Residential Energy Storage Market Size to Reach USD 13,910 Million by 2027 at CAGR 12.9% - Valuates Reports

BANGALORE, India, April 14, 2021 /PRNewswire/ -- The Residential Energy Storage Market is Segmented by Connectivity (On-Grid & Off-Grid), by Technology (Lead–Acid Battery Energy Storage & Lithium-Ion Battery Energy Storage). The report covers global opportunity analysis and industry forecast from 2022 to 2027. It is published on Valuates Reports in the Renewable & Alternative Energy Category.

The Residential Energy Storage market size is projected to reach USD 13,910 Million by 2027, from USD 6,716.5 Million in 2020, at a CAGR of 12.9% during the forecast period 2022-2027.

Major factors driving the growth of residential energy storage market size are:

• Increase in demand for uninterrupted and reliable power supply and the rise in adoption of solar rooftop systems by the residential sector. 
• Sharp decline in price of Li-ion batteries along with the demand for solar energy generation and initiatives by governments for eliminating dependence on fossil fuels.

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TRENDS INFLUENCING THE RESIDENTIAL ENERGY STORAGE MARKET SIZE

The necessity of grid resilience during mass-grid outages emerged as a primary reason for the adoption of the residential energy storage market. With increasing vulnerabilities to natural disasters, homeowners are forced to look at adding residential storage for emergency backup when the grid is down. This, in turn, is expected to drive the growth of the residential energy storage market size. 

National policies and government financial initiatives are expected to increase the residential energy storage market size. Many countries are implementing hybrid energy systems, such as renewables plus storage, to reduce their reliance on imported energy, achieve environmental goals, meet de-carbonization targets, and improve system efficiency and resiliency. Furthermore, large policy mandates linked to quality-of-life goals and urbanization in developed countries would support the growth of residential energy storage.