The global residential lithium-ion battery energy storage systems market size is expected to reach $48,8-billion by 2030, expanding at 32,1% CAGR from 2023 to 2030, according to a new report by Grand View Research.
The market here refers to the home energy storage systems that use lithium-ion batteries. These systems are designed to store excess energy produced by residential solar panels or other renewable energy sources so that the energy can be used at a later time when energy demand is high or when sunlight is unavailable.
The US is one of the largest regional segments globally in terms of the adoption of
Capacities of 3kW to 5kW dominated the global residential lithium-ion battery energy storage systems industry in the power rating segment and accounted for more than 54% overall revenue share in 2022.
Residential lithium-ion battery energy storage systems with a capacity of between 3kW to 5kW, can store enough energy to power a household for several hours, even at peak hours of energy demand. This can help to reduce energy bills and provide greater control over energy consumption. Another advantage of these battery storage systems is their scalability. They can be easily installed in a variety of residential settings, from residential buildings for multiple apartments to larger homes, and can be scaled up or down depending on the energy needs of the household.
Battery energy storage systems with a capacity between 3kW to 5kW are generally more expensive owing to their higher capacity leading to higher production and installation costs.
The off-grid segment dominated the global market in the connectivity segment and accounted for more than 56.0% overall revenue share in 2022. The demand for residential lithium-ion battery energy storage systems for on-grid applications is on the rise as it provides homeowners with reliable access to energy even in remote places. These systems are designed to store excess energy generated by solar panels or wind turbines, which can then be used to power homes during periods of low energy production or when energy generation is offline.
One of the key benefits of these systems is their ability to provide greater energy independence and security for homeowners living in remote areas. By storing excess energy from solar panels or wind turbines, homeowners can ensure that they have a reliable source of energy at all times.
Asia Pacific dominated the regional segment and accounted for the overall revenue share of more than 40% in 2022.