The global Residential Energy Storage (RES) Market size was estimated at USD 2,660 million in 2024 and is projected to reach USD 4,645.15 million in 2031 at a CAGR of 8.29 % during the forecast period 2025-2031.
The residential energy storage (RES) market refers to the industry focused on the use of energy storage systems for homes, allowing homeowners to store electricity for later use. These systems typically consist of batteries that store energy generated from renewable sources like solar panels or from the grid during off-peak hours.
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Experts in the Residential Energy Storage (RES) Market highlight several key trends driving growth and innovation. The residential energy storage (RES) market involves the use of energy storage systems, such as batteries, to store electricity for homes, helping users reduce energy costs, increase independence, and support sustainability.
This market is expanding due to the growing adoption of renewable energy, particularly solar power, and the need for efficient, cost-effective energy solutions. Key trends include advancements in battery technology, decreasing costs, and government incentives. The market is driven by rising demand for energy-efficient homes, the need for backup power, and the push for renewable energy adoption, with technological advancements and supportive regulations further fuelling growth in the sector.
Europe to Dominate the Market
- The North American residential energy storage market is experiencing significant growth, driven by the increasing adoption of solar energy, frequent power outages, and favorable government policies. The U.S. continues to be the dominant player, supported by incentives such as federal tax credits, including the Investment Tax Credit (ITC), state rebates, and programs like California’s Self-Generation Incentive Program (SGIP).
- The U.S. market is thriving, fuelled by the rising adoption of renewable energy, supportive government initiatives, advancements in battery technology, and increasing energy costs. The growing shift toward solar and wind energy is driving the demand for residential energy storage systems. Homeowners are increasingly installing solar panels, creating a need for energy storage solutions to ensure a continuous power supply during non-sunny hours or grid outages.
- In Asia Pacific, rapid urbanization and rising energy demands are driving the adoption of residential energy storage systems. Countries like China, Japan, and Australia are leading in residential solar adoption, fueling the need for energy storage solutions to address the intermittent nature of renewable energy and enhance energy security.
Top Key Players of Residential Energy Storage (RES) Market:
- Tesla
- Panasonic Holdings Corporation
- BYD Company Ltd
- Enphase Energy
- Sonnen GmbH
- VARTA AG
- Delta Electronics, Inc.
- Huawei Technologies Co., Ltd.
- Eaton
- SMA Solar Technology AG
- LG Energy Solution
- TESVOLT AG
- Shanghai PYTES Energy Co., Ltd
- Dyness and More
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Recent Developments
- In July 2024, Tesla and Intersect Power signed a contract for 15.3 GWh of Megapacks, Tesla’s advanced battery energy storage system, to support Intersect Power’s solar-plus-storage projects through 2030.
- In November 2024, Enphase Energy launched a more powerful home energy storage system in Romania, featuring the IQ Battery 5P and IQ8 Microinverters. This system allows homeowners to store more solar energy and use it when necessary.
- In October 2024, Enphase Energy expanded its support for grid services programs in New Hampshire, North Carolina, and California. This initiative enables homeowners with Enphase IQ Battery 5P systems to participate in programs that offer incentives for storing and supplying energy to the grid during peak demand, helping reduce energy costs and promote a sustainable energy future.
- In June 2024, Sonnen partnered with Tibber to introduce a virtual power plant (sonnenVPP) in Sweden. This initiative allows sonnenBatterie owners to join the VPP through Tibber’s dynamic electricity tariff.
Residential Energy Storage (RES) Market Segmentation:
Based on Technology
- Lithium-Ion
- Lead-Acid
Based on Connectivity Type
- On-Grid
- Off-Grid
Based on Operation Type
- Standalone Systems
- Solar and Storage Systems
Based on Ownership Type
- Customer-owned
- Utility-owned
- Third-party-owned
Based on Power Rating
- 3 TO <6 KW
- 6 TO <10 KW
- 10 TO 20 KW
The Report helps to identify the opportunities in Global Regions:
- North America (the United States, Canada, and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
- South America (Brazil etc.)
- The Middle East and Africa (North Africa and GCC Countries)
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