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Residential battery is used to store energy electric energy in the batteries. The batteries mainly are made up of lithium-ion or lead-acid composition to handle charging effectively and discharging cycles. These are used across various industries; for instance, they are deployed in electric vehicles and also in smart meters. These are found to be extremely useful in remote areas deprived of a stable grid connection. The market for these batteries is expected to rise with the increasing rooftop solar installations in residential locations. These rooftop solar installations store energy and allow the user to use it in case of power cuts. Similarly, these batteries are also charged using the standard grid connection network and brought to work in cases of power cuts.
The residential battery market based on the type, the market is classified into lithium-ion batteries, lead-acid batteries, and others. The lithium-ion segment is expected to hold a significant share of the market owing to the high efficiency offered as compared to other available counterparts. Also, the decreasing costs of lithium-ion batteries have fuelled the market for these in recent years. Based on the power rating, the market is segmented as 3kW to 6kW and 6kW to 10kW. The 3–6 kW segment is expected to hold the largest market share owing to the preference given by the residential customers to high capacity batteries. Also, the electricity consumption per house has in the urban sectors has risen substantially with the introduction of various home appliances in the market.
Based on the operation, the market is segmented into standalone and solar. Standalone type batteries are being installed at residential locations long before the introduction of solar power. Therefore these standalone batteries occupy a major share in the market. The introduction of solar has fuelled the solar connected battery installations in recent years, which is anticipated to grow at a healthy rate and impact the overall residential battery market positively.
The key market driver for the residential battery storage market is increased demand for continuous power supply which has brought investments in back up power systems at residential locations. Supporting the operational advantages of LI-ion batteries have also impacted the market in a positive way. The other factors driving the market include the growing adoption of renewable and low cost of lithium-ion batteries.
The key market restraint for the residential battery storage market is the slow rate of adoption of these batteries at residential locations. Seasonal power cuts and continuous supply from grids have affected their demand in recent years. The other factors that could hinder the market growth are the short life span of batteries and less efficiency.
Key Market Driver -
Increasing demand for backup power and growing adoption of Li-ion batteries.
Key Market Restraint -
Sow rate of adoption along with complex operation of battery.
Some of the major companies in Residential Battery Market are ABB, Amararaja Batteries Limited, Samsung SDI, Luminous Power Technologies(P) Ltd, LG Chem Power, Inc., SMA Solar Technology AG, Siemens, Eaton, Schneider Electