Wilmington, Delaware, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Nigeria Residential Battery Storage Market is valued at US$ 40 million in 2022 and is expected to grow at a significant CAGR of over 6.3% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
Due to ample sunlight and a desire to switch to greener energy sources, Nigerians are increasingly adopting solar energy systems. Residential battery storage supplements solar systems by storing extra solar energy for use at night or on overcast days.
As people become more aware of environmental issues, they may seek out sustainable energy alternatives, such as domestic battery storage combined with renewable energy sources. Residential battery storage provides some energy security by giving homeowners a backup power source in the case of a power outage or an emergency.
- According to a deep-dive market assessment by RationalStat, the Nigeria residential battery storage market has been analyzed on the basis of market segments, including technology, utility, connectivity type, operation type, and geography/regions (incl. North Central, North East, North West, South East, South, South West). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the Nigeria residential battery storage market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the Nigeria Residential Battery Storage market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Nigeria Residential Battery Storage Market: Segmental and Market Share Analysis
- On the basis of utility, the 6 kW to <10 kW segment held the majority of revenue share, around 50% in 2022, and is predicted to continue this position throughout the forecast period. This is related to rising energy use and an increase in the frequency of lengthy power outages.
- On the basis of technology, in 2022, the lithium-ion segment accounted for more than 80% of total sales. This is because such batteries are more dependable and stable, and they may be recharged multiple times.
- On the basis of connectivity, the on-grid segment accounted for the largest revenue share in 2022, It has several advantages, including energy arbitrage; residential customers can incorporate energy storage into their existing solar PV system and employ time-of-use on-peak and off-peak electricity.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 40 million |
| Market Size Forecast | US$ 68 million |
| Growth Rate | 6.3% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies folowed by industry players. Some of the key developments in the Nigeria residential battery storage market include,
- In June 2020, Amara Raja Batteries Ltd. established a collaboration with Gridtential Energy to advance bipolar battery technology. Amara Raja's active material will be used in a number of experiments as part of this agreement, and improvements will be made to the battery life cycle, efficiency, charging rates, and energy density.
Some of the prominent players and suppliers operating and contributing significantly to the Nigeria residential battery storage market growth include Schneider Electric, PRAG, LUMINOUS, Lento, Mercury, Somotex, Nexus, Multi Power Global Solutions Ltd., Amara Raja Batteries Ltd., Trojan Battery Company among others.
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RationalStat has segmented the Nigeria residential battery storage market based on technology, utility, connectivity type, operation type and region
- Nigeria Residential Battery Storage Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Technology
- Lead-acid
- Lithium-ion
- Nigeria Residential Battery Storage Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Utility
- 3 kW to <6 kW
- 6 kW to <10 kW
- 10 kW to 29 kW
- Nigeria Residential Battery Storage Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Connectivity Type
- On-grid
- Off-grid
- Nigeria Residential Battery Storage Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Operation Type
- Standalone Systems
- Solar and Storage Systems
- Nigeria Residential Battery Storage Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North Central
- Benue
- FCT
- Kogi
- Kwara
- Nasarawa
- Niger
- Plateau
- North East
- Adamawa
- Bauchi
- Borno
- Gombe
- Taraba
- Yobe
- North West
- Kaduna
- Katsina
- Kano
- Kebbi
- Sokoto
- Jigawa
- Zamfara
- South East
- Abia
- Anambra
- Ebonyi
- Enugu
- Imo
- South
- Akwa-Ibom
- Bayelsa
- Delta
- Edo
- South West
- Ekiti
- Lagos
- Osun
- Ondo
- Ogun
- North Central
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Key Questions Answered in the Nigeria Residential Battery Storage Report:
- What will be the market value of the Nigeria residential battery storage market by 2030?
- What is the market size of the Nigeria residential battery storage market?
- What are the market drivers of the Nigeria residential battery storage market?
- What are the key trends in the Nigeria residential battery storage market?
- Which is the leading region in the Nigeria residential battery storage market?
- What are the major companies operating in the Nigeria residential battery storage market?
- What are the market shares by key segments in the Nigeria residential battery storage market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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