Northbrook, IL 60062 -- (SBWIRE) -- 05/12/2023 -- According to a research report "Residential Energy Storage Market by Power Rating (3-6 kW, 6-10 kW, 10-20 kW), Connectivity (On-Grid, Off-Grid), Technology (Lead-Acid, Lithium-Ion), Ownership (Customer, Utility, Third-Party), Operation (Standalone, Solar), Region - Forecast to 2027" published by MarketsandMarkets, the global residential energy storage market is estimated to be valued at USD 719 million in 2022 (Estimate Year) and is projected to reach USD 1,828 million by 2027 (Forecast Year) growing at a CAGR of 20.5% during the forecast period. The rising demand of solar PV installations and the manufacturing of electric vehicles are expected to be the primary drivers of the market.

Key Market Players

A few major players that have a wide regional presence dominate the residential energy storage market. The leading players in the residential energy storage market include Tesla (US), Panasonic Holdings Corporation (Japan), BYD Company Ltd (China), LG Energy Solution (South Korea), Enphase Energy (US).

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This research report categorizes the residential energy storage market by technology, power rating, connectivity type, ownership type, operation type and region.
On the basis of by technology:

Lead-acid
Lithium-ion

On the basis of by utility:

3 kW to <6 kW
6 kW to <10 kW
10 kW to 29 kW

On the basis of by connectivity type:

On-grid
Off-grid

On the basis of by ownership type:

Customer-owned
Utility-owned
Third-party owned

On the basis of by operation type:

Standalone Systems
Solar and Storage System

On the basis of region:

North America
Europe
Asia Pacific
South America
Middle East & Africa

The on-grid segment is expected to dominate the residential energy storage market, by connectivity type, during the forecast period.

The on-grid segment holds the largest share of the residential energy storage market. The high market share can be attributed to its lower upfront costs than the off-grid connectivity. Sometimes, energy storage systems also serve additional applications such as Transmission & Delivery (T&D) deferral, power quality assurance, voltage regulation, spinning reserve, and increased system reliability

The solar and storage is expected to be the fastest growing residential energy storage market, by operation type, during the forecast period.

The residential energy storage market, by operation, is divided into standalone systems and solar and storage systems, wherein the solar and storage accounts for the largest share. The solar and storage is also expected to grow the fastest during the forecast period, owing to increasing awareness and demand for energy self-sufficiency.

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The Asia Pacific region is the fastest growing residential energy storage market

In this report, the residential energy storage market has been analyzed for five regions, namely, North America, Europe, Asia Pacific, Middle east & Africa and South America. Europe is a significant contributor to the residential energy storage market in the current scenario owing to the rapid increasing cost-competitiveness of solar-plus-storage solutions which enables residential consumers to have access to the clean energy power and enable opportunities to decrease their energy bill.

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