IMARC Group has recently released a new research study “Residential Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What Are The Growth Prospects Of The Residential Battery Industry?
The global residential battery market size reached US$ 12.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 28.3 Billion by 2028, exhibiting a growth rate (CAGR) of 13.78% during 2023-2028.
What is a Residential Battery ?
The residential battery represents in-home energy units that can store the energy either supplied from the power grid or power generated from renewable sources of energy, including solar and wind. They can be categorized into lithium-ion (Li-ion) batteries or lead-acid batteries and comprise of an anode, cathode, electrolyte, and separator. These residential battery variants can be used to power almost anything in a home based on their storage capacity.
They are even deployed in smart meters and prove extremely useful in remote areas that are deprived of a stable grid connection. Residential battery models are cost-effective, durable, safe, stable, and lightweight, require a low charging time, help reduce carbon footprint, save electricity costs, and keep a home electricity resilient. Consequently, they are in high demand among consumers across the global.
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What Are The M Key Factors Driving In The Residential Battery Market?
The growing solar power generation across countries and the shifting preferences toward deploying solar panels in residential and commercial spaces, owing to their cost-effectiveness, are among the key factors driving the residential battery market.In addition to this, the elevating usage of li-ion batteries over lead-acid batteries for maintaining voltage throughout the discharge cycle and allowing greater and long-lasting efficiency of electrical components is also positively influencing the market growth.
Apart from this, the development of smart residential batteries that can be easily integrated with smartphones to assist users in managing and monitoring the equipment according to their needs is acting as another significant growth-inducing factor. Moreover, the launch of new batteries made with enhanced battery materials and reduced non-active materials that provide improved cell design, battery performance, and production yield is anticipated to propel the residential battery market over the forecasted period.
Who Are The Key Players/Companies In The Residential Battery Market?
Amara Raja Batteries Limited, Delta Electronics Inc., Eaton Corporation plc, Energizer Holdings Inc., FIMER S.p.A., LG Energy Solution Ltd., Luminous Power Technologies Pvt. Ltd. (Schneider Electric SE), Panasonic Corporation, Samsung SDI Co. Ltd., SMA Solar Technology AG and Tesla Inc.
The report has been segmented the market into following categories:
Breakup by Type:
- Lithium-ion Battery
- Lead-acid Battery
Breakup by Power Rating:
- 3-6 kW
- 6-10 kW
- More than 10 kW
Breakup by Operation:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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