Global Residential Battery Market Is Estimated To Witness High Growth Owing To Growing Deployment Of Solar Power Generation

Residential Battery Market
Residential Battery Market

Overview:

The use of residential battery is growing as more people are choosing to install a solar system with battery storage. Many homeowners are adding a residential battery to their solar power systems in order to participate in utility programs that offer money for using energy during times of peak demand. These are called “demand response” or “time of use” tariffs.

They are designed to encourage the use of renewable energy by offering discounted electric rates during times of high demand, such as on hot summer afternoons when air conditioning is running. By participating in these programs, a residential battery can help to reduce the strain on the grid, thereby improving overall system performance and increase solar savings. Battery-equipped solar systems can also make a big impact on household energy costs by bypassing energy price shifting and providing customers with low cost electricity during peak energy hours.

Market Dynamics:

Rising product launches are estimated to augment growth of the global Residential Battery Market during the forecast period. For instance, Solar Edge launched a residential battery and inverter, in October 2021. This battery and inverter have a backup power of 10.3 KW and a power of 11.4 KW, which can be connected to a photovoltaic system or a local grid. Moreover, increasing environmental damage of lead-acid batteries is anticipated to restrain growth of the global residential battery for market during the forecast period.

Impact of COVID-19:

COVID-19 was firsts identified in 2019 in China. The WHO announced the pandemic as a global health emergency in 2020. The social distancing rules implemented in many countries, forced people to stay at home. These regulations hampered many businesses around the world. This led to large number of industries shutting down their manufacturing activities. There was a shortage of raw material sin many sectors. Supply chains were also disrupted in many nations. This led to decrease in demand for residential batteries globally. Thus, the pandemic had a negative impact on the growth of the global residential battery for market.

Key Takeaways:

The global Residential Battery Market is expected to witness significant growth, exhibiting CAGR of 18.6 % over the forecast period, due to increasing acquisitions by key players.

For instance, a storage battery manufacturing company LG Energy Solutions acquired NEC Energy Solutions, in September 2021. With this acquisition, LG Energy Solutions is planning to expand their energy storage in North America.

Asia-Pacific is anticipated to witness high growth in the global Residential Battery Market during the forecast period, due to growing natural and human resources.

Key players operating in the global residential battery for market are LG Energy Solution Ltd., FIMER SpA, NEC Corporation, Amara Raja Batteries Ltd, Enphase Energy, GOODWE, HAIKAI, Generac Power Systems, Enphase Energy, AlphaESS, E3/DC, LG Chem, Panasonic, and Tesla.

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