| Source: Research and Markets Research and Markets
Dublin, Sept. 11, 2023 (GLOBE NEWSWIRE) — The “Residential Energy Storage Market Size and Share Analysis by Technology, Utility, Connectivity Type, Ownership Type, Operation Type – Global Industry Demand Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The residential energy storage market will reach USD 3,099.8 million by 2030, powering at a rate at of 18.2% in the years to come.
This is because of the rampant infra expansion, increasing consumer expenditure on energy storage, rising private and government investments in renewable energy production, growing concern of people with regards to degradation of the environment, rising interest in accomplishing self-sufficiency, high research and development outlay, and booming consumption of energy in developing nations.
The customer-owned category dominated the industry in the past, and it will continue like this in the years to come as well. The key reason for this will be the numerous advantages of customer-owned ESSs, for example decreased electricity cost per kilowatthour; growing requirement for rooftop PV solutions, and the mounting emphasis on accomplishing self-sufficiency.
Also, the utility-owned category had a significant revenue. This is because of the increasing requirement for grid-scale electrical energy stowage technologies and support of the government for utility providers.
The 6 to 10 kW category had a revenue share of approximately 50%, in 2022, and this trend will continue in the years to come as well. This is because of the increasing consumption of energy, growing occurrence of long power cuts, faults in grid, and rising requirement for a larger amount of stable power.
The lithium-ion category had the larger revenue share of more than 80%, in 2022, and it will continue like this in the years to come as well. This is as a result of the fact that these batteries are more dependable and stable and can be recharged over and over again. Moreover, as opposed to the conformist rechargeable batteries, Li-ion batteries have improved energy densities, lower self-discharge rates, and higher voltage capacities which improve power efficiency by letting a single cell for holding charge for long.
Europe residential energy storage market was a regional leader with a share, of around 40%, in 2022, and this dominance will be continued in the future as well. This is because of the fast acceptance of rooftop solar power, a government subsidy of 30% for the battery system, increase in the rate of urbanization, and existence of numerous industry players.
Furthermore, the growing requirement for EVs and expanding implementation of virtual power plants increase the installation rate of these sort of systems. The increasing use of EVs produces a substantial load on the current grid infra, and to reduce the load, governments in the EU inspire EV owners to connect energy storage solutions at home, for charging the vehicles.
Due to the rising consumer spending on energy storage, the demand for residential energy storage solutions will continue to grow in the years to come as well.
For more information about this report visit https://www.researchandmarkets.com/r/j9mnyk
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