Residential Battery Market, By Type (Lithium-ion Battery and Lead-acid Battery), By Power Output (3-6 kW, 6-10 kW, and 10-20 kW), By Operation Type (Standalone Systems and Solar and Storage Systems), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Apr 2024

Code : CMI5168

Pages :170

Formats :

Excel and PDF

Industry : Semiconductors

Market Concentration and Competitive Landscape

Residential Battery Market Concentration By Players

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Rise of smart home appliances and surge in electric vehicles

Along with sustainability goals, growing digitalization of homes is another key driver for the residential battery market. The proliferation of smart appliances, automation systems, and electric vehicles that require electricity to function has increased the household power consumption manifold. However, meeting peak demand entirely from the grid can get expensive and add unnecessary loads. Here batteries play a vital supporting role by powering such devices seamlessly using stored solar or off-peak grid electricity. For example, batteries allow the convenient charging of electric vehicles at home during non-peak hours and add range assurance. They also ensure reliable backup power for critical smart home accessories like surveillance cameras, internet routers, etc. This dual capability of batteries to optimize self-consumption from rooftop panels as well as power smart homes reliably is motivating more homeowners to invest in individual battery energy storage systems.

For instance, in August 2022, Tesla partnered with Green Mountain Power (GMP) to deploy Powerwalls, Tesla’s home battery pack, in a decentralized manner alongside electric utilities. GMP, a small utility in Vermont, was among the first to adopt Tesla Powerwall.

Key Players Insights