Global Residential Battery market is accounted for $9.87 billion in 2020 and is expected to reach $36.85 billion by 2028 growing at a CAGR of 17.9% during the forecast period. Some of the key factors propelling the market growth include supporting the operational advantages of LI-ion batteries, increasing deployment of solar power generation, rising need for energy storage solutions in the residential sector across the world, and growing adoption of renewable and low cost of lithium-ion batteries.
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On the basis of geography, Asia Pacific region is estimated to have considerable market growth during the forecast period, owing to increase in demand for continuous electricity supply, recent investments in solar electricity generation, government’s policy and regulatory support, and domestic demand for solar-related equipment through subsidies and installation targets.
Some of the key players in Residential Battery Market include Luminous Power Technologies, Hitachi, Ltd., Samsung SDI Co. Ltd., Amara Raja Batteries Ltd, FIMER SpA, NEC Corp, ABB Ltd, Delta Electronics Ltd., LG Chem Ltd, Generac Holdings,Inc., Tesla Inc, Sonnen GmbH, Siemens AG, Contemporary Amperex Technology Co. Limited, Panasonic Corporation, Tianjin Lishen Battery Joint-Stock Co., Ltd., Eaton, Schneider Electric, and BYD Electronic Company Limited.
Types Covered in Residential Battery Market
• Lead-Acid Battery
• Lithium-Ion Battery
• Sodium-Ion Battery
Power Ratings Covered:
• 6-10 kW
• 3-6 kW
Distribution Channels Covered:
• Convenience Stores
• Online Retailers
• Supermarkets and Hypermarkets
• Specialist Retailers
• Residential Power Supply
• Household Appliances
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