New York, United States , Oct. 10, 2022 (GLOBE NEWSWIRE) -- The Global Residential Battery Market Size Was Valued at USD 9.87 Billion In 2021, And It Is Anticipated to Reach USD 27.8 Billion By 2030, At A CAGR of 17.26%. as per the latest research report by Spherical Insights & Consulting. Asia Pacific dominated the global health medicine market owing to the massive growth in demand for uninterrupted electrical supplies from the last decade.
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Batteries are a critical component of energy storage systems and account for a significant fraction of the system's total cost, particularly in residential energy storage systems. The overall installed capacity of renewable energy sources, as well as the installation of solar rooftops on residential structures, is growing rapidly around the world. The demand for battery energy storage is projected to rise in tandem with the development in solar rooftop capacity. As a result, the introduction of new energy storage systems (ESS) for residential applications is likely to raise lithium-ion battery demand over the projection period. Lithium-ion batteries have advantages over other batteries in terms of weight, charging time, number of charging cycles, and cost.
Increased demand for continuous power supply has prompted investments in backup power systems at residential sites, which is a key market driver for the residential battery storage industry. Supporting the operational advantages of LI-ion batteries has also had a favorable impact on the market. Other market drivers include the expanding use of renewable energy and the cheap cost of lithium-ion batteries.
Browse key industry insights spread across 195 pages with 119 market data tables and figures & charts from the report “Global Residential Battery Market Size, Share, By Type (Lithium-ion battery, Lead-Acid battery, Others), By Power Rating (3-6 kW, 6-10 kW), By Operation (Standalone, Solar); By Region (U.S., Canada, Mexico, Rest of North America, The UK, France, Germany, Italy, Spain, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, the Netherlands, Luxembourg), Rest of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa, Brazil, Argentina, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2021-2030” in detail along with the table of contents.
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The lithium-ion segment is expected to dominate the market share in 2020 of global residential battery market owing to due to the great efficiency offered in comparison to other alternatives in recent years, the market for lithium-ion batteries has been fueled by falling costs. The standalone is expected to dominate the market share in 2020 of global residential battery market owing to due to the solar power was introduced, stand-alone type batteries were being put in residential places. As a result, these stand-alone batteries account for a significant portion of the market.
Asia Pacific dominated the global health medicine market owing to the massive growth in demand for uninterrupted electrical supplies from the last decade. As a result, many residential customers have been forced to build separate battery storage devices in the event of a power outage. Battery installations at residential locations in the region have also been fueled by recent investments in solar electricity generating. Customers' installation of these batteries has resulted in fewer outages and lower electricity bills, which has had a favorable impact on the whole market.
Key Companies & Recent Developments: Partnerships, strategic mergers, and acquisitions are expected to be the most successful strategies for industry participants to get speedy access to growing markets while also improving technological capabilities. Duracell Inc, Energizer Holding Inc, BYD Co. Ltd, FIMER SpA, LG Energy Solution Ltd, Panasonic Corporation, Samsung SDI Co. Ltd, Siemens AG, Luminous Power Technologies Pvt. Ltd, Amara Raja Batteries Ltd, Delta Electronics Ltd, NEC Corporation, Tesla Inc. and Others.
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