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

Regional Analysis

Residential Battery Market Regional Insights

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The Asia Pacific region is poised to be the fastest growing with CAGR of 23.47% as well as dominant market with market share of 43.2% for residential batteries market in 2024. With increasing electrification across countries and rapid expansion of distributed renewable energy sources, the need for residential storage assets is rising greatly. The region hosts a few emerging battery hubs like China, South Korea, Japan, and India which are helping augment the manufacturing capabilities and supply chain requirements. Battery majors have been rapidly scaling up their localized production to cater to the ballooning regional demand. Projects involving microgrids and rural electrification relying on battery storage are further driving the APAC market.

Countries like Australia and New Zealand within the Asia Pacific region have also emerged as promising markets, though from a smaller base. Growing distributed generation incentivized by net metering and feed-in-tariff schemes have accelerated the adoption of household batteries. Battery installations are largely concentrated in off-grid rural communities and island regions that look to integrate more renewables into their energy mix. Residential battery suppliers have started exploring these countries through partnerships with local EPC players and retailers. With supportive policies and manufacturing ramp-ups underway, APAC holds immense promise for residential battery market in the coming years.