A home battery stores energy from the grid or renewable sources like wind and solar. Single batteries can be installed (or couple in together) to achieve greater storage. The market of residential battery is expected to grow as a result of government policies, and it is stimulated by falling lithium ion battery prices and the installation of solar rooftops. The market is divided into regional submarkets that are primarily driven by lithium ion battery and lead acid battery demand.
From 2022 to 2030, the global Residential Battery Market is projected to expand at a compound yearly growth rate of 18.6%.
Top Companies in the Residential Battery Industry:
1. Panasonic Corporation
Panasonic Corporation is a Japanese multinational conglomerate corporation, founded in 1918, and is headquartered in Osaka, Japan. The company operates in China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, and Thailand. In December 2022, Panasonic Energy, a lithium-ion battery provider globally, announced to enter into an agreement to supply batteries to Lucid's entire vehicle lineup, including the Lucid Air and Gravity SUV.
2. Siemens AG
Siemens AG was founded in 1847. It is incorporated in Germany and has its corporate headquarters in Munich. It operates in 190 countries worldwide. In April 2023, Siemens and FREYR Battery (“FREYR”) to cooperate on large-scale and sustainable battery production as part of Siemens Xcelerator open digital business platform.
3.Tesla Inc.
Tesla Inc. is an American multinational automotive and clean energy company, was founded in 2003 and is headquartered in Austin, Texas. The company has manufacturing facilities in the US, Germany and China and has operations across Asia Pacific and Europe. Tesla has revealed plans to build a new Megapack battery factory in Shanghai.
4. Delta Electronics Inc.
Delta Electronics Inc., also known as DELTA or Delta Electronics, is a Taiwanese electronics manufacturing company, founded in 1971 and is headquartered in Taipei, Taiwan. It operates in 30 countries. In May 2023,
Delta Electronics Australia returned to the 2023 Smart Energy expo, held at Sydney’s ICC, showcased a complete technological eco-system featuring a portfolio of energy and charging solutions for corporate, industrial and private customers.
5. Samsung SDI
Samsung SDI is a multinational IT Service company, founded in March 1985 and is headquartered in Seoul. South Korea. It operates in 74 countries. In April 2023, General Motors and Samsung SDI planned to invest $3 Billion in US battery cell plant.
6. BYD Co. Ltd
BYD Co. Ltd one of the world’s largest manufacturers of rechargeable batteries, was founded in 1995 and has its corporate headquarters in the Pingshan District, Shenzhen, Guangdong province of China. Its North American headquarters are in Downtown Los Angeles, It operates in US, Brazil, Japan, Komarom Hungary and India. In March 2023, BYD Co. Ltd., received the recognition as “Top Brand PV Storage Europe” industry seal.
7. Luminous Power Technologies Private Limited
Luminous Power Technologies Private Limited is the top power and home electrical specialist in India, with a broad portfolio that includes everything from electrical products like fans, wires, switches, and LED lighting to power backup solutions like UPS, batteries, and solar applications, was founded in 1988, and is headquartered at Gurgaon, Haryana, India and had its presence in over 36 countries. In May 2023, Luminous Power Technologies launched icon and high capacity inverter range which will be strategically positioned to cater to residential and commercial segments respectively.
8. LG Energy Solution, Ltd.
LG Energy Solution, Ltd. is a leading global manufacturer of advanced lithium-ion batteries, was founded in 2020 and is headquartered in Seoul, South Korea. It operates in North America, Europe and Asia. In September 2022, the company announced its plan to launch a next-generation home battery in the first quarter of 2023.
9. Duracell Inc.
Duracell Inc. is an American manufacturer of alkaline batteries, specialty cells, rechargeables and smart power systems, founded in 1924 and is headquartered in Illinois, United States. The company has global regional headquarters in the US, EIMEA, and Asia, and has been part of Berkshire Hathaway since 2016. In April 2023, in Cleveland, Tennessee, Duracell Manufacturing put forth the plan to increase the size of its current operations for producing battery components. There will be 25 new jobs brought about by the $25 million renovation.
Definition: A home battery is an in-home energy storage unit that has the ability to store energy either straight from the power grid, or power generated from renewable energy resources like wind and solar.
