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Aug 21, 2019 4:42 PM ET

Residential Energy Storage Market Revenue to Hit $17.5 billion by 2024 at a CAGR of 22.88% from 2019 to 2024


iCrowd Newswire - Aug 21, 2019

According to the new market research report Residential Energy Storage Market by Power Rating (3–6 kW & 6–10 kW), Connectivity (On-Grid & Off-Grid), Technology (Lead–Acid & Lithium-Ion), Ownership (Customer, Utility, & Third-Party), Operation (Standalone & Solar), Region – Global Forecast to 2024, published by MarketsandMarkets™, 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 of 22.88% during the forecast period. This growth can be attributed to the declining cost of lithium-ion batteries and the need for energy self-sufficiency from consumers.

 

Power rating, during the forecast period.

 

The 3–6 kW segment is projected to be the largest market during the forecast period. This is mainly because of the increase in the need for power backup during natural disasters. Furthermore, consumers and governments install small storage solutions that can be utilized in times of need to avoid a major electricity crisis, which is also contributing to the growth of the market.

 

Browse and in-depth TOC on “Residential Energy Storage Market

 

71 – Tables

42 – Figures

135 – Pages

 

Download PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153284325

 

The customer owned segment is expected to be the fastest growing Residential Energy Storage Market, by ownership type, during the forecast period.

 

The customer owned segment is expected to account for the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing need for energy self-sufficiency and rising demand for power backup. This is expected to increase the demand for the Residential Energy Storage Market during the forecast period. In addition to this, there is a rising demand for modular energy storage infrastructure in residential areas in developed countries such as the US, the UK, Germany, Norway, and China, which is driving the growth of the residential storage market.

 

Asia Pacific: The leading Residential Energy Storage Market.

 

In this report, the Residential Energy Storage Market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific dominated the global Residential Energy Storage Market in 2018, owing to the installation of storage solutions for residential end-users. Over the past few years, this region has witnessed rapid economic development as well as the growth of renewables and demand for energy self-sufficiency, which has resulted in an increase in the demand for energy storage options. Countries such as Australia and some parts of India and China are also providing subsidies and financial incentives to residential consumers. This movement toward solar and storage is resulting in grid stabilization and greener countries with lower carbon emissions, thereby driving the Residential Energy Storage Market.

 

Request for sample pages of the report:

https://www.marketsandmarkets.com/requestsampleNew.asp?id=153284325

 

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Residential Energy Storage Market. Some of the key players are Huawei (China), Samsung SDI Co. Ltd. (South Korea), Tesla (US), LG Chem (South Korea), and SMA Solar Technology (Germany). The leading players are adopting various strategies to increase their share in the Residential Energy Storage Market.

 

Browse more relavant reports:

 

Grid-Scale Battery Marketby Type (Lithium-Ion, Lead Acid, Flow Battery, Sodium-Based), Ownership-Model (Third-Party, Utility), Application (Renewable Integration, Peak Shift, Ancillary Services, Back-Up Power), and Region – Global Forecast to 2023

 

About MarketsandMarkets™

 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

 

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

 

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Contact Information:

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MarketsandMarkets™ INC.
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Keywords:    global residential energy storage market, residential energy storage market, residential energy storage, residential energy storage industry

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