Residential Battery Market Growth Accelerated By Increasing Demand For Backup Power Solutions

 
Residential Battery Market 

The residential battery market has witnessed significant growth in recent years owing to the increasing demand for backup power solutions from residential consumers. Battery energy storage systems for residential use offer advantages like off-grid power supply during power outages and supply of cleaner energy using solar panels. The global residential battery market is estimated to be valued at US$ 17.96 Billion in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing demand for backup power solutions is one of the major trends fueling market growth. Frequent power outages and fluctuations have compelled consumers to invest in residential battery storage solutions for uninterrupted power supply. Battery energy storage provides backup power during outages and also allows consumers to use green energy generated from solar panels. Growing concerns about carbon emissions and focus on sustainable energy are further increasing the adoption of residential batteries to store energy from solar panels and utilize clean energy.

Segment Analysis
The global residential battery market is dominated by lithium-ion battery segment. Lithium-ion batteries offer higher energy density compared to lead-acid batteries, which makes them preferable for residential energy storage applications. They provide longer operational life and require lower maintenance. Lithium-ion batteries have high upfront capital cost but have lower levelized cost of energy (LCOE) over the lifetime of the battery.

Key Takeaways
The global residential battery market analysis is expected to witness high growth over the forecast period of 2024 to 2031, driven by declining battery costs and supportive government policies and incentives for residential energy storage installations.

Regional analysis: Asia Pacific region currently dominates the global residential battery market and is expected to maintain its leading position during the forecast period as well. China has emerged as a major manufacturing hub for lithium-ion batteries and also has supportive net metering policies that encourage self-consumption of renewable energy. Countries like Australia, South Korea and Japan are also among the top markets for residential energy storage in the Asia Pacific region.

Key players

related content: Key players operating in the residential battery market are Svenska Cellulosa Aktiebolaget SCA, BTG Biomass Technology Group, Eni S.p.A., Fulcrum BioEnergy, SOCOTEC Group, Drax Biomass Inc., Aggregated Micro Power Holdings plc, PVM Environmental Products, VGrid Energy Systems, and Vattenfall AB. These players are focusing on developing more efficient and cost-effective battery solutions to capitalize on the projected high demand for residential energy storage in coming years. Partnerships with solar PV manufacturers and integration of battery solutions with PV inverters are some key strategies being adopted.

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