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Residential Battery Market To Witness Huge Growth By 2030
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According to the Market Statsville Group (MSG), the global residential battery market size is expected to grow from USD 10.6 billion in 2021 to USD 46.6 billion by 2030, at a CAGR of 17.9% from 2022 to 2030. A residential battery is an in-home energy storage unit that can store energy straight from the power grid or power generated from renewable energy resources like solar and wind.
Electricity usage in residential buildings is estimated to increase during the forecast period on account of the increasing population, as well as the continuation of urban migration globally. The other major end-user applications include lighting, space cooling, home appliances, cooking, and others.
Energy storage systems are used for continuous power supply at home during peak hours power outages, especially in non-OECD countries. In most markets, residential energy storage system (RESS) business models are still in their early development stages. However, residential customers are likely to become actively involved in modifying their energy spending patterns by monitoring their actual consumption in real-time.
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Moreover, the residential battery energy storage market is likely to grow rapidly during the forecast period on account of increasing distributed power generation sources on a residential scale, and technological advancements pertaining to energy storage technologies, which is leading to its widespread adoption in renewable energy sources.
Global Residential Battery Market Dynamics
Drivers: Increasing Residential Rooftop Solar Installations to Drive the Market
Several governments globally are shifting toward renewable energy, such as solar and wind, to meet their electricity demand, thereby gradually decreasing the dependency on coal and diesel. Due to the lack of land availability in urban areas and the need to meet the increasing electricity demand, rooftop solar is considered one of the best alternatives.
Battery storage is a important part of the rooftop solar PV power generation process because solar energy is the intermittent and unavailable during the night. The power generated from the rooftop solar PV is stored in the BESS and later used for self-consumption.
Government initiatives, such as subsidies and tax credits by various governments like India, the United States, China, and several other countries, have been major factors in the increasing adoption of rooftop solar and associated battery storage systems.
Restraints: Environmental Disadvantages of Lead-Acid Batteries
Residential batteries like lead-acid have some environmental concerns. Disposal of lead-acid batteries releases lead, which is considered hazardous waste to human health and the environment. If such batteries are not properly disposed of, they may adversely affect the human brain and kidneys and raise hearing issues.
Though several nations have recycling facilities for lead-acid batteries, there are still several drawbacks of the lead recycling process, primarily related to operational and environmental concerns. The lead-acid battery recycling process includes the smelting process, which requires high energy demand due to the high operating temperatures. At the same time, the use of carbon as fuel leads to the generation of CO2. The high energy demand in conjunction with the production of CO2 means that lead smelting has a comparatively high global warming potential.
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Scope of the Global Residential Battery Market
The study categorizes the residential battery market based on type, power rating, and region
By Type Outlook (Sales/Revenue, USD Billion, 2017-2030)
- Lithium-ion Battery
- Lead-acid battery
- Other Types
By Power Rating Outlook (Sales/Revenue, USD Billion, 2017-2030)
- 3-6 kW
- 6-10 kW
By Region Outlook (Sales/Revenue, USD Billion, 2017-2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
The lithium-ion segment is projected to account for the largest market share, by type
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Based on type, the global residential battery market is divided into lithium-ion battery, lead-acid battery, and other types. In 2021, lithium-ion had the largest market share in the global residential battery market. Compared to previous technologies, such as lead-acid batteries, lithium-ion batteries provide several technical advantages. Compared to lead-acid batteries, which have a cycle life of 400-500 times, rechargeable Li-ion batteries have a cycle life of over 5,000 times on average.
The demand for battery energy storage is projected to rise as the capacity of solar rooftops grows. As a result, demand for the lithium-ion batteries is likely to rise during the forecast period as new energy storage systems for residential applications develop. Properties of lithium-ion batteries, such as low charging time, a higher number of charging cycles, less weight, and declining cost, make it preferable for this application.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global residential battery market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Worldwide, Asia Pacific is projected to hold the highest CAGR in the global residential battery market during the forecast period.
China has one of the world’s largest advanced energy storage installed capacities. The Chinese market is expected to grow during the forecast period, led by the government’s policy and regulatory support. The Chinese government has already demonstrated its ability to stimulate high domestic demand for solar-related equipment growth through subsidies and installation targets. China is home to some major battery manufacturing companies, such as BYD and Amperex Technology, and these companies benefit from preferential domestic treatments over their Japanese and Korean competitors. The country aims at further developing its domestics battery manufacturing sector. The country already dominates the lithium-ion battery supply chain and controls 80% of the world's raw material refining, 77% of the world's cell capacity, and 60% of the world's component manufacturing.
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Key Market Players in the Global Residential Battery Market
Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations. Major players in the global residential battery market are:
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