About Residential Energy Storage Systems
The residential energy storage system stores electricity locally for later consumption. Lithium-ion or lead-acid batteries and intelligent software are used for energy storage. Energy storage systems help to homeowners and small commercial enterprises to manage their energy supply, reduce bills and contribute towards a sustainable future. The factors such as Affordable Prices Of the Energy Storage Batteries and Increasing Awareness among the People are driving the global residential energy storage systems market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Global Manufacturers will contribute the maximum growth to Global Residential Energy Storage Systems market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
LG Chem (South Korea), Huawei (China), Panasonic Corporation (Japan), Samsung SDI Co. Ltd. (South Korea), BYD (China), Tesla (US), SMA Solar Technology (Germany), ABB (Switzerland), Siemens (Germany) and Schneider Electric (France) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Eaton (Ireland), Tesla Inc. (United States), Sunverge Energy LLC (United States) and Aquion Energy Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Residential Energy Storage Systems market by , Application (Residential Apartments, Private Villas and Other) and Region.
On the basis of geography, the market of Residential Energy Storage Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Power Rating, the sub-segment i.e. 3-6 kW will boost the Residential Energy Storage Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Ownership, the sub-segment i.e. Customer owned will boost the Residential Energy Storage Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Lithium-Ion will boost the Residential Energy Storage Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Connectivity, the sub-segment i.e. On-Grid will boost the Residential Energy Storage Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Demand For Energy Storage Systems with Improved Features
Market Growth Drivers:
Affordable Prices Of the Energy Storage Batteries and Increasing Awareness among the People
Challenges:
Lack of Standards and Interoperability and Overheating Of Lithium-Ion Batteries
Restraints:
Fluctuating Prices Of the Products
Opportunities:
Government Initiatives for Residential Energy Storage Systems in Various Countries and Growing Demand from Emerging Countries
Recently, LG Chem Ltd., a global leader in lithium-ion batteries for automotive, stationary and consumer applications, has launched its range of award-winning high-voltage 400V version residential battery systems in the North American market.
Key Target Audience
Residential Energy Storage System Manufacturers, Raw Material Suppliers/ Buyers, Distributors, Government Body & Associations and End-user
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.