The global residential energy storage market is projected to reach USD 17.5 billion by 2024 from an estimated USD 6.3 billion in 2019, at a CAGR of 22.88% during the forecast period. This growth can be attributed to factors such as declining cost of batteries, regulatory support and financial incentives, and the need for energy self-sufficiency from consumers. Residential energy storage systems provide power backup during power outages, and therefore, play a vital role in the energy industry.
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The Asia Pacific region is estimated to be the largest market for residential energy storage during the forecast period. The region has been segmented, by country, into China, Australia, India, Japan, South Korea, and Rest of Asia Pacific. The growth of this region is primarily driven by countries such as China, Australia, and Japan, which, are installing storage solutions for residential end-users. Over the past few years, this region has witnessed rapid economic development as well as the growth of the renewables and demand for energy self-sufficiency, which has resulted in an increase in the demand for energy storage options. Countries such as Australia and some parts of India and China are also providing subsidies and financial incentives to residential consumers. This movement toward solar and storage is resulting in grid stabilization and greener countries with lower carbon emissions, thereby driving the residential energy storage market.
The residential energy storage market, by connectivity type, is segmented into on-grid and off-grid. The on-grid segment holds the largest market share in 2019 and is projected to grow at the second highest CAGR during the forecast period. An increase in the financial incentives associated with
on-grid and lower upfront costs are increasing the usage of on-grid residential energy storage. The off-grid segment is projected to grow at the fastest CAGR due to the need for self-sufficiency and portability, which are driving the off-grid residential energy storage market.
The report segments the residential energy storage market, by power rating, into 3–6 kW and 6–10 kW. The 3–6 kW segment of the residential energy storage market is expected to grow at the highest CAGR during the forecast period. The grids in developed countries such as the US, the UK, and Germany are relatively stable, in case of any natural calamity. The households are installing 3–6 kW capacity energy storage solutions which can provide power backup during grid failures. Some countries are also using 3–6 kW batteries for EV charging, and the solar PVs are directly providing energy to the EVs, thus keeping energy bills in check. The North American region is expected to hold the largest market share of the 3–6 kW segment by 2024 because of the growth of the electric vehicles in the country along with the need for energy self-sufficiency. These factors will contribute to the growth of 3–6 kW power rating segment in the North America region for the residential energy storage market.
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North America is the projected to be the second largest region with countries such as the US, Canada, and Mexico installing residential energy storage. The regions of California and Hawaii are prone to natural disasters, where grid failures during disasters is a high possibility. The government is providing financial incentives and regulatory support to homeowners in these regions to install energy storage solutions so that there are no blackouts during natural calamities. These factors are driving the North American residential energy storage market.