Summary:

A drop in solar equipment prices and an increase need for energy self-sufficiency is pushing global residential energy storage to new heights. This market is forecast to reach $17.5 billion by 2024.

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Main Article:

The global residential energy storage market is projected to reach USD 17.5 billion by 2024 from an estimated USD 6.3 billion in 2019, at a CAGR (compound annual growth rate) of 22.88% during the forecast period, according to a report by reporteinker. 

This growth can be attributed to factors such as declining cost of batteries, regulatory support and financial incentives, and the need for energy self-sufficiency from consumers. However, price sensitivity in developing countries and lack of standards and interoperability is hindering the growth of the residential energy storage market.

The lithium-ion segment is expected to be the fastest growing market, by technology, from 2019 to 2024
The lithium-ion segment is expected to hold the largest market share and be the fastest growing segment during the forecast period because of the declining price of lithium batteries and high efficiency. Increasing emission control regulations and continuous revisions in environmental regulations have led to the increasing use of lithium-ion batteries.

The solar and storage segment is expected to be the largest market from 2019 to 2024
The solar and storage segment, by operation type, is estimated to be the largest and fastest growing segment during the forecast period.The solar and storage segment is growing due to the need for energy self-sufficiency and the governments providing financial incentives for energy storage to residential consumers.

The growth of solar PV installations due to a drop in prices is another major reason for the growth of solar and storage segment.

Asia Pacific: The largest residential energy storage market
The Asia Pacific region is expected to be the largest residential energy storage market by 2024.The residential energy storage market in this region is mainly driven by seaborne trade, which has subsequently led to an increase in demand for ships used to transport manufactured goods to various regions worldwide.

The growth of this region is primarily driven by countries such as China, Australia, and Japan, which, are installing storage solutions for residential end-users. Over the past few years, this region has witnessed rapid economic development as well as the growth of the renewables and demand for energy self-sufficiency, which has resulted in an increase in the demand for energy storage options.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

• By Company Type: Tier 1- 62%, Tier 2- 22%, and Tier 3- 16%
• By Designation: C-Level- 45%, Director Level- 25%, and Others- 30%

By Region: Asia Pacific- 45%, Europe- 15%, North America- 24%, the Middle East & Africa- 6%, and South America- 10%

Note: Others includes sales managers, marketing managers, product managers, and product engineers.

The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3: 

The global residential energy storage market is dominated by a few major players that have a wide regional presence.The leading players in the residential energy storage market are Huawei (China), Samsung SDI Co.

Ltd. (South Korea), Tesla (US), LG Chem (South Korea), SMA Solar Technology (Germany), BYD (China), Siemens (Germany), Eaton (Ireland), Schneider Electric (France), ABB (Switzerland), Tabuchi Electric (Japan), and Eguana Technologies (Canada).