by The global Residential Battery Market is estimated to be valued at US$ 15.59 Bn or Mn 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 batteries are energy storage devices that are installed in homes to store electricity from renewable energy sources like solar panels during the day and supply power at night. They provide backup power during power outages and help reduce electricity bills by time-shifting solar power use.
Market key trends:
The increasing installation of rooftop solar panels across residential buildings is a key trend fueling the growth of the residential battery market. As solar power generation is intermittent, batteries provide a reliable solution for storing excess solar energy during the day and using it in the evening. Stringent government regulations concerning carbon emission reductions fromGHG and growing consumer awareness about sustainable energy solutions are also contributing to the rising adoption of residential batteries. Moreover, continual decline in battery prices and improvement in their duration and storage capacity are expected to support the market expansion over the forecast period.
SWOT Analysis
Strength: Residential battery offers reliable power backup during power outages and reduces reliance on fossil fuel-based generators. It also provides scope for integrating renewable energy sources like rooftop solar.
Weakness: High upfront costs of batteries remain a barrier to mass adoption. Availability of lower cost alternatives also weakens demand. Lifespan of current battery technologies is relatively lower.
Opportunity: Increasing electrification in rural areas and off-grid locations provides scope to deploy battery storage. Favorable government policies and incentives boosting adoption of renewable energy and energy storage solutions also create opportunities.
Threats: Rapid technological advancements may make existing battery technologies obsolete sooner. Stringent environmental regulations around battery disposal can increase compliance costs. Trade disputes and geopolitical tensions impact supply chain and component availability.
Key Takeaways
The Global Residential Battery Market Size is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing consumer inclination towards self-consumption of clean energy and demand for backup power solutions. Rising electrification of households especially in developing nations and supporting policy measures will drive battery deployments.
Regional analysis
Asia Pacific dominates the global residential battery market and is expected to maintain its leading position during the forecast period, owing to large consumer base, rapid urbanization and growing adoption of rooftop solar PV systems in countries like China, Japan and India. Countries in Europe and North America are also attractive markets driven by stringent emission reduction targets and increasing renewable energy integration into residential sector.
Key players
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. Major players are focusing on developing low-cost and high-performance batteries through continuous technology innovation to gain competitive edge. Partnerships, acquisitions and expansion into growing regional markets are other key strategies adopted.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
