Residential Battery Energy Storage System Market Size 2024-2028
The residential battery energy storage system market size is forecast to increase by USD 6.24 billion at a CAGR of 23.02% between 2023 and 2028. The market is experiencing significant growth due to the increasing demand for energy independence and technological advancements in battery technology. Technological advancements in battery energy storage systems are enabling longer battery life, faster charging times, and improved safety features. Lithium-ion batteries, in particular, are becoming more affordable and efficient, making them a preferred choice for many consumers. Despite these growth factors, the high upfront cost of residential battery energy storage systems remains a significant barrier to entry for many homeowners. However, the long-term savings and benefits, such as energy independence and reduced reliance on the grid, make it a worthwhile investment for those who can afford it. In conclusion, the market is expected to grow significantly in the coming years due to the increasing demand for energy independence, technological advancements, and the integration of renewable energy sources.
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Power Rating
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.4 Market outlook: Forecast for 2023-2028
- Exhibit 14: Chart on Global - Market size and forecast 2023-2028 ($ million)
- Exhibit 15: Data Table on Global - Market size and forecast 2023-2028 ($ million)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2023-2028 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2023-2028 (%)
4 Historic Market Size
- 4.1 Global residential battery energy storage system market 2018 - 2022
- Exhibit 18: Historic Market Size – Data Table on global residential battery energy storage system market 2018 - 2022 ($ million)
- 4.2 Type Segment Analysis 2018 - 2022
- Exhibit 19: Historic Market Size – Type Segment 2018 - 2022 ($ million)
- 4.3 Power rating Segment Analysis 2018 - 2022
- Exhibit 20: Historic Market Size – Power rating Segment 2018 - 2022 ($ million)
- 4.4 Geography Segment Analysis 2018 - 2022
- Exhibit 21: Historic Market Size – Geography Segment 2018 - 2022 ($ million)
- 4.5 Country Segment Analysis 2018 - 2022
- Exhibit 22: Historic Market Size – Country Segment 2018 - 2022 ($ million)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 23: Five forces analysis - Comparison between 2023 and 2028
- 5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
- 5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
- 5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2023 and 2028
- 5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2023 and 2028
- 5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2023 and 2028
- 5.7 Market condition
- Exhibit 29: Chart on Market condition - Five forces 2023 and 2028
6 Market Segmentation by Type
- 6.1 Market segments
- Exhibit 30: Chart on Type - Market share 2023-2028 (%)
- Exhibit 31: Data Table on Type - Market share 2023-2028 (%)
- 6.2 Comparison by Type
- Exhibit 32: Chart on Comparison by Type
- Exhibit 33: Data Table on Comparison by Type
- 6.3 Lithium-ion - Market size and forecast 2023-2028
- Exhibit 34: Chart on Lithium-ion - Market size and forecast 2023-2028 ($ million)
- Exhibit 35: Data Table on Lithium-ion - Market size and forecast 2023-2028 ($ million)
- Exhibit 36: Chart on Lithium-ion - Year-over-year growth 2023-2028 (%)
- Exhibit 37: Data Table on Lithium-ion - Year-over-year growth 2023-2028 (%)
- 6.4 Lead acid - Market size and forecast 2023-2028
- Exhibit 38: Chart on Lead acid - Market size and forecast 2023-2028 ($ million)
