The global residential energy storage market was worth USD 7.30 billion in 2021 and is expected to grow at a revenue CAGR of 20.3% during the forecast period. The market is driven by the rising demand for energy storage technologies and grid energy storage solutions, increased adoption of solar PV modules, and awareness of energy conservation and renewable generation. Residential energy storage includes a battery that stores excess electricity for later consumption, which can be coupled with solar energy for 24-hour usage. Home energy storage reduces dependency on the power grid and allows people to store excess energy from renewable sources for later use. The growth of the market is attributed to the adoption of Battery Energy Storage System (BESS) with renewable technologies connected to the grid. Major companies are collaborating to offer innovative energy storage solutions and expand opportunities for residential customers using solar and battery storage, along with smart EV charging, driving market growth. However, the high cost of installation and maintenance is the major restraint of the market growth.
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Residential Energy Storage Market: drive factors
The residential energy storage market has been growing rapidly in recent years, driven by several key factors:
- Increasing adoption of renewable energy sources: As more households adopt solar panels and other renewable energy systems, the demand for energy storage solutions has grown. Energy storage systems allow homeowners to store excess energy generated by their solar panels during the day and use it at night or during periods of low sunlight.
- Rising electricity costs: The cost of electricity is rising in many regions, making energy storage systems a more attractive investment for homeowners who want to reduce their energy bills. By storing energy during off-peak hours when electricity is cheaper, homeowners can use it during peak hours when electricity is more expensive.
- Government incentives: Many governments offer incentives and rebates to encourage homeowners to invest in renewable energy and energy storage systems. For example, the U.S. federal government offers a tax credit of up to 30% of the cost of a residential energy storage system.
- Improved technology: The technology behind energy storage systems has improved significantly in recent years, making them more efficient and cost-effective. Lithium-ion batteries, which are commonly used in residential energy storage systems, have become more affordable and reliable.
- Increased awareness and education: As more people become aware of the benefits of renewable energy and energy storage systems, the demand for these products has grown. Education campaigns by government agencies and industry organizations have helped to raise awareness of the benefits of energy storage systems for homeowners.
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