Residential Energy Storage Market Report 2024 (Global Edition)

Global Residential Energy Storage Market Report 2024 Market Size Split by Technology (3 kW to <6 kW , 6 kW to <10 kW , 10 kW to 29 kW), by Utility (3 kW to <6 kW , 6 kW to <10 kW , 10 kW to 29 kW)...

Residential Energy Storage Market Report Description

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Competitive Landscape of the Residential Energy Storage Market

The residential energy storage market is fiercely competitive with major players. LG Chem offers high-quality lithium-ion batteries with a strong global presence. Sonnen focuses on smart energy management solutions that appeal to environmentally conscious consumers. Emerging players like Enphase Energy and Panasonic are also gaining traction with innovative offerings, intensifying competition further.

Residential Energy Storage industry news

In June 2022, Toyota entered the energy storage market by launching the O-Uchi Kyuden System, a residential battery product. Toyota launched a rated output of 5.5 kWh and rated capacity of 8.7 kWh battery storage system uses the company's electric vehicle battery technology. When connected to a photovoltaic rooftop system, the system can power a home day and night. Initially, the company aimed to sell the storage system in Japan. 

Source: https://global.toyota/en/newsroom/corporate/36615119.html

In February 2020, LG Chem and Span.IO, Inc. launched a battery storage and intelligent home energy control system that enables customizable backup power. The system ensures home loads remain powered during a power outage. This highly reliable system is suitable for residential battery storage and backup power.

(Source: https://www.prnewswire.com/news-releases/lg-chem--span-launch-energy-storage-with-customizable-backup-power-301008121.html

Top Companies Market Share in Residential Energy Storage Industry: (In no particular order of Rank)

• ABB Tesla
• SolarEdge Technologies
• Primus Power
• Maxwell Technologies
• Siemens Energy
• Schneider Electric
• SAMSUNG SDI
• LG Electronics
• Leclanché
• EnerSys Fluence
• Saft
• Uniper
• Johnson Controls
• Honeywell International
• Toshiba Corporation Huawei Technologies
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Residential Energy Storage

Which region will dominate the Residential Energy Storage market in 2024?

North America's residential energy storage market stands as the largest segment globally, driven by increasing demand for sustainable energy solutions, government incentives, and growing awareness of energy independence among consumers. Factors such as grid instability, natural disasters, and a desire to reduce electricity bills have fueled the adoption of residential energy storage systems across the region. With a mature market landscape and well-established players, North America continues to witness significant growth in home battery installations, with lithium-ion technology dominating the market due to its high efficiency and declining costs.

Which Region is Expanding at the Fastest CAGR?

On the other hand, Europe emerges as the fastest-growing region in the residential energy storage market, propelled by stringent environmental regulations, ambitious renewable energy targets, and supportive policies encouraging decentralized energy generation and storage. European countries prioritize sustainability and energy security, driving homeowners to invest in residential energy storage solutions. Technological advancements, such as smart energy management systems and innovative financing models, further accelerate market growth. The European residential energy storage market witnessed a surge in demand for retrofit and new installations, with lithium-ion batteries being the preferred choice due to their reliability and performance.

The current report Scope analyzes Residential Energy Storage Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Residential Energy Storage Market

According to Cognitive Market Research, the global Residential Energy Storage market size was estimated at USD 1150.2Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 460.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.7% from 2024 to 2031. The North American residential energy storage market is witnessing robust growth driven by increasing demand for reliable power backup and renewable energy integration. Lithium-ion batteries dominate the segment due to their efficiency and declining costs. Advancements in technology, coupled with supportive government policies, are fostering market expansion. In conclusion, North America's residential energy storage market is poised for sustained growth, driven by increasing awareness of energy sustainability and the need for resilient power solutions.

• According to Cognitive Market Research, the US had a major share in the Residential Energy Storage market, which was USD 363.00million in 2024 and is projected to grow at a CAGR of 17.5% during the forecast period. Demand for energy independence, renewable integration, utility savings, and backup power drive US residential energy storage market growth. 
• The Canada Residential Energy Storage market had a market share of USD 55.21million in 2024 and is projected to grow at a CAGR of 18.5% during the forecast period. Renewable energy adoption, grid stability concerns, government incentives, and technological advancements drive residential energy storage market growth in Canada.
• The Mexico Residential Energy Storage market is projected to grow at a CAGR of 18.2% during the forecast period, reaching a market size of USD 41.87million in 2024.

