Residential Battery Market Size 2023: Global Share, Value, Opportunity, Growth And Report Analysis By 2028

A residential battery is a device used to store electrical energy in homes or residential buildings. It is typically connected to a solar power system or the electrical grid and helps manage the flow of electricity. It is designed to store excess electricity generated by solar panels during periods of high generation or low demand. It is usually rechargeable and stores electricity in the form of chemical energy. It is commonly available in various sizes and capacities, which depend on the specific energy needs of the household.

The global residential energy storage system market size reached US$ 847.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,846.86 Million by 2028, exhibiting a growth rate (CAGR) of 21.93% during 2023-2028.

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There is an increase in the adoption of renewable energy sources like solar panels, in residential areas. Along with this, the surging electricity needs and generation represent one of the primary factors driving the demand for battery storage solutions like residential batteries to minimize the impact of power outages around the world. Moreover, the advent of smart residential batteries that can be incorporated with smartphones to help manage and monitor the equipment according to the preferences of consumers is favoring the growth of the market. Apart from this, stringent regulations imposed by the governments of different countries to reduce carbon emissions on account of the growing environmental awareness are creating a positive outlook for the market.

The report has segmented the market into the following categories:

Technology Type Insights:

Power Rating Insights:

Ownership Type Insights:

Connectivity Type Insights:

Regional Insights:

The report provides a comprehensive analysis of the industry key players listed below:

The Major Players in the market are ABB Ltd., BYD Company Limited, Delta Electronics Inc., Eaton Corporation plc, Eguana Technologies Inc, Enphase Energy Inc, Huawei Technologies Co. Ltd., LG Energy Solution Ltd, Panasonic Corporation, Samsung SDI Co. Ltd, Schneider Electric SE, SENEC (EnBW Energie Baden-Württemberg AG), Sonnen GmbH, Tesla Inc., Varta AG.

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