The Global Residential Energy Storage Market report provides vital information that prepares market players to give fierce competition to their toughest competitors based on growth, sales, and revenue, among other essential factors. The study has been conducted on the basis of inputs from the industry leaders. Thus, a conscious effort to dive deep and unearth hard to find information pertaining to the growing market landscape and growth prospects over the next few years is clearly visible in the study. The market intelligence report further comprises of discussions about the major vendors operating in the Residential Energy Storage space
Reduction in cost of batteries and government incentives for installing residential energy storage systems are key factors driving global residential energy storage market growth
Increasing utilization of lithium-ion batteries due to stringent environmental regulations and policies and growing need to reduce carbon emissions is augmenting growth of the residential energy storage market. Techno-economic benefits of lithium-ion batteries over conventional batteries is a key factor boosting demand.
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Some Key Highlights from the Report
- In September 2020, Hitachi ABB Power Grids acquired U.S. based Pioneer Solutions LLC, which is a provider of industry leading front to back office Commodities/Energy Trading and Risk Management (C/ETRM) solutions. The acquisition is expected to expand Energy Market Operations offering and empower energy market participants with leading digital capabilities to navigate the evolving regulatory environment and renewable energy goals.
- Lithium-ion batteries segment accounted for largest revenue share in 2020. Stringent environmental regulations and policies is boosting utilization of lithium-ion batteries to reduce greenhouse gas emissions.
- Customer owned segment revenue is expected to expand at a rapid CAGR during the forecast period. The high value that customers are placing on having their own storage systems is expected to continue to drive demand for customer owned residential energy storage systems.
- On-grid segment accounted for a significantly high revenue share in the residential energy storage market in 2020. Increasing utilization of on-grid systems in the residential sector as it eliminates the need to purchase an expensive battery backup system to store any excess energy is driving growth of the on-grid system segment.
- Asia Pacific accounted for largest revenue share contribution to the global residential energy storage market in 2020. Presence of various incentives and programs in countries in the region to encourage adoption of residential energy storage systems are key factors supporting market growth.
- Key players in the market include ABB, Samsung SDI Co, Tesla, Inc., BYD Company, Eguana Technologies, Schneider Electric, Siemens, Huawei, Eaton Corporation plc, and LG Chem.
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Covid impact analysis:
The latest report is the first study encompassing the current Residential Energy Storage Market situation with respect to the COVID-19 outbreak. Since the advent of the outbreak, the global economic landscape has been grappling with adverse financial consequences. The report analyzes the drastic impact of the pandemic on this business sphere. The pandemic has affected nearly all segments of the Residential Energy Storage Market . It has further hampered the developmental scope of various manufacturers and buyers engaged in this sector. Thus, the report studies the industry’s shifting dynamics to scrutinize the profits earned or loss suffered by different segment
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Emergen Research has segmented the global residential energy storage market on the basis of technology, ownership type, connectivity type, and region:
- Technology Outlook (Revenue, USD Billion; 2018–2028)
- Lithium-ion Batteries
- Lead-acid Batteries
- Ownership Type Outlook (Revenue, USD Billion; 2018–2028)
- Utility Owned
- Customer Owned
- Third-party Owned
- Connectivity Type Outlook (Revenue, USD Billion; 2018–2028)
- On-grid
- Off-grid
Regional Overview:
The global Residential Energy Storage Market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East Africa. It evaluates the presence of the global Residential Energy Storage Market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.
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