Europe Residential Energy Storage Market

Cognitive Market Research shows a market value of USD 1150.2 million in 2024 and is projected to expand at a compound annual growth rate (CAGR) of 18.0%from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 345.06 million. The European Residential Energy Storage market is witnessing steady growth driven by rising awareness of energy sustainability. Lithium-ion batteries dominate the segment due to their efficiency and declining costs. With the increasing adoption of renewable energy sources, such as solar panels, residential energy storage solutions are essential for managing energy consumption and grid stability. Integration with smart home technologies further enhances their appeal. In conclusion, the market is poised for continued expansion as consumers seek reliable and eco-friendly energy solutions, presenting lucrative opportunities for industry players.

• The United Kingdom Residential Energy Storage market had a market share of USD 57.97million in 2024 and is projected to grow at a CAGR of 18.8% during the forecast period. Renewable energy adoption, grid resilience, cost reduction, and government incentives are driving residential energy storage market growth in the UK.
• The France Residential Energy Storage market is projected to grow at a CAGR of 17.2% during the forecast period, reaching a market size of USD 31.75million in 2024.
• According to Cognitive Market Research, the Germany Residential Energy Storage market size was valued at USD 68.32million in 2024 and is projected to grow at a CAGR of 18.2% during the forecast period. German residential energy storage market is driven by renewable energy adoption, government incentives, grid instability, and increasing electricity prices. 
• The Italy Residential Energy Storage market is projected to grow at a CAGR of 17.4% during the forecast period, reaching a market size of USD 29.68million in 2024.
• The Russia Residential Energy Storage market is projected to grow at a CAGR of 17.0% during the forecast period, with a market size of USD 53.48million in 2024.
• The Spain Residential Energy Storage market is projected to grow at a CAGR of 17.1% during the forecast period, with a market size of USD 28.29million in 2024.
• The Luxembourg Residential Energy Storage market is projected to grow at a CAGR of 18.1% during the forecast period, reaching a market size of USD 10.70million in 2024.
• The Portugal Residential Energy Storage market is projected to grow at a CAGR of 17.8% during the forecast period, with a market size of USD 7.25million in 2024.
• The Greece Residential Energy Storage market is projected to grow at a CAGR of 18.3% during the forecast period, reaching a market size of USD 4.14million in 2024.
• The rest of Europe's Residential Energy Storage market is projected to grow at a CAGR of 16.7% during the forecast period, with a market size of USD 53.48million in 2024.

 

Asia Pacific Residential Energy Storage Market

According to Cognitive Market Research, the global Residential Energy Storage market size was estimated at USD 1150.2Million, out of which Asia Pacificheld the market ofaround23% of the global revenue with a market size of USD 264.55 million in 2024 and will grow at a compound annual growth rate (CAGR) of 21.5% from 2024 to 2031. The Asia Pacific residential energy storage market is witnessing substantial growth due to rising energy demand, grid instability, and government incentives. Lithium-ion batteries dominate the market owing to their high energy density and reliability. Additionally, the integration of renewable energy sources further propels market expansion. In conclusion, favorable government policies and technological advancements are expected to drive continued growth in the residential energy storage market across the Asia Pacific region.

• According to Cognitive Market Research, the China Residential Energy Storage market size was valued at USD 119.05million in 2024 and is projected to grow at a CAGR of 21.0% during the forecast period. Rapid urbanization, renewable energy integration, government incentives, and growing electricity demand drive China's residential energy storage market.
• The Japan Residential Energy Storage market is projected to grow at a CAGR of 20.0% during the forecast period, with a market size of USD 36.51million in 2024.
• The India Residential Energy Storage market had a market share of USD 31.75million in 2024 and is projected to grow at a CAGR of 23.3% during the forecast period. Government incentives, increasing energy demand, an unreliable grid, and growing awareness of renewable energy drive the market.
• The South Korea Residential Energy Storage market is projected to grow at a CAGR of 20.6% during the forecast period, reaching a market size of USD 26.45million in 2024.
• The Australian residential Energy Storage market is projected to grow at a CAGR of 21.2% during the forecast period, reaching a market size of USD 13.76million in 2024.
• The South East Asia Residential Energy Storage market is projected to grow at a CAGR of 22.5% during the forecast period, reaching a market size of USD 18.25million in 2024.
• The rest of the Asia Pacific Residential Energy Storage market is projected to grow at a CAGR of 21.3% during the forecast period, reaching a market size of USD 18.78million in 2024.

