The residential battery market is estimated to be valued at US$ 15.59 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Residential batteries are rechargeable batteries used for storing electricity in residential buildings and are primarily used for backup power during power outages and load shifting of self-generated solar power. Key applications of residential batteries include energy time shifting, backup power and off-grid installations. Growing emphasis on renewable energy integration and need for reliable power supply are augmenting the demand for residential batteries globally.

Market Dynamics:
The residential battery market is witnessing robust growth owing to two key drivers:
First, growing concerns over unreliable and intermittent power supply from traditional power grids is propelling the demand for residential batteries as an important backup power source. Power outages can cause significant economic losses and disrupt daily lives, hence consumers are increasingly opting for batteries to ensure uninterrupted power supply during outages.
Second, increasing adoption of solar rooftop panels is another major factor fueling the demand. Residential batteries provide a viable solution to store excess solar energy generated during daytime and use it as per requirement, thereby making best use of green and renewable energy. This is encouraging more consumers to integrate batteries with their existing solar rooftop systems. Growing consumer awareness about energy saving and carbon footprint reduction is likely topositively influence the adoption of residential batteries over the forecast period.

SWOT Analysis:

Strength: The residential battery market is witnessing high demand due to increasing adoption of renewable power sources. Battery technologies provide backup during power outages and optimize self-consumption of solar power. Major players are focusing on product innovation to improve battery life and performance.

Weakness: High initial installation cost of residential battery systems act as a barrier for widespread adoption. Issues related to battery degradation and safety also restrain market growth. Vulnerability to cyber threats is another weakness.

Opportunity: Supportive government policies and regulations providing subsidies are promoting residential battery installations. Growing microgrid projects and integration of EVs provide new growth prospects. Advancements in battery chemistries will enhance product functionality.

Threats: Volatility in raw material prices increase battery costs. Stringent quality standards and regulations mandate high R&D investments. Dominance of unsustainable mining practices for lithium extraction pose environmental threats. Dependency on oil imports by certain regions impact market demand.


Key Takeaways:

The global Residential Battery Market Analysis is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing installations of rooftop solar panels.favorable net metering policies and financial incentives are encouraging transitions to residential storage solutions.

Regional analysis:

Asia Pacific dominates the global residential battery market owing to large consumer base and supportive government policies in China, Japan, South Korea and India. Countries like Australia and New Zealand are also among the fasted growing regional markets. North America holds a substantial share and is expected to grow at a CAGR of over 16% during the analysis period due to rising solar PV installations in the US.

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. Major players are focusing on product development, collaborations and mergers & acquisitions to strengthen their market position.

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