SWOT Analysis

Strength: The residential battery market is witnessing high demand due to increasing power outages. batteries help in providing backup power during outages. Residential batteries also help reduce carbon footprint by storing energy from solar panels.

Weakness: High initial installation cost of residential batteries poses a challenge for widespread adoption. Regular replacement of batteries after 5-7 years further adds to the costs.

Opportunity: Increasing installations of rooftop solar panels provide an opportunity for residential batteries to store excess solar energy. Growing consumer inclination towards self-consumption of solar energy also drives the residential battery market.

Threats: Development of cheaper and longer lasting alternatives can replace lead-acid batteries. Stringent regulations regarding battery disposal can hamper market growth.

Key Takeaways

The Global Residential Battery Market Size is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing power outages in many countries. Residential batteries provide backup power during outages and help reduce reliance on grid. The market size is expected to reach US$ 28.89 bn by 2030 from US$ 15.59 bn in 2023.

Regional analysis

The Asia Pacific region dominated the global residential battery market in 2021, accounting for around 35% share. Increasing rooftop solar installations and power outages in major countries including India, China, and Japan is driving the regional market. North America is expected to witness fastest growth during the forecast period owing to rising adoption of residential batteries for backup power and energy self-sufficiency in the US and Canada.

Key players

Key players operating in the residential battery market are FIMER SpA, Amara Raja Batteries Ltd, Samsung SDI, Energizer Holding Inc., Luminous Power Technologies Private Limited, LG Energy Solution, Ltd., Duracell Inc., Panasonic Corporation, Siemens AG, Tesla Inc., Delta Electronics Inc., BYD Co. Ltd and NEC Corp. These players are focusing on developing advanced and cost-effective batteries to gain competitive edge in the market.

Read More - http://clevergrowthinsights.weebly.com/blog/the-residential-battery-market-has-witnessed-significant-growth-owing-to-trends-like-growing-adoption-of-smart-homes