South America Residential Energy Storage Market

According to Cognitive Market Research, the global Residential Energy Storage market size was estimated at USD 1150.2Million, out of which Latin America market has more than 5% of the global revenue with a market size of USD 57.51 million in 2024 and will grow at a compound annual growth rate (CAGR) of 18.9% from 2024 to 2031. Latin America's Residential Energy Storage market shows promising growth, driven by increasing renewable energy adoption and grid instability. The dominating segment comprises lithium-ion batteries due to their efficiency and declining costs. With growing awareness of energy independence and sustainability and supportive government policies, the market is expected to witness substantial expansion. In conclusion, Latin America presents a ripe opportunity for residential energy storage solutions, particularly in leveraging renewable sources, enhancing grid resilience, and meeting the evolving energy needs of consumers.

• According to Cognitive Market Research, the Brazil Residential Energy Storage market size was valued at USD 24.61million in 2024 and is projected to grow at a CAGR of 19.5% during the forecast period. Growing renewable energy adoption, grid instability, rising electricity costs, and increasing energy demand are driving Brazil's residential energy storage market.
• The Argentina Residential Energy Storage market had a market share of USD 9.66million in 2024 and is projected to grow at a CAGR of 19.8% during the forecast period. Government incentives, rising electricity costs, grid reliability issues, and growing renewable energy adoption are driving the market.
• The Colombia Residential Energy Storage market is projected to grow at a CAGR of 18.7% during the forecast period, reaching a market size of USD 5.12million in 2024.
• The Peru Residential Energy Storage market is projected to grow at a CAGR of 19.1% during the forecast period, reaching a market size of USD 4.72million in 2024.
• The Chile Residential Energy Storage market is projected to grow at a CAGR of 19.2% during the forecast period, reaching a market size of USD 4.14million in 2024.
• The Rest of Latin America's Residential Energy Storage market is projected to grow at a CAGR of 18.0% during the forecast period, reaching a market size of USD 9.26million in 2024.

 

Middle East and Africa Residential Energy Storage Market

According to Cognitive Market Research, the global Residential Energy Storage market size was estimated at USD 1150.2Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 23.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.2% from 2024 to 2031. MEA's residential energy storage market is burgeoning, driven by rising energy demands and renewable integration. Lithium-ion batteries dominate, owing to their efficiency and declining costs. The region's solar PV installations and grid instability propel demand for storage solutions. The market is poised for significant growth with supportive policies and increasing consumer awareness. In conclusion, MEA's residential energy storage market presents immense opportunities for stakeholders amidst a dynamic energy landscape, fostering sustainability and energy independence.

• According to Cognitive Market Research, the GCC Countries' Residential Energy Storage market was valued at USD 9.85million in 2024 and is projected to grow at a CAGR of 20.0% during the forecast period. The market is driven by increasing demand for reliable power supply, renewable energy integration, and government incentives.
• The Egypt Residential Energy Storage market is projected to grow at a CAGR of 19.5% during the forecast period, reaching a market size of USD 2.42million in 2024.
• The South Africa Residential Energy Storage market is projected to grow at a CAGR of 20.2% during the forecast period and reach USD 3.63million in 2024.Government incentives, an unreliable grid, rising electricity costs, and increased renewable energy adoption are driving growth in this market.
• The Turkey Residential Energy Storage market is projected to grow at a CAGR of 18.7% during the forecast period, reaching a market size of USD 1.98million in 2024.
• The Nigeria Residential Energy Storage market is projected to grow at a CAGR of 18.3% during the forecast period, with a market size of USD 2.42million in 2024.
• The rest of the MEA Residential Energy Storage market is projected to grow at a CAGR of 18.2% during the forecast period, reaching a market size of USD 2.71million in 2024.

