The global Residential Battery Market is estimated to be valued at US$ 15.59 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Residential Battery refers the energy storage devices installed in the residential sector that charge using electricity from solar panels or the power grid and discharge power to meet the energy demands of the household. They provide homeowners with backup power during blackouts or outages and reduce carbon footprints by capturing solar energy for use when grid power is more expensive or carbon intensive.
Market key trends:
One of the major trends driving the growth of the residential battery market is the exponential rise of 5G network which enables efficient functioning of smart metering and virtual power plant (VPP) technologies. 5G allows utilities to remotely monitor residential battery systems and aggregate them into virtual power plants that provide grid services. This helps stabilize electricity demand especially during peak periods and defer infrastructure upgrades. It facilitates two-way communication between homes and utilities to seamlessly balance supply and demand through technologies like demand response and time-of-use pricing.
Segment Analysis
The residential battery market is segmented by battery type, application, battery capacity type and geography. On the basis of battery type, the lithium-ion battery segment dominated the global market in 2022 and is expected to continue its dominance over the forecast period. Lithium-ion batteries have a high energy density, high charge/discharge efficiency, less self-discharge and a long life cycle which makes them a preferred choice for residential storage applications.
Key Takeaways
The Global Residential Battery Market Demand is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing consumer demand for backup power solutions and focus on renewable energy integration.
The Asia Pacific region dominated the global residential battery market in 2022 and is expected to continue its dominance over the forecast period. Growing adoption of residential battery systems in China, Japan and other Southeast Asian countries is driving the market growth in the region.
Key players operating in the residential battery market are FIMER SpA, Amara Raja Batteries Ltd, Samsung SDI, Energizer Holding Inc., Luminous Power Technologies Private Limited, LG Energy Solution, Ltd., Duracell Inc., Panasonic Corporation, Siemens AG, Tesla Inc., Delta Electronics Inc., BYD Co. Ltd and NEC Corp. Tesla Inc. dominated the residential battery market in 2022 owing to its extensive global distribution and sales network along with significant battery production capabilities.
