The global Residential Battery Market is estimated to be valued at US$ 11.08 billion in 2023 and is expected to exhibit a CAGR of 18.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Residential batteries are rechargeable batteries used for storing energy at homes. They help store solar power generated from rooftop panels and provide backup power during outages. They reduce dependency on grid, lower electricity bills and help transition to clean energy.
Market key trends:
One of the key trends in the residential battery market is the rising adoption of lithium-ion batteries. Lithium-ion batteries have higher energy density compared to lead-acid batteries. They deliver more backup power and take less space. Their low self-discharge rate allows them to retain the charge for longer durations. As a result, lithium-ion batteries are increasingly being used in residential storage applications like home backup power and rooftop solar systems. Their higher performance and lower maintenance requirements are driving their adoption in residential settings.
The global residential battery market is segmented by battery type, connectivity, application and geography. By battery type, lithium-ion batteries dominate the market owing to their high energy density and improving cost competitiveness against lead-acid batteries. Lithium-ion battery segment constituted more than 60% of the global residential battery market share in 2023.
The Global Residential Battery Market size is expected to grow at a CAGR of 18.6% between 2023 to 2030, reaching USD 11.08 billion in 2023. Rapid growth in rooftop solar installations and rising inclination towards self-consumption of renewable energy are driving the market.
Regionally, Asia Pacific dominates the global residential battery market, accounting for over 45% of global sales in 2023. High adoption of residential batteries in China, Japan and India has propelled Asia Pacific’s leadership. Europe is the second largest market, supported by favorable government policies promoting renewable energy adoption.
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. Tesla, LG Energy and Panasonic lead the market with their technologically advanced and cost effective residential battery solutions.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it