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Global Residential Energy Storage Systems (RESSs) Battery Market to reach USD 3303.79 million by the end of 2030.

Global Residential Energy Storage Systems (RESSs) Battery Market Size study & Forecast, by Technology (Lead Acid Battery, Lithium-Ion Battery, Others), by Application (On-Grid, Off-Grid) and Regional Analysis, 2023-2030

Product Code: EPPGS-18732921
Publish Date: 10-06-2023
Page: 200

Global Residential Energy Storage Systems (RESSs) Battery Market is valued at approximately USD 719 million in 2022 and is anticipated to grow with a healthy growth rate of more than 21% over the forecast period 2023-2030. Residential Energy Storage Systems (RESSs) are designed for the storage of electricity that has been generated by non-exhaustible sources of energy such as wind turbines. Solar panels or hydroelectric power plants. The factor that drives the growth of the market is the increasing demand for electric vehicles as these are the major area for the usage of energy storage solutions which will increase the demand for them. As per Statista, the EV market is estimated to grow by 17.02% and the rate will increase YoY basis and the increasing rate of EVs will lead to an increase in demand for energy storage systems. The other factor that drives the growth of the market is Government incentives related to residential energy storage systems as many governments offer incentives for owners of homes to install RESSs. However, the high cost of the adoption of residential energy storage systems restrains the growth of the market. The factor which acts as an opportunity for the market is growth in the installation of solar PV modules as when there are power cuts, RESSs and PV solar modules can provide power backup. These systems can actually keep essential devices running. As per International Energy Agency, the growth of generation of power from Solar PV has marked 22% growth in 2021 from 2020 which will increase YoY basis and it will increase the demand for RESSs. Another factor that acts as a growth opportunity for the market is the growing demand for energy as the global demand for energy will increase in coming years and RESSs will help to help to balance the supply and demand of energy and thus will lead to an increase in demand of RESSs.

The key regions considered for the Global Residential Energy Storage Systems (RESSs)Battery Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Europe dominated the market in 2022 owing to the decreasing dependence on erratic power prices and to improve the usage of renewable energy generated on-site to boost the market for domestic energy storage. Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rapid economic growth in the region and the increase in expenditure by the government in the RESSds.

Major market player included in this report are:
Panasonic Holdings Corporation
LG Energy Solution Ltd.
Samsung SDI Co. Ltd.
Sonnen GmbH
Schneider Electric SE
Tesla Inc.
Huawei Technologies Co. Ltd.
Alpha ESS Co. Ltd.
Enphase Energy Inc.
Victron Energy B.V.

Recent Developments in the Market:
Ø In September 2022, there was a partnership agreement between BYD Company and Victron Energy to determine whether the BYD Premium LVL / LVS and Victron inverters/chargers are compatible, and this task was successfully finished.
Ø In Feb 2022, as a consequence of the cooperation, Enphase Energy Systems powered by IQTM Microinverters and IQTM Batteries will be able to take part in Swell’s distributed, virtual power plant (VPP) programmes in California, New York, and Hawaii. This was announced as part of a partnership between Enphase Energy and Swell Energy.
Global Residential Energy Storage Systems (RESSs)Battery Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Technology, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology:
Lead Acid Battery
Lithium-Ion Battery

By Application:

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Million)
1.2.1. Residential Energy Storage Systems Market, by Region, 2020-2030 (USD Million)
1.2.2. Residential Energy Storage Systems Market, by Technology, 2020-2030 (USD Million)
1.2.3. Residential Energy Storage Systems Market, by Application, 2020-2030 (USD Million)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Residential Energy Storage Systems Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Residential Energy Storage Systems Market Dynamics
3.1. Residential Energy Storage Systems Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Increasing demand for EVs Government incentives related to RESSs
3.1.2. Market Challenges High Cost for adoption of Residential Energy Storage Systems
3.1.3. Market Opportunities Growth in installation of sola PV modules Growing demand for energy globally
Chapter 4. Global Residential Energy Storage Systems Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Residential Energy Storage Systems Market, by Technology
5.1. Market Snapshot
5.2. Global Residential Energy Storage Systems Market by Technology, Performance – Potential Analysis
5.3. Global Residential Energy Storage Systems Market Estimates & Forecasts by Technology 2020-2030 (USD Million)
5.4. Residential Energy Storage Systems Market, Sub Segment Analysis
5.4.1. Lead Acid Battery
5.4.2. Lithium-Ion Battery
5.4.3. Others
Chapter 6. Global Residential Energy Storage Systems Market, by Application
6.1. Market Snapshot
6.2. Global Residential Energy Storage Systems Market by Application, Performance – Potential Analysis
6.3. Global Residential Energy Storage Systems Market Estimates & Forecasts by Application 2020-2030 (USD Million)
6.4. Residential Energy Storage Systems Market, Sub Segment Analysis
6.4.1. On-Grid
6.4.2. Off-Grid
Chapter 7. Global Residential Energy Storage Systems Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Residential Energy Storage Systems Market, Regional Market Snapshot
7.4. North America Residential Energy Storage Systems Market
7.4.1. U.S. Residential Energy Storage Systems Market Technology breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Residential Energy Storage Systems Market
7.5. Europe Residential Energy Storage Systems Market Snapshot
7.5.1. U.K. Residential Energy Storage Systems Market
7.5.2. Germany Residential Energy Storage Systems Market
7.5.3. France Residential Energy Storage Systems Market
7.5.4. Spain Residential Energy Storage Systems Market
7.5.5. Italy Residential Energy Storage Systems Market
7.5.6. Rest of Europe Residential Energy Storage Systems Market
7.6. Asia-Pacific Residential Energy Storage Systems Market Snapshot
7.6.1. China Residential Energy Storage Systems Market
7.6.2. India Residential Energy Storage Systems Market
7.6.3. Japan Residential Energy Storage Systems Market
7.6.4. Australia Residential Energy Storage Systems Market
7.6.5. South Korea Residential Energy Storage Systems Market
7.6.6. Rest of Asia Pacific Residential Energy Storage Systems Market
7.7. Latin America Residential Energy Storage Systems Market Snapshot
7.7.1. Brazil Residential Energy Storage Systems Market
7.7.2. Mexico Residential Energy Storage Systems Market
7.8. Middle East & Africa Residential Energy Storage Systems Market
7.8.1. Saudi Arabia Residential Energy Storage Systems Market
7.8.2. South Africa Residential Energy Storage Systems Market
7.8.3. Rest of Middle East & Africa Residential Energy Storage Systems Market

Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Panasonic Holdings Corporation Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
8.3.2. LG Energy Solution Ltd.
8.3.3. Samsung SDI Co. Ltd.
8.3.4. Sonnen GmbH
8.3.5. Scheinder Electric SE
8.3.6. Tesla Inc.
8.3.7. Huawei technologies Inc.
8.3.8. Alpha ESS Co. Ltd.
8.3.9. Enphase Energy Incorporation
8.3.10. Victron Energy B.V.
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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