Residential Battery Market worth USD 46.6 billion by 2030

The Market Statsville Group (MSG) publishes the new report on the "Residential Battery Market by Type (Lithium-ion Battery, Lead-acid battery, and Other Types), by Power Rating (3-6 kW, 6-10 kW, and Others), by Region (North America, Europe, Asia Pacific, South America, and MEA) – Global Share and Forecast to 2030".

The global residential battery market size was USD 10.6 billion in 2021 and is estimated to reach USD 46.6 billion by 2030, growing at a CAGR of 17.9% during the forecast period. The residential battery energy storage market is likely to grow at a rapid pace during the forecast period, on account of increasing growth in the consumer electronics sector owing to the rising population and growing consumer spending, increasing distributed power generation sources on a residential scale, and technological advancements pertaining to energy storage technologies, which is leading to their widespread adoption in renewable energy sources.

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Global Residential Battery Market Segmentation

The overall residential battery market has been segmented into the type, power rating, and region.

• By Type (Lead-acid battery, Lithium-ion Battery, and Other Types)
• By Power Rating (3-6 kW, 6-10 kW, and Others)
• By Region (North America, Europe, Asia Pacific, South America, and MEA)

3-6 kW, by power rating, is estimated to hold the largest market share during the forecast period

The market is divided into two categories based on the power rating: 3kW to 6kW, 6kW to 10kW, and region. Due to residential customers' demand for high capacity batteries, the 3–6 kW segment is likely to hold the biggest market share. In addition, with the advent of new household appliances on the market, the average electricity usage per house has increased significantly in urban areas.

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Asia Pacific accounts for the largest market share in the residential battery market in 2021

Based on the regions, the global residential battery market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Asia Pacific had the largest market share of 45.5% in the global residential battery market. India accounts for the fifth largest power generation capacity in the world, with an installed capacity of 36.9 GW as of November 2020. India is the third-largest power producer, with a production of 1,558 TWh. However, India faces power outages. The Indian government has set a goal of providing electricity 24 hours a day by increasing renewable energy power generation capacity, including rooftop solar power, which is expected to drive the demand for residential batteries.

In 2020, China and India were estimated to have a residential rooftop capacity addition of more than 1.68 GW. In the United States, the country witnessed an additional installed capacity of around 250 MW in the residential solar photovoltaic sector. The increasing growth in the rooftop sector is likely to drive the residential battery market growth.

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This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the residential battery market. It also consists of the profiles of leading companies such as Samsung SDI Co. Ltd, Amara Raja Batteries Ltd, FIMER SpA, NEC Corporation, Duracell Inc., LG Energy Solution Ltd., Energizer Holding Inc., Luminous Power Technologies Pvt. Ltd, Panasonic Corporation, BYD Co. Ltd., and Siemens AG.

About Market Statsville Group

Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.

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