Dublin, Sept. 03, 2024 (GLOBE NEWSWIRE) -- The "India Residential Energy Storage Market, By Region, Competition, Forecast and Opportunities, 2020-2030F" report has been added to ResearchAndMarkets.com's offering.
India Residential Energy Storage Market was valued at USD 144.78 million in 2024 and is expected to reach USD 623.74 million by 2030 with a CAGR of 27.37%
The India Residential Energy Storage market refers to the sector focused on technologies and systems designed to store energy in residential settings, enabling homeowners to manage and utilize energy more effectively. This market encompasses a variety of energy storage solutions, including batteries, that capture excess energy generated from renewable sources such as solar panels or wind turbines, and store it for later use.
The growth of the India Residential Energy Storage market is driven by several key factors. Firstly, the increasing adoption of renewable energy sources, particularly solar power, has led to a greater need for efficient energy storage systems that can store surplus energy generated during peak production periods for use during low production times or power outages. Additionally, rising electricity prices and frequent power shortages in India are compelling homeowners to seek reliable and cost-effective energy storage solutions to ensure uninterrupted power supply and reduce dependence on the grid. Government incentives and subsidies for residential solar and energy storage installations further support market growth by making these technologies more affordable and accessible.
Moreover, advancements in energy storage technologies, such as improvements in battery efficiency and reductions in costs, are making residential energy storage systems more appealing to consumers. The market is also benefiting from increased awareness about energy management and sustainability, leading homeowners to invest in solutions that not only offer energy independence but also contribute to environmental conservation. As India continues to invest in renewable energy infrastructure and seeks to address energy reliability issues, the residential energy storage market is expected to expand significantly, driven by technological advancements, supportive policies, and growing consumer demand for energy efficiency and reliability.
Growing Integration of Smart Technology
A prominent trend in the India Residential Energy Storage market is the increasing integration of smart technology. Modern residential energy storage systems are increasingly incorporating advanced features such as real-time monitoring, automated control, and integration with home automation systems. Smart energy storage solutions allow homeowners to optimize energy usage by providing insights into energy consumption patterns, enabling better management of stored energy, and enhancing the overall efficiency of energy systems. For instance, intelligent algorithms can predict energy needs based on historical data and weather conditions, automatically adjusting energy storage and usage to maximize efficiency and cost savings.
Additionally, remote monitoring capabilities enable users to track the performance of their energy storage systems and make adjustments as needed, even from a distance. The integration of smart technology not only improves the functionality and convenience of energy storage systems but also enhances their appeal to tech-savvy consumers who are looking for sophisticated and efficient energy management solutions. As technology continues to advance, the adoption of smart features in residential energy storage systems is expected to grow, driving innovation and expanding the market.
Increasing Focus on Sustainability and Energy Independence
Another significant trend in the India Residential Energy Storage market is the growing focus on sustainability and energy independence. With rising awareness of environmental issues and the need to reduce carbon footprints, homeowners are increasingly seeking energy storage solutions that support sustainable living practices. Residential energy storage systems enable individuals to store and utilize energy generated from renewable sources such as solar panels, reducing their reliance on conventional fossil fuels and lowering greenhouse gas emissions.
This shift towards sustainability is driven by both environmental concerns and government initiatives aimed at promoting green energy solutions. Additionally, the desire for energy independence is motivating homeowners to invest in energy storage systems that provide a reliable backup power source during grid outages and reduce dependency on the national grid. As sustainability becomes a more prominent priority and energy independence gains importance, the demand for residential energy storage systems that align with these values is expected to rise, shaping the future of the market.
Expansion of Government Incentives and Subsidies
The expansion of government incentives and subsidies is a notable trend in the India Residential Energy Storage market. Recognizing the benefits of energy storage systems in promoting renewable energy adoption and improving energy efficiency, the Indian government has been actively developing and expanding policies that provide financial support for residential energy storage installations. These incentives may include direct subsidies, tax rebates, and low-interest financing options designed to reduce the upfront costs of energy storage systems and make them more accessible to homeowners.
The introduction of such financial incentives is aimed at accelerating the adoption of energy storage technologies, supporting the transition to cleaner energy sources, and enhancing overall energy security. Additionally, state and local governments are also implementing their own programs to further support the growth of the residential energy storage market. As these incentives and subsidies continue to evolve and expand, they are expected to drive increased investment in energy storage systems, stimulate market growth, and make sustainable energy solutions more affordable for residential consumers.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $144.78 Million |
| Forecasted Market Value (USD) by 2030 | $623.74 Million |
| Compound Annual Growth Rate | 27.3% |
| Regions Covered | India |
Report Scope:
Key Market Players
- Tesla, Inc
- LG Energy Solution Ltd
- Schneider Electric SE
- Enphase Energy, Inc
- SunPower Corporation
- Sonnen, Inc
- Panasonic Holdings Corporation
- Vivint, Inc
- Bloom Energy Corporation
- Generac Power Systems, Inc
India Residential Energy Storage Market, By Technology:
- Lithium-Ion Batteries
- Lead-Acid Batteries
- Flow Batteries
- Sodium-Based Batteries
India Residential Energy Storage Market, By Installation Type:
- Wall-Mounted
- Floor-Mounted
- Modular
India Residential Energy Storage Market, By End-user:
- Single-Family Homes
- Multi-Family Homes
India Residential Energy Storage Market, By Region:
- South India
- East India
- North India
- West India
For more information about this report visit https://www.researchandmarkets.com/r/feaki4
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
