What is Home Energy Storage Market?
Home energy storage devices are used to store electricity locally for later consumption during power outages. Regulatory support, declining cost of batteries, financial incentives, and increasing use of electric vehicles are some of the major factors propelling market growth. In addition, market players are focusing on technological advancement in-home energy storage systems. For instance, PurePoint Energy and Eguana Technologies enter into partnership bring smart energy storage systems to homeowners in Connecticut. It will store excess solar power generation for use after sunset. Moreover, increasing demand from the developing economies owing to the rise in demand for energy self-sufficiency, economic development, and the growing adoption of renewable energy sources. This, in turn, increases the demand for home energy storage.
Highlights from Home Energy Storage Market Study
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Huawei (China), Samsung SDI Co. Ltd. (South Korea), Tesla (United States), LG Chem (South Korea), SMA Solar Technology (Germany), BYD (China), Siemens (Germany), Eaton (Ireland), Schneider Electric (France) and ABB (Switzerland) |
CAGR | 22.43% |
The competitive landscape of the home energy storage market is characterized by several key players, each offering a range of products and services to cater to the growing demand for residential energy storage solutions Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Home Energy Storage market throughout the forecasted period.
Huawei (China), Samsung SDI Co. Ltd. (South Korea), Tesla (United States), LG Chem (South Korea), SMA Solar Technology (Germany), BYD (China), Siemens (Germany), Eaton (Ireland), Schneider Electric (France) and ABB (Switzerland) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Tabuchi Electric (United States) and Eguana Technologies (Canada). Home Energy Storage Market Segmentation:
Scope | Sub-Segments |
---|
Power Rating | 3–6 kW,6–10 kW |
Ownership | Customer,Utility,Third-Party |
Technology | Lead–Acid,Lithium-Ion |
Connectivity | On-Grid,Off-Grid |
Operation | Standalone,Solar |
On the basis of geography, the market of Home Energy Storage 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Application of Lithium-Ion Batteries for Solar Based Home Energy Storage System
Market Growth Drivers:
Decreasing Cost of Lithium-Ion Batteries and Government Incentives for Energy Storage
Challenges:
Lack of Awareness about Energy Storage Systems in Emerging Economies and Overheating of Lithium-Ion Batteries in Energy Storage Systems
Restraints:
Lack of Common Standards for Energy Storage Systems and Interoperability Issues of Energy Storage Systems
Opportunities:
Growing Need for Energy Self-Sufficiency form Residential Sector and Increasing Demand from the Developing Economies
Key Target Audience
Home Energy Storage Manufacturers, Home Energy Storage Distributors, Electronic Component Providers, Technology Providers, Potential Investors, Government and Research Organizations, Trade Associations and Industry Bodies and Others
Market Leaders & Development Strategies
On Feb 2022, LG Energy Solution successfully secured complete ownership of NEC Energy Solutions, a prominent player in the non-automotive lithium-ion battery and system integration industry. This acquisition significantly bolsters LG Energy Solution's capacity to offer comprehensive energy storage solutions, encompassing installation, maintenance, and operational support, all aimed at enhancing the performance of its products.
On April 2023, Huawei launched a new industrial and commercial energy storage system for the African market. LUNA2000-200KWH is an energy storage product of the Smart String ESS series that is suitable for industrial and commercial scenarios and provides 200KWH backup power"rewrite"
“According to the U.S Department of Energy, under the energy storage safety strategic plan, an energy storage safety initiative is been underway since July 2015. One of three key components of that initiative involves codes, standards, and regulations (CSR) impacting the timely deployment of safe energy storage systems (ESS).”