The Global Residential Battery Market is presently worth USD 10.6 billion and is poised to amplify at a CAGR of 17.9% over 2022-2030, thereby amassing a valuation of USD 46.6 billion by end of the assessment timeline.
Due to the expanding use of solar power generation and the rising need for energy storage solutions in the residential sector globally, the residential battery market is predicted to expand in the next years. continuous RD aimed at improving battery materials, lowering the cost of materials and the amount of non-active materials used, enhancing cell design and production yield, and accelerating production speed has steadily improved battery performance. As a result, it is anticipated that the market would be driven by the drop in lithium-ion battery prices during the forecast period. But during the anticipated term, it is anticipated that obstacles like complexity, short lifespan, failure brought on by deep and continuous cycling, etc., will impede market expansion.
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Key Market Trends:
Comparing lithium-ion (Li-ion) batteries to other technologies like lead-acid batteries, they have a number of technical advantages. Compared to lead-acid batteries, which have a lifespan of about 400–500 cycles, rechargeable Li-ion batteries typically give cycles greater than 5,000 times.
The demand for battery energy storage is projected to rise along with the capacity of solar rooftop systems. As a result, it is anticipated that over the projection period, demand for lithium-ion batteries will increase due to the development of novel energy storage systems (ESS) for residential applications. Lithium-ion batteries are ideal for this application due to their characteristics such as reduced weight, quick charging times, a higher number of charging cycles, and decreasing costs.
COVID-19 Impact on Residential Battery Market:
In several applications, the COVID-19 outbreak is reducing the market for home batteries. Lockdown measures have been implemented by governments in many different nations throughout the world to stop the coronavirus from spreading. As a result, production has slowed or even stopped, which has reduced the need for household batteries.
The supply and demand for energy storage have both been impacted directly by the COVID-19 epidemic. The supply chain has been disrupted by the industrial slowdown brought on by the COVID 19 epidemic. The full-scale activities of market players are expected to be hampered by a disruption in the supply of raw materials.
Tier I and tier II manufacturers and suppliers are the main players in the residential battery market. These players' manufacturing and supply chain facilities are dispersed among several nations in Asia Pacific, Europe, North America, Latin America, and the Middle East Africa. Due to the COVID-19 outbreak, many of these players have reduced their production output during the past few months. The demand for these batteries and their supply chain have suffered because of the pandemic.
Global Residential Battery Market- Segmental assessment
By type
- Solar
- Independent
- Others
By power rating outlook
- 3-6 kW
- 6-10 kW
- Others
By material
- Lead acid
- Lithium ion
- Nickel cadmium
- Flow
- Others
The lithium-ion segment holds the largest market and is projected to grow more in the upcoming years. The interest for battery energy capacity is projected to ascend as the limit of sunlight-based roofs develops. Thus, interest for the lithium-particle batteries is probably going to ascend during the figure time frame as new energy stockpiling frameworks for private applications create. Properties of lithium-particle batteries, for example, low charging time, a bigger number of charging cycles, less weight, and declining cost, make it ideal for this application.
By storage
- Residential power supply
- Household appliances
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