- Exhibit 39: Data Table on Lead acid - Market size and forecast 2023-2028 ($ million)
- Exhibit 40: Chart on Lead acid - Year-over-year growth 2023-2028 (%)
- Exhibit 41: Data Table on Lead acid - Year-over-year growth 2023-2028 (%)
- 6.5 Market opportunity by Type
- Exhibit 42: Market opportunity by Type ($ million)
- Exhibit 43: Data Table on Market opportunity by Type ($ million)
7 Market Segmentation by Power Rating
- 7.1 Market segments
- Exhibit 44: Chart on Power Rating - Market share 2023-2028 (%)
- Exhibit 45: Data Table on Power Rating - Market share 2023-2028 (%)
- 7.2 Comparison by Power Rating
- Exhibit 46: Chart on Comparison by Power Rating
- Exhibit 47: Data Table on Comparison by Power Rating
- 7.3 6-10 kW - Market size and forecast 2023-2028
- Exhibit 48: Chart on 6-10 kW - Market size and forecast 2023-2028 ($ million)
- Exhibit 49: Data Table on 6-10 kW - Market size and forecast 2023-2028 ($ million)
- Exhibit 50: Chart on 6-10 kW - Year-over-year growth 2023-2028 (%)
- Exhibit 51: Data Table on 6-10 kW - Year-over-year growth 2023-2028 (%)
- 7.4 3-6 kW - Market size and forecast 2023-2028
- Exhibit 52: Chart on 3-6 kW - Market size and forecast 2023-2028 ($ million)
- Exhibit 53: Data Table on 3-6 kW - Market size and forecast 2023-2028 ($ million)
- Exhibit 54: Chart on 3-6 kW - Year-over-year growth 2023-2028 (%)
- Exhibit 55: Data Table on 3-6 kW - Year-over-year growth 2023-2028 (%)
- 7.5 10-20 kW - Market size and forecast 2023-2028
- Exhibit 56: Chart on 10-20 kW - Market size and forecast 2023-2028 ($ million)
- Exhibit 57: Data Table on 10-20 kW - Market size and forecast 2023-2028 ($ million)
- Exhibit 58: Chart on 10-20 kW - Year-over-year growth 2023-2028 (%)
- Exhibit 59: Data Table on 10-20 kW - Year-over-year growth 2023-2028 (%)
- 7.6 Market opportunity by Power Rating
- Exhibit 60: Market opportunity by Power Rating ($ million)
- Exhibit 61: Data Table on Market opportunity by Power Rating ($ million)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 63: Chart on Market share by geography 2023-2028 (%)
- Exhibit 64: Data Table on Market share by geography 2023-2028 (%)
- 9.2 Geographic comparison
- Exhibit 65: Chart on Geographic comparison
- Exhibit 66: Data Table on Geographic comparison
- 9.3 Europe - Market size and forecast 2023-2028
- Exhibit 67: Chart on Europe - Market size and forecast 2023-2028 ($ million)
- Exhibit 68: Data Table on Europe - Market size and forecast 2023-2028 ($ million)
- Exhibit 69: Chart on Europe - Year-over-year growth 2023-2028 (%)
- Exhibit 70: Data Table on Europe - Year-over-year growth 2023-2028 (%)
- 9.4 APAC - Market size and forecast 2023-2028
- Exhibit 71: Chart on APAC - Market size and forecast 2023-2028 ($ million)
- Exhibit 72: Data Table on APAC - Market size and forecast 2023-2028 ($ million)
- Exhibit 73: Chart on APAC - Year-over-year growth 2023-2028 (%)
- Exhibit 74: Data Table on APAC - Year-over-year growth 2023-2028 (%)
- 9.5 North America - Market size and forecast 2023-2028
- Exhibit 75: Chart on North America - Market size and forecast 2023-2028 ($ million)
- Exhibit 76: Data Table on North America - Market size and forecast 2023-2028 ($ million)
- Exhibit 77: Chart on North America - Year-over-year growth 2023-2028 (%)
- Exhibit 78: Data Table on North America - Year-over-year growth 2023-2028 (%)
- 9.6 Middle East and Africa - Market size and forecast 2023-2028
- Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ million)
- Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ million)
- Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
- Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
- 9.7 South America - Market size and forecast 2023-2028
- Exhibit 83: Chart on South America - Market size and forecast 2023-2028 ($ million)
- Exhibit 84: Data Table on South America - Market size and forecast 2023-2028 ($ million)
- Exhibit 85: Chart on South America - Year-over-year growth 2023-2028 (%)
- Exhibit 86: Data Table on South America - Year-over-year growth 2023-2028 (%)
- 9.8 US - Market size and forecast 2023-2028
- Exhibit 87: Chart on US - Market size and forecast 2023-2028 ($ million)
- Exhibit 88: Data Table on US - Market size and forecast 2023-2028 ($ million)
- Exhibit 89: Chart on US - Year-over-year growth 2023-2028 (%)
- Exhibit 90: Data Table on US - Year-over-year growth 2023-2028 (%)
- 9.9 China - Market size and forecast 2023-2028
- Exhibit 91: Chart on China - Market size and forecast 2023-2028 ($ million)
- Exhibit 92: Data Table on China - Market size and forecast 2023-2028 ($ million)
- Exhibit 93: Chart on China - Year-over-year growth 2023-2028 (%)
- Exhibit 94: Data Table on China - Year-over-year growth 2023-2028 (%)
- 9.10 Germany - Market size and forecast 2023-2028
- Exhibit 95: Chart on Germany - Market size and forecast 2023-2028 ($ million)
- Exhibit 96: Data Table on Germany - Market size and forecast 2023-2028 ($ million)
- Exhibit 97: Chart on Germany - Year-over-year growth 2023-2028 (%)
- Exhibit 98: Data Table on Germany - Year-over-year growth 2023-2028 (%)
- 9.11 UK - Market size and forecast 2023-2028
- Exhibit 99: Chart on UK - Market size and forecast 2023-2028 ($ million)
- Exhibit 100: Data Table on UK - Market size and forecast 2023-2028 ($ million)
- Exhibit 101: Chart on UK - Year-over-year growth 2023-2028 (%)
- Exhibit 102: Data Table on UK - Year-over-year growth 2023-2028 (%)
- 9.12 France - Market size and forecast 2023-2028
- Exhibit 103: Chart on France - Market size and forecast 2023-2028 ($ million)
- Exhibit 104: Data Table on France - Market size and forecast 2023-2028 ($ million)
- Exhibit 105: Chart on France - Year-over-year growth 2023-2028 (%)
- Exhibit 106: Data Table on France - Year-over-year growth 2023-2028 (%)
- 9.13 Market opportunity by geography
- Exhibit 107: Market opportunity by geography ($ million)
- Exhibit 108: Data Tables on Market opportunity by geography ($ million)
10 Drivers, Challenges, and Trends
- 10.3 Impact of drivers and challenges
- Exhibit 109: Impact of drivers and challenges in 2023 and 2028
11 Vendor Landscape
- 11.2 Vendor landscape
- Exhibit 110: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 111: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 112: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 113: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 114: Matrix on vendor position and classification
- 12.3 Alpha ESS Co., Ltd.
- Exhibit 115: Alpha ESS Co., Ltd. - Overview
- Exhibit 116: Alpha ESS Co., Ltd. - Product / Service
- Exhibit 117: Alpha ESS Co., Ltd. - Key offerings
- 12.4 Briggs and Stratton LLC
- Exhibit 118: Briggs and Stratton LLC - Overview
- Exhibit 119: Briggs and Stratton LLC - Product / Service
- Exhibit 120: Briggs and Stratton LLC - Key offerings
- 12.5 BYD Co. Ltd.
- Exhibit 121: BYD Co. Ltd. - Overview
- Exhibit 122: BYD Co. Ltd. - Business segments
- Exhibit 123: BYD Co. Ltd. - Key news
- Exhibit 124: BYD Co. Ltd. - Key offerings
- Exhibit 125: BYD Co. Ltd. - Segment focus
- 12.6 Eaton Corp. Plc
- Exhibit 126: Eaton Corp. Plc - Overview
- Exhibit 127: Eaton Corp. Plc - Business segments
- Exhibit 128: Eaton Corp. Plc - Key offerings
- Exhibit 129: Eaton Corp. Plc - Segment focus
- 12.7 Enphase Energy Inc.
