Market Size of Residential Energy Storage Systems Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 24.40 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | Europe |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Residential Energy Storage Systems Market Analysis
The Residential Energy Storage Systems market is expected to reach USD 4.38 billion by the end of the year and is projected to register a CAGR of over 24.4% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, increasing demand for uninterrupted and reliable power supply and the rise in adoption of solar rooftop systems by the residential sector is also expected to drive the growth of the market studied.
- On the other hand, the lack of direct access to metal resources and reserves for battery manufacturing in many countries may negatively impact the market's growth and is one of the major restraints for the market.
- Nevertheless, The residential energy storage systems market is majorly dominated by developed nations such as Germany, the United States, and Australia. However, several other countries, such as Brazil, Saudi Arabia, Thailand, and Bangladesh, have introduced the net metering program and made certain amendments to encourage solar PV in the residential sector, are expected to provide growth opportunities in the forecast period.
- Europe dominates the market and is also likely to witness the highest CAGR during the forecast period. Most of the demand comes from the countries like Germany, the United Kingdom, etc.