cost-competitiveness of solar-plus-storage solutions which enables residential consumers to have access to the clean energy power and enable opportunities to decrease their energy bill.
Some of the key players in the market include Tesla (US), VARTA AG (Germany), Enphase Energy (US), BYD Company Ltd (China), Sonnen GmbH (Germany), LG Energy Solution (South Korea). The leading players are adopting various strategies to increase their share in the Residential Energy Storage Market.