Residential Battery Market Poised for Growth

 

Residential battery systems provide backup power supply to households in case of power outages by storing energy from solar panels or the electric grid. They help reduce reliance on fossil fuels and lower electricity bills through self-consumption of solar energy. The growing emphasis on renewable energy along with the declining costs of lithium-ion batteries is spurring demand for residential battery storage.

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 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing installation of solar rooftop panels is one of the key drivers of the residential battery market. Solar energy harnesses the power of the sun to provide electricity for homes. Combining solar panels with batteries allows households to store excess solar energy during the day and use it after sunset or when grid power is unavailable. The upfront cost of residential batteries is decreasing steadily due to technological advancements and economies of scale in battery manufacturing. As prices fall further, more homeowners will find battery storage systems financially viable, boosting demand. Advances in battery chemistries are also extending the lifespan and improving the safety of residential batteries.

Segment Analysis:
Residential Battery Market can be segmented based on type into Lithium-ion battery, Lead-acid battery and others. Lithium-ion battery segment accounted for major market share in 2023 and is expected to remain dominant during the forecast period. Lithium-ion batteries have high energy density which makes them suitable for residential energy storage. In addition, continuous technological advancements have improved the lifecycle of lithium-ion batteries thus making them more affordable and reliable for residential use.

Key Takeaways:
The Global Residential Battery Market Size is expected to witness high growth.

Regional analysis: North America region accounted for largest market share in 2023 and is expected to remain the dominating region during the forecast period. Increasing investments and favorable policies towards residential energy storage in countries like the US and Canada is driving the adoption of residential batteries in the region.

Key players: Key players operating in the Residential Battery Market are Svenska Cellulosa Aktiebolaget SCA, BTG Biomass Technology Group, Eni S.p.A., Fulcrum BioEnergy, SOCOTEC Group, Drax Biomass Inc., Aggregated Micro Power Holdings plc.
Regional analysis related content: Asia Pacific region is expected to grow at fastest CAGR during the forecast period owing to rapid urbanization and increasing demand for reliable power backup in countries like China and India. In addition, supportive government schemes and initiatives to boost the adoption of renewable energy at residential level is also fueling the residential battery market growth in the region.

For More Insights, Read: https://www.newswirestats.com/residential-battery-market-demand-growth-and-regional-outlook-by-2030/