Market Size of Residential Battery Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 17.89 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Residential Battery Market Analysis
The global residential battery market is expected to reach USD 13.01 billion by the end of the current year, and it is projected to register a CAGR of 17.89% during the forecast period.
Although the market studied was affected by COVID-19 in 2020, it recovered and reached pre-pandemic levels.
The declining prices of lithium-ion batteries are expected to drive the growth of the market studied during the forecast period. However, the environmental disadvantages of lead-acid batteries are expected to hamper the growth of the market studied during the forecast period. An increase in off-grid solar utilization is expected to create lucrative growth opportunities for the global residential battery market during the forecast period.
Asia-Pacific is dominating the market studied, and it is expected to witness the highest CAGR during the forecast period. This growth is attributed to the increasing investments and the adoption of residential rooftop solar installations in China, India, and Japan.
