Residential Battery Market Surpasses US$10 Bn in 2021, Set for Robust Growth Over Next Five Years

by Cloud PR Wire August 17, 2023

The global residential battery market has achieved a remarkable milestone, exceeding a valuation of approximately US$10 billion in the year 2021. This substantial growth sets the stage for a promising outlook over the next five years, with battery storage systems playing a pivotal role in driving the accelerated expansion of the residential battery market.

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Increasing Demand for Battery Storage Systems in Grids Spurs Growth of the Residential Battery Market

The surging demand for energy storage systems in grids continues to be a driving force behind the adoption of batteries. The recent shift towards renewable energy sources to ensure environmental sustainability and meet the growing electricity needs has propelled the utilization of batteries in the residential sector. Wind and solar energy are prominently harnessed renewable energy sources stored in grids. However, the inherent variability in wind currents or cloud cover can result in significant fluctuations in energy generation. These variations can lead to frequent power outages, disrupting daily activities. To address this challenge, flexible energy storage systems have become imperative, thus propelling the growth of the residential battery market. Furthermore, in the context of ongoing grid modernization, residential grid-scale battery storage systems have emerged as integral components of the grid ecosystem. Battery utilization for energy storage enhances the flexibility and reliability of electrical supply across energy generation, distribution, and transmission.

Rising Preference for Lithium Ion Batteries to Drive Residential Battery Market Growth

The demand for lithium-ion batteries is poised for remarkable growth due to their inherent advantages. Compared to counterparts such as lead-acid and nickel-cadmium batteries, lithium-ion batteries require less frequent maintenance or replacement. Moreover, they maintain a stable voltage throughout their discharge cycle, ensuring prolonged and superior performance of electrical components. Rechargeable lithium-ion batteries offer a higher number of charging cycles compared to lead-acid batteries. Additionally, the benefits of reduced weight, shorter charging times, higher efficiency, and superior return on investment offered by lithium-ion batteries continue to drive their adoption in the residential sector, thereby bolstering the expansion of the residential battery market.

Asia Pacific Emerges as a Lucrative Region in the Global Residential Battery Market

Asia Pacific stands out as a lucrative region endowed with abundant human and natural resources. The demand for residential batteries in the region is set to experience significant growth driven by the escalating need for uninterrupted electricity supply in residential settings. This trend has prompted individuals to install dedicated energy storage systems to mitigate power outages and electricity fluctuations, ensuring a continuous power supply. Additionally, the emphasis on renewable energy sources like solar power has further propelled the expansion of the residential battery market. Substantial investments in solar power have spurred the installation of batteries in residential spaces. The affordability of solar energy and electricity storage through batteries has led to consistent power availability, augmenting the growth of the residential battery market.

The rapidly developing economies of China and India are poised to command a substantial market share. The adoption of residential batteries in these countries is significantly influenced by favorable government policies, incentives, and regulatory support. The Chinese governments subsidies and installation targets have demonstrated its capacity to drive significant growth in domestic demand for solar equipment. A similar scenario unfolds in India, where the government is committed to providing uninterrupted electricity, backed by initiatives such as rooftop solar power utilization. Additionally, substantial electrification in remote areas further drives battery adoption. These factors collectively drive the expansion of the residential battery market in Asia Pacific, offering manufacturers promising opportunities in the years ahead.

In Europe, the residential battery market is also gaining traction, largely due to increased installations of solar power systems in residential settings. According to SolarPower Europe, the prospects for residential energy storage remain bullish in the foreseeable future. Germany is expected to command a significant share, exceeding 70%, in the home battery segment. Following Germany, the UK, Italy, Switzerland, and Austria are emerging as potential markets for residential batteries.

Residential Battery Market: Competitive Landscape

In the competitive landscape, players have employed strategies such as new product launches, collaborations, acquisitions, and partnerships to fortify their positions in the residential battery market. Key players in the market include Amara Raja Batteries Ltd., NEC Corporation, LG Energy Solution Ltd., Samsung SDI Co. Ltd., FIMER SpA, Evergen, Murata, Luminous India, Siemens, Ultralife, and BYD Electronic Company Ltd. These industry leaders are at the forefront of driving innovation and shaping the growth trajectory of the residential battery market as it continues to evolve.

Browse Residential Battery Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/residential-battery-market

Redox Flow Battery Market: https://www.fairfieldmarketresearch.com/report/redox-flow-battery-market

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