- Exhibit 130: Enphase Energy Inc. - Overview
- Exhibit 131: Enphase Energy Inc. - Product / Service
- Exhibit 132: Enphase Energy Inc. - Key offerings
- 12.8 Generac Holdings Inc.
- Exhibit 133: Generac Holdings Inc. - Overview
- Exhibit 134: Generac Holdings Inc. - Business segments
- Exhibit 135: Generac Holdings Inc. - Key offerings
- Exhibit 136: Generac Holdings Inc. - Segment focus
- 12.9 Growatt New Energy Technology Co., Ltd.
- Exhibit 137: Growatt New Energy Technology Co., Ltd. - Overview
- Exhibit 138: Growatt New Energy Technology Co., Ltd. - Product / Service
- Exhibit 139: Growatt New Energy Technology Co., Ltd. - Key offerings
- 12.10 LG Corp.
- Exhibit 140: LG Corp. - Overview
- Exhibit 141: LG Corp. - Business segments
- Exhibit 142: LG Corp. - Key offerings
- Exhibit 143: LG Corp. - Segment focus
- 12.11 Panasonic Holdings Corp.
- Exhibit 144: Panasonic Holdings Corp. - Overview
- Exhibit 145: Panasonic Holdings Corp. - Product / Service
- Exhibit 146: Panasonic Holdings Corp. - Key news
- Exhibit 147: Panasonic Holdings Corp. - Key offerings
- 12.12 Samsung Electronics Co. Ltd.
- Exhibit 148: Samsung Electronics Co. Ltd. - Overview
- Exhibit 149: Samsung Electronics Co. Ltd. - Business segments
- Exhibit 150: Samsung Electronics Co. Ltd. - Key news
- Exhibit 151: Samsung Electronics Co. Ltd. - Key offerings
- Exhibit 152: Samsung Electronics Co. Ltd. - Segment focus
- 12.13 Shell plc
- Exhibit 153: Shell plc - Overview
- Exhibit 154: Shell plc - Business segments
- Exhibit 155: Shell plc - Key news
- Exhibit 156: Shell plc - Key offerings
- Exhibit 157: Shell plc - Segment focus
- 12.14 SMA Solar Technology AG
- Exhibit 158: SMA Solar Technology AG - Overview
- Exhibit 159: SMA Solar Technology AG - Business segments
- Exhibit 160: SMA Solar Technology AG - Key offerings
- Exhibit 161: SMA Solar Technology AG - Segment focus
- 12.15 SolaX Power Network Technology Zhejiang Co. Ltd.
- Exhibit 162: SolaX Power Network Technology Zhejiang Co. Ltd. - Overview
- Exhibit 163: SolaX Power Network Technology Zhejiang Co. Ltd. - Product / Service
- Exhibit 164: SolaX Power Network Technology Zhejiang Co. Ltd. - Key offerings
- 12.16 Sunrun Inc.
- Exhibit 165: Sunrun Inc. - Overview
- Exhibit 166: Sunrun Inc. - Product / Service
- Exhibit 167: Sunrun Inc. - Key news
- Exhibit 168: Sunrun Inc. - Key offerings
- 12.17 Tesla Inc.
- Exhibit 169: Tesla Inc. - Overview
- Exhibit 170: Tesla Inc. - Business segments
- Exhibit 171: Tesla Inc. - Key news
- Exhibit 172: Tesla Inc. - Key offerings
- Exhibit 173: Tesla Inc. - Segment focus
13 Appendix
- 13.2 Inclusions and exclusions checklist
- Exhibit 174: Inclusions checklist
- Exhibit 175: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 176: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 177: Research methodology
- Exhibit 178: Validation techniques employed for market sizing
- Exhibit 179: Information sources
- 13.5 List of abbreviations
- Exhibit 180: List of abbreviations