The residential battery market is estimated to be valued at US$ 12.11 billion in 2024 and is expected to reach US$ 39.18 billion by 2031, growing at a compound annual growth rate (CAGR) of 18.3% from 2024 to 2031.

Report Description

The residential battery market is witnessing significant growth driven by increasing installations of rooftop solar panels and the need for energy storage solutions across homes. Battery technologies allow households to store excess energy generated from solar panels during the day and use it later for daily needs. This reduces dependency on grid supply and lowers electricity costs. Various types of batteries like lithium-ion and lead-acid are becoming popular for residential use due to advantages like high energy density, long lifespan, and modular design. With growing awareness about clean energy and cost benefits of battery storage, the residential battery market is expected to grow substantially in the coming years.

Market Dynamics:

The global residential battery market is driven by the rising adoption of rooftop solar panels among households looking to reduce electricity bills and carbon footprint. According to estimates, close to 25% of solar PV installations across homes have an integrated battery storage solution. Declining battery prices and availability of lucrative rebate programs on battery purchases are encouraging more homeowners to opt for energy storage. However, high initial investment remains a key challenge hampering widespread adoption. Ongoing innovations to develop low-cost and high-performance lithium-ion batteries present lucrative opportunities for market growth. Growing customer preference for modular batteries that can be expanded as per needs is another trend being capitalized by residential battery suppliers.

Key features of the study:

• This report provides an in-depth analysis of the global residential battery market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global residential battery market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include Amara Raja Batteries Ltd, BYD Co. Ltd, Delta Electronics Ltd, Duracell Inc., Energizer Holding Inc., FIMER SpA, LG Energy Solution Ltd, Luminous Power Technologies Pvt. Ltd, NEC Corporation, Panasonic Corporation, Samsung SDI Co. Ltd, Siemens AG, and Tesla Inc. are the major players.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global residential battery market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global residential battery market.

Market Segmentation

• By Type
  • Lithium-ion Battery
  • Lead-acid Battery
• By Power Output
  • 3-6  kW
  • 6-10  kW
  • 10-20 kW
• By Operation Type
  • Standalone Systems
  • Solar and Storage Systems
• By Regional
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa 

Key Players Insights

• Amara Raja Batteries Ltd
• BYD Co. Ltd
• Delta Electronics Ltd
• Duracell Inc.
• Energizer Holding Inc.
• FIMER SpA
• LG Energy Solution Ltd
• Luminous Power Technologies Pvt. Ltd
• NEC Corporation
• Panasonic Corporation
• Samsung SDI Co. Ltd
• Siemens AG
• Tesla Inc.