Press Releases

IMARC Group, a leading market research company, has recently releases report titled “Residential Energy Storage System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global residential energy storage system market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

What is Residential Energy Storage System?

A residential energy storage system (ESS) is a sophisticated device meticulously engineered to capture and retain excess mechanical, electrical, chemical, and thermal energy for future use, precisely as needed. It seamlessly integrates with solar power generated by photovoltaic (PV) systems, enabling the storage of energy harnessed during daylight hours. Residential energy storage systems deliver numerous benefits, including a significant reduction in energy wastage, enhanced power reliability and security, heightened environmental sustainability, reduced environmental impact, emergency backup capabilities, and substantial financial savings through decreased electricity bills. Moreover, these systems are flexible, safe, straightforward to install, reduce reliance on the grid, and maximize self-sufficiency through solar energy utilization. Consequently, residential ESS installations have become widespread in residential settings, ensuring a continuous and uninterrupted power supply.

How Big Is the Residential Energy Storage System Market?

The global residential energy storage system market size reached US$ 847.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,846.86 Million by 2028, exhibiting a growth rate (CAGR) of 21.93% during 2023-2028.

What Are the Growth Prospects and Trends in The Residential Energy Storage System Industry?

The increasing need for uninterrupted and reliable power to support various household activities serves as the primary driver behind the residential energy storage system market's growth. Furthermore, the rising adoption of lithium-ion (Li-ion) rechargeable batteries is a key catalyst, thanks to their many advantages, including enhanced power efficiency, cost-effectiveness, and longer charge retention compared to conventional batteries. In addition, the growing demand for residential energy storage devices that reduce the reliance on additional incentives by offering tax benefits, alleviating peak loads on local grid networks, and improving power quality, contributes significantly to market expansion. Additionally, government initiatives promoting green energy have encouraged users to replace thermal power plants with ESS to support renewable energy generation and enhance grid reliability, further positively impacting the global market. Moreover, the development of customizable intelligent home product variations by leading manufacturers is poised to drive the residential energy storage system market in the foreseeable future.

What is included in market segmentation?

The report provides detailed segmentation of the global residential energy storage system market based on based on technology type, power rating, ownership type, connectivity type and region.

Technology Type Insights:

• Lithium-ion Batteries
• Lead-acid Batteries
• Others

Power Rating Insights:

• 3-6 Kw
• 6-10 Kw
• More Than 10 Kw

Ownership Type Insights:

• Customer-owned
• Utility-owned
• Third-Party Owned

Connectivity Type Insights:

• On-Grid
• Off-Grid

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

The report provides a comprehensive analysis of the industry key players listed below:

ABB Ltd., BYD Company Limited, Delta Electronics Inc., Eaton Corporation plc, Eguana Technologies Inc, Enphase Energy Inc, Huawei Technologies Co. Ltd., LG Energy Solution Ltd, Panasonic Corporation, Samsung SDI Co. Ltd, Schneider Electric SE, SENEC (EnBW Energie Baden-Württemberg AG), Sonnen GmbH, Tesla Inc., Varta AG.