Residential Energy Storage Market Size and Forecast to 2024

BCC Research’s report, “Residential Energy Storage Market Size: A Forecast Through 2024,” analyzes the residential energy storage market, including technologies and market potential, and provides forecasts for the next five years. The estimates are based on total revenue generated by manufacturers and are not inflation-adjusted. The report also discusses regulatory and technological issues that may have an impact on growth.

How big is the residential energy storage market?

Residential energy storage is rapidly expanding. By 2027, the market is expected to be worth $27.2 billion USD. Between 2020 and 2027, the market is expected to grow at a compound annual growth rate (CAGR) of 21.1%. The Asia-Pacific region, particularly China, Japan, and India, is expected to be the largest market. Residential energy storage is becoming more popular in these countries. This is due to an increase in the number of homes with solar panels on the roof.

 

With increasing power outages and urbanization, the Asia-Pacific region’s demand for electricity is rising. Residential energy storage is also expected to grow significantly in Europe. The government is investing in grid infrastructure in several countries, but a significant portion of the country remains without power.

 

North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa currently dominate the residential energy storage market. Because of its widespread use of rooftop solar power, Europe currently leads the market for residential energy storage. North America, which includes the United States, Canada, and Mexico, is expected to be the second-largest market. Asia-Pacific, with its rapid economic growth and high demand for renewable energy, is the fastest growing region.

 

How large is the residential energy storage market in the U.S.?

According to a new Wood Mackenzie and American Clean Power Association report, the residential energy storage market in the United States will reach 1,170 MW and 2,608 MWh in the second quarter of 2022. The residential sector will see the greatest increase, with 154 MW and 375 MWh of battery capacity added – 31 MW more than in the same period last year. According to the report, the government’s Investment Tax Credit (ITC) is also helping the residential storage market.

 

The market is expected to expand due to rising consumer demand for home energy storage and a focus on innovative products. Several companies are already focusing on the residential energy storage market. Among the leading players are Schneider Electric, Samsung SDI, and BentiEnergy—the most promising energy storage company in the industry, with a strong, stable supply chain powered by CATL.

 

The power industry is primarily driving the residential energy storage market by making battery storage less expensive and more accessible. Furthermore, rising disposable incomes are putting high-value consumers in a position to own their own renewable energy storage systems. Rising environmental consciousness is also driving the adoption of residential energy storage.

 

How much is the energy storage market worth?

The residential energy storage market is divided into three sections: type, geography, and technology. Lithium-ion batteries are the primary technology in these systems. These batteries are inexpensive and provide backup power during power outages. The residential energy storage market is divided into three segments: technology, geography, and revenue. There are a variety of companies in the residential energy storage market, which is expected to be worth $11.2 billion by 2023.

 

While Europe has led the way in residential energy storage, the market in North America and Latin America is also thriving. Government incentives and falling battery prices are driving the market in North America. Meanwhile, in Europe, demand for renewable energy storage systems is growing, and renewable energy generation is displacing fossil fuels. Furthermore, smart grid technologies are expected to drive the market in the coming years.

 

Energy storage is a critical component of the energy transition. It provides backup power during power outages and a means of achieving energy independence. Furthermore, it is a critical enabler in the energy transition, as more developed countries shift their power to renewable sources. This market is being driven by several factors, including the decreasing cost of lithium-ion batteries and the growing number of electric vehicles.