Residential Energy Storage Market Analysis

Residential Energy Storage Technology Segment Analysis

The residential energy storage market is witnessing a significant surge, primarily driven by Lithium-ion batteries' dominance and growing interest in Lead-Acid batteries. Lithium-ion batteries hold a commanding position due to their superior energy density, longer lifespan, and faster charging capabilities, making them a preferred choice for homeowners seeking reliable energy backup solutions. Additionally, technological advancements have led to declining costs, further boosting their adoption.

While facing competition from their Lithium-ion counterparts, lead-acid batteries still retain relevance, particularly in regions where cost-effectiveness is prioritized over performance. Their established infrastructure and familiarity make them a viable option for budget-conscious consumers or applications with less stringent energy demands.

• 3 kW to <6 kW 
• 6 kW to <10 kW 
• 10 kW to 29 kW

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Residential Energy Storage Industry. Request a Free Sample PDF!

Residential Energy Storage Utility Segment Analysis

In the 3 kW to <6 kW segment, smaller-scale residential energy storage solutions are gaining popularity due to their affordability and suitability for average household energy demands. These systems typically offer sufficient capacity to store surplus energy generated from solar panels or during off-peak hours, providing homeowners greater energy independence and cost savings. Additionally, battery technology advancements are enhancing these systems' efficiency and lifespan, further enticing consumers to invest in residential energy storage solutions.

Meanwhile, the 6 kW to <10 kW segment targets consumers with higher energy requirements or larger properties. These systems offer increased storage capacity and power output, accommodating the needs of households with greater energy consumption or those seeking to power additional appliances or electric vehicles. Additionally, these larger-scale systems often integrate advanced features such as smart energy management capabilities and compatibility with grid services, providing homeowners greater flexibility and control over their energy usage.

• 3 kW to <6 kW 
• 6 kW to <10 kW 
• 10 kW to 29 kW

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Residential Energy Storage Connectivity Type Segment Analysis

On-grid residential energy storage systems are integrated with the existing electrical grid infrastructure. They enable homeowners to store excess electricity from renewable sources like solar panels during low-demand or high-generation periods. This stored energy can be used during peak times or power outages, reducing reliance on the grid and lowering electricity bills through time-of-use optimization or demand charge management.

Off-grid residential energy storage solutions are ideal for areas with limited or nonexistent access to the central power grid. These systems typically rely on renewable energy sources like solar or wind combined with energy storage to provide reliable power independently of the grid. Off-grid systems offer energy independence and resilience, ideal for remote locations or areas prone to frequent power disruptions.

• On-Grid 
• Off-Grid

Residential Energy Storage Ownership Segment Analysis

Utility-scale energy storage refers to large-scale installations managed by utility companies to stabilize the grid, manage peak demand, and integrate renewable energy sources. These systems typically involve technologies like lithium-ion batteries, pumped hydroelectric storage, or flywheel energy storage. Utilities deploy these systems strategically to improve grid reliability, reduce operational costs, and enhance energy efficiency.

On the other hand, customer-scale energy storage solutions are installed at residential properties to provide backup power during outages, optimize self-consumption of solar energy, and reduce electricity bills through peak shaving and time-of-use optimization. These systems are often smaller in scale and commonly use lithium-ion battery technology due to their scalability and declining costs. With growing interest in renewable energy and the increasing prevalence of electric vehicles, customer-scale energy storage solutions are becoming more popular as consumers seek to increase their energy independence and reduce reliance on the grid.

• Utility 
• Customer 
• Third-Party

Residential Energy Storage Operation Type Segment Analysis

Standalone Systems: These are energy storage solutions designed to function independently of any renewable energy source. They store electricity from the grid during off-peak hours when rates are lower and release it during peak demand times or power outages. Standalone systems offer homeowners greater control over their energy usage, providing backup power and potentially reducing electricity bills by optimizing consumption patterns.

Solar Energy Storage Systems: These systems are integrated with residential solar panels to store excess energy generated during the day for use during periods of low sunlight or high demand. They consist of batteries that store surplus solar power, allowing homeowners to maximize self-consumption and reduce reliance on the grid. Solar energy storage systems promote energy independence, resilience, and sustainability by enabling households to harness renewable energy and mitigate grid disruptions.

• Standalone systems 
• Solar energy storage systems

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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