Residential Energy Storage Global Market Report 2024

The residential energy storage market size has grown rapidly in recent years. It will grow from $0.76 billion in 2023 to $0.91 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth observed in the historic period can be attributed to various factors, including infrastructure development, increased adoption of solar rooftop systems in the residential sector, growing investments by both government and private entities in renewable energy production, rising customer demand for energy independence, and a decline in battery prices.

The residential energy storage market size is expected to see rapid growth in the next few years. It will grow to $1.72 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The projected growth in the forecast period can be attributed to several factors, including the increasing demand for electric vehicles, growing installation of solar PV modules, rising concern among individuals regarding environmental degradation, booming energy consumption in developing regions, and surging demand for renewable energy. Major trends expected in the forecast period include a rising need for large-scale electrical energy storage technologies, an increase in research and development activities, advancements in technology, and an uptick in the production of lithium-ion technology.

The residential energy storage market is poised for growth due to the increasing demand for renewable energy. Renewable energy sources, including sunlight, wind, rain, tides, and geothermal heat, are sustainable alternatives to finite fossil fuels, driving the desire to minimize climate change by adopting clean power sources. Renewable energy enables residential energy storage by providing a sustainable and intermittent power source, allowing homeowners to store excess energy during peak generation periods for later use. This enhances grid resilience and reduces reliance on traditional energy sources. For example, in the third quarter of 2023, renewable electricity generation reached a record high of 30.1 terawatt-hours, marking a 6.8% increase compared to the same period in 2022, according to the Department for Energy Security and Net Zero in the UK. Hence, the increasing demand for renewable energy is fueling the growth of the residential energy storage market.

Key players in the residential energy storage market are focusing on developing advanced technologies for home storage battery systems to enhance capacity, efficiency, and sustainability for residential users. These systems, such as electrified vehicle battery technology, leverage EV battery technology to provide reliable backup power, optimize energy usage from renewable sources such as solar panels, and reduce electricity costs through peak shaving and load shifting strategies. For instance, Toyota Motor Corporation introduced the O-Uchi Kyuden System in June 2022, embodying principles of safety, extended service life, superior quality, affordability, and exceptional performance. With a rated capacity of 8.7 kWh and a rated output of 5.5 kWh, this system utilizes Toyota's battery control technology to ensure safety and provide reliable power supply during power outages triggered by natural disasters.

In October 2023, Hitachi Energy acquired eks Energy for an undisclosed amount, aiming to deliver advanced and reliable solutions by leveraging eks Energy's successful product range deployment in North America and Europe, along with Powin's global expansion. This strategic move positions Hitachi Energy to address the growing demands of the global battery energy storage systems (BESS) market. eks Energy designs and builds plug-and-play integrated storage systems for residential use and is based in the UK.

Major companies operating in the residential energy storage market are Huawei Technologies Co. Ltd., Tesla Inc., Siemens AG, Hitachi Energy Ltd., Panasonic Corporation, BYD Company Limited, ABB Ltd, Eaton Corporation plc, LG Energy Solution Ltd., Samsung SDI Co. Ltd., Delta Electronics Inc., Enphase Energy Inc., SMA Solar Technology AG, Saft Groupe SA, VARTA AG, Jiangsu GoodWe Power Supply Technology Co. Ltd., Sonnen GmbH, Shanghai PYTES Energy Co. Ltd, Dyness Power Energy Limited, Deutsche Energieversorgung GmbH, Powervault Ltd., TESVOLT GmbH, Turbo Energy Ltd., Alpha ESS Co. Ltd., Sunverge Energy LLC, Eguana Technologies Inc.

Europe was the largest region in the residential energy storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the residential energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the residential energy storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Residential energy storage systems enable homeowners to store electricity generated from renewable sources such as solar panels, wind turbines, or the grid during off-peak hours when electricity rates are lower. These systems typically consist of batteries that store electrical energy as chemical energy, which can later be converted into usable electricity through an inverter.

The primary technological types of residential energy storage include lead-acid and lithium-ion batteries. Lead-acid batteries are commonly used to store excess energy generated from renewable sources, providing a reliable power supply during outages or periods of low renewable energy production for residential uses. These systems are categorized by utility type, ranging from 3KW to < 6KW, 6KW to < 10KW, and 10KW to 29KW, based on connectivity models such as on-grid and off-grid. Ownership types encompass customer-owned, utility-owned, and third-party-owned systems, further classified into operation types such as solar and storage systems or standalone systems.

The residential energy storage research report is one of a series of new reports that provides residential energy storage market statistics, including the residential energy storage industry's global market size, regional shares, competitors with an residential energy storage market share, detailed residential energy storage market segments, market trends and opportunities, and any further data you may need to thrive in the residential energy storage industry. This residential energy storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The residential energy storage market consist of revenues earned by entities by providing services such as installation, ongoing maintenance, and energy management. The market value includes the value of related goods sold by the service provider or included within the service offering. The residential energy storage market also includes sales of rechargeable energy storage systems, home battery systems, and solar-plus-storage solutions. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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