Residential Battery Market Size, Share, Growth Report [2031]
Residential Battery Market Size, Share, Growth Report [2031]
Segments - Residential Battery Market by Types (Lithium-ion Battery, Lead-Acid Battery, and Others), Power ratings (3-4kW and 6-10Kw), Operations (Standalone and Solar), and Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :EP-4598
| 4.9 Rating
| 84 Reviews
| 185 Pages
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Report Description
The global residential battery market size was valued at USD 11.57 billion in 2022 and is anticipated to reach USD 48.49 Billion by 2031. The market is estimated to expand at a considerable CAGR of 17.26% during the forecast period, 2023-2031. The growth of the market is attributed to rising demand for continuous power supply in residences and increasing number of investors in backup power system at residential locations.
Residential battery or home battery is meant for residential use. It is an in-home energy storage unit that has the ability to store energy either straight from the power grid, or power generated from renewable energy resources such as wind and sun.
The residential battery market is expected to grow in the coming years, owing to the increasing deployment of solar power generation and the rising need for energy storage solutions in the residential sector across the world. Home batteries give households a secure power source that they can use anytime they need it.
A home battery acts as a barrier between home and the power grid. It plugs right into current electrical system to optimize daily energy use and to provide backup power during a grid failure. It does this by taking in power from the grid or solar panels and then strategically deploying it to sections of the house.
Residential Battery Market Trends, Drivers, Restraints, and Opportunities:
- Low cost of lithium-ion batteries drives the residential market. Lithium-ion batteries play a crucial part in energy storage systems, and are responsible for a major portion of the total cost of the system, especially residential energy storage systems.
- Key drivers of the residential batteries market are the growing adoption of renewable energy batteries. The total installed capacity of renewable energy sources is expanding at a significant rate across the world.
- Other factors that are driving the market include installation of solar rooftops on residential buildings.
- Slow rate of adoption of residential batteries along with complex operation of batteries is expected to restrain the growth of the market.
- Short life span of batteries is expected to hinder the growth of the market.
- Less efficiency of batteries is inhibiting the growth of the market.
- Demand for energy backup storage system is expected to increase, thereby creating opportunities in the residential battery market.
Scope of the Residential Battery Market Report
The report on the global residential battery market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes |
Details |
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Report Title |
Residential Battery Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Types (Lithium-ion Battery, Lead-Acid Battery, and Others), Power rating (3-4kW and 6-10Kw), Operation (Standalone and Solar) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
ABB Ltd, LG Chem Ltd, Panasonic Corporation, Samsung SDI, Siemens AG, Luminous Power Technologies, Amara Raja Batteries Ltd, Hitachi, and others. |
Residential Battery Market Segment insights:
High adoption of lithium-ion battery to drive the market
In terms of types, the global residential battery market is segmented into lithium-ion battery, lead-acid battery, and others. The lithium-ion batteries segment is expected to hold a major share of the market, due to their favourable capacity-to-weight ratio and other factors such as declining prices and high performance. The lithium-ion battery segment is growing at a fast pace, due to its high performance, high energy density, and decreasing price. The price of lithium-ion batteries is usually high as compared to other batteries.
Key players in the market have been investing in mass production capacity to achieve economies of scale and are engaged in R&D activities to improve their performance and prices. Sustained cost reduction is expected to help in the adoption of lithium-ion as the battery chemistry of choice in the residential energy storage market during the forecast period. The lead-acid battery segment is expected to register sluggish CAGR during the forecast period.
Various applications of 3-6 kW batteries to propel the market
In terms of power ratings, the market is segregated into 3-6 kW and 6-10 kW. The 3-6 kW segment is expected to hold the major market share by 2026. 3-6 kW batteries provide backup power during grid failures. 3-6 kW batteries are also used for charging in Electric Vehicles (EVs).
Backup power provided by standalone batteries to boost the market
On the basis of operations, the market is bifurcated into solar and standalone segments. The standalone segment constitutes a large market share, as standalone batteries provide backup power and enable power during an unexpected power outage or blackout. Use of batteries helps users to avoid paying high prices for grid electricity during times of peak demand.
Solar panels rely on sunlight to generate electricity, which indicates that their power output varies daily and through seasons. Historically, this had made it challenging to sever ties from the grid only with solar panels, as rainy days mean a reduction in available electricity. Standalone batteries aid homeowners to store solar power for use at another time.
Asia Pacific to constitute significant share of the market
In terms of regions, the global residential battery market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is estimated to constitute a significant share of the market, as countries such as China, Australia, and Japan, are installing storage solutions for residential end-users.
Asia Pacific holds a major market share in terms of revenue, with China and India being the major contributors. These countries are expected to register high growth during the forecast period. China added 2.14 GW of residential rooftop solar capacity in September 2021, registering an increase of 64.61% as compared to the previous year, taking the total capacity installed in the first nine months of the year to 7.41 GW.
India accounts for the fifth largest power generation capacity in the world, with an installed capacity of 393.83 GW, as of December 2021. This is expected to create significant demand for residential batteries for a wide range of applications, including consumer electronics, and backup power supply systems in the region.
Segments
The global residential battery market has been segmented on the basis of
By Types
- Lithium-ion Battery
- Lead-acid Battery
- Others
By Power Rating
- 4- 8kW
- 6- 10kW
By Operation
- Standalone
- Solar
By Regions
- North America
- Europe
- South America
- Asia Pacific
- Middle East & Africa
Key Players
- ABB Ltd
- LG Chem Ltd
- Panasonic Corporation
- Samsung SDI
- Siemens AG
- Luminous Power Technologies
- Amara Raja Batteries Ltd
- Hitachi
Competitive Landscape
Key players in the residential battery market include ABB Ltd, LG Chem Ltd, Panasonic Corporation, Samsung SDI, Siemens AG, Luminous Power Technologies, Amara Raja Batteries Ltd, Hitachi, and others.
Major players operating in the global residential battery are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently registering fierce competition among several key players. Among latest developments in the market, Amara Raja Batteries reported 99.61% jump in profit before tax in Q1 of FY22.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Residential Battery Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Residential Battery Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Residential Battery Market - Supply Chain
4.5. Global Residential Battery Market Forecast
4.5.1. Residential Battery Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Residential Battery Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Residential Battery Market Absolute $ Opportunity
5. Global Residential Battery Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Residential Battery Market Size and Volume Forecast by Types
5.3.1. Lithium-ion Battery
5.3.2. Lead-acid Battery
5.3.3. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Residential Battery Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Residential Battery Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Residential Battery Demand Share Forecast, 2019-2026
7. North America Residential Battery Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Residential Battery Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Residential Battery Market Size and Volume Forecast by Types
7.4.1. Lithium-ion Battery
7.4.2. Lead-acid Battery
7.4.3. Others
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Residential Battery Demand Share Forecast, 2019-2026
8. Latin America Residential Battery Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Residential Battery Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Residential Battery Market Size and Volume Forecast by Types
8.4.1. Lithium-ion Battery
8.4.2. Lead-acid Battery
8.4.3. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Residential Battery Demand Share Forecast, 2019-2026
9. Europe Residential Battery Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Residential Battery Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Residential Battery Market Size and Volume Forecast by Types
9.4.1. Lithium-ion Battery
9.4.2. Lead-acid Battery
9.4.3. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Residential Battery Demand Share Forecast, 2019-2026
10. Asia Pacific Residential Battery Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Residential Battery Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Residential Battery Market Size and Volume Forecast by Types
10.4.1. Lithium-ion Battery
10.4.2. Lead-acid Battery
10.4.3. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Residential Battery Demand Share Forecast, 2019-2026
11. Middle East & Africa Residential Battery Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Residential Battery Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Residential Battery Market Size and Volume Forecast by Types
11.4.1. Lithium-ion Battery
11.4.2. Lead-acid Battery
11.4.3. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Residential Battery Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Residential Battery Market: Market Share Analysis
12.2. Residential Battery Distributors and Customers
12.3. Residential Battery Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. ABB Ltd
12.4.2. LG Chem Ltd
12.4.3. Panasonic Corporation
12.4.4. Samsung SDI
12.4.5. Siemens AG
12.4.6. Luminous Power Technologies
12.4.7. Amara Raja Batteries Ltd
12.4.8. Hitachi
Methodology
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