Residential Battery Market Growth Rate To Reach 16% With Rising Demand For Solar Power Generation As Per The Business Research Company's Residential Battery Global Market Report 2022
TBRC’s market research report covers residential battery market size, residential battery market forecasts, major residential battery companies and their market share, key strategies to undertake, and more.
LONDON, July 19, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the residential battery market, the increasing deployment of solar power generation is expected to drive the residential battery market. Many people are deploying solar panels in their houses and commercial spaces as it is cost-efficient. To store this power generated by solar panels, residential batteries are used. According to the Solar Energy Industries Association (SEIA), a national non-profit trade association of the solar-energy industry in the United States, the United States of America has installed 4.6 GW of solar community energy in the year 2021. Regardless of the physical qualities or ownership of their house or company, community solar gives homeowners, renters, and companies equitable access to the economic and environmental benefits of solar energy generation. Moreover, over the next five years, the community solar sector in the USA will install more than 4.3 gigawatts of total capacity. Such rising demand for solar power generation is driving the residential battery market.
The global residential battery market share is expected to grow from $6.36 billion in 2021 to $7.29 billion in 2022 at a compound annual growth rate (CAGR) of 14.7%. The residential battery industry growth is expected to reach $13.38 billion in 2026 at a CAGR of 16.4%.
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Technological advancement is a key trend gaining popularity in the residential battery market. Major companies in the battery market are advancing their new technologies, research and developments in the battery market to provide an enhanced product to their customers. For instance, in October 2021, Solar Edge, an Israel-headquartered provider of power optimizers, solar inverters, and monitoring systems for photovoltaic arrays, launched a residential battery and inverter with a power of 11.4 KW and a backup power of 10.3 KW. The battery and inverter can be connected to a local grid or a photovoltaic system, and the battery itself has three conversions of power from DC to AC power. The device can connect wirelessly and can link to the Solar Edge EV Charger. The gadgets are wirelessly connected and can connect to the SolarEdge Home EV charger. The company's mobile app may be used to monitor and manage the equipment. The program lets homeowners prioritize loads depending on their preferences, and it uses algorithms to make more cost-effective selections while taking into consideration external elements like weather.
Major players in the residential battery market are Amara Raja Batteries Ltd, Samsung SDI Co. Ltd, LG Chem Ltd, BYD Company, Tesla, ABB Ltd, Siemens AG, Luminous Power Technologies, Contemporary Amperex Technology Co. Limited, Panasonic, Power-Sonic Corporation, Lishen, CBAK, Loom Solar, and Ruipu Energy Co.
The global residential battery market is segmented by type into lithium-ion battery, lead-acid battery, others; by operation type into standalone systems, solar and storage; by power rating into 3-6 kW, 6-10 kW; by end-user into industrial, commercial, residential.
Asia-Pacific was the largest region in the residential battery market in 2021. The regions covered in the residential battery market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Residential Battery Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide residential battery market overviews, residential battery market analyze and forecast market size and growth for the whole market, residential battery market segments and geographies, residential battery market trends, residential battery market drivers, residential battery market restraints, residential battery market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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