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Residential Battery Global Market Report 2023
Major players in the residential battery market are Amara Raja Batteries Ltd., Samsung SDI Co. Ltd., LG Chem Ltd., BYD Company, Tesla, ABB Ltd., Siemens AG, Luminous Power Technologies, Contemporary Amperex Technology Co.
New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Residential Battery Global Market Report 2023" - https://www.reportlinker.com/p06311710/?utm_source=GNW
Limited, Panasonic, Power-Sonic Corporation, Lishen, CBAK, Loom Solar, and Ruipu Energy Co.
The global residential battery market grew from $7.3 billion in 2022 to $8.5 billion in 2023 at a compound annual growth rate (CAGR) of 16.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The residential battery market is expected to grow to $15.11 billion in 2027 at a CAGR of 15.5%.
The residential battery market consists of sales of rechargable batteries, solar batteries, lead-acid, lithium-ion, flow batteries, sodium nickel chloride, and vented batteries.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The residential battery refer to the battery used for the in-home purpose to store the energy supplied from the power grid or energy generated from renewable energy sources like solar and wind.There are different types of battery technology available in the market, but the most commonly used technology is lithium-ion technology.
Lithium-ion batteries work as rechargeable battery whenever it connects to power charge and disconnected discharge based on the residential usage.
Asia-Pacific was the largest region in the residential battery market in 2022. The regions covered in the residential battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of residential batteries are lithium-ion batteries, lead-acid batteries, and other types.A lithium-ion battery, often known as a Li-ion battery, is a rechargeable battery made up of cells in which lithium ions travel from the negative electrode to the positive electrode through an electrolyte during discharge and then back again during charging.
These residential batteries can be operated by standalone systems, solar, and storage with a power rating of 3–6 kW, 6–10 kW used by industrial, commercial, and residential users.
The increasing deployment of solar power generation is expected to drive the residential battery market.Many people are deploying solar panels in their houses and commercial spaces as it is cost-efficient.
To store this power generated by solar panels, residential batteries are used. According to the Solar Energy Industries Association (SEIA), a national non-profit trade association of the solar-energy industry in the United States, the United States of America has installed a 4.6 GW of solar community energy in the year 2021. Regardless of the physical qualities or ownership of their house or company, community solar gives homeowners, renters, and companies equitable access to the economic and environmental benefits of solar energy generation. Moreover, over the next five years, the community solar sector in the USA will install more than 4.3 gigawatts of total capacity. Such rising demand for solar power generation is driving the residential batteries market.
Technological advancement is a key trend gaining popularity in the residential battery market.Major companies in the battery market are advancing in their new technologies and research and developments in the battery market to provide an enhanced product to their customers.
For instance, in October 2021, Solar Edge, an Israel-headquartered provider of power optimizers, solar inverters, and monitoring systems for photovoltaic arrays, launched a residential battery and inverter with a power of 11.4 KW and backup power of 10.3 KW. The battery and inverter can be connected to a local grid or a photovoltaic system and the battery itself has three conversions of power from DC to AC power. The device can connect wirelessly and can link to Solar Edge EV Charger. The gadgets are wirelessly connected and can connect to the SolarEdge Home EV charger. The company’s mobile app may be used to monitor and manage the equipment. The program lets homeowners prioritize loads depending on their preferences, and it uses algorithms to make more cost-effective selections while taking into consideration external elements like weather.
In September 2021, LG Energy Solutions, a storage battery manufacturing company based in South Korea, acquired NEC Energy Solutions for an undisclosed amount.As a result of this acquisition, LG Energy Solutions is planning to grow its energy storage in North America and also to establish itself as a one-stop energy storage system (ESS) solutions provider that offers a full range of solutions to the energy storage system.
NEC Energy Solutions designs and manufactures advanced energy storage solutions located in Massachusetts USA.
The countries covered in the residential battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The residential battery market research report is one of a series of new reports that provides residential battery market statistics, including residential battery industry global market size, regional shares, competitors with a residential battery market share, detailed residential battery market segments, market trends and opportunities, and any further data you may need to thrive in the residential battery industry. This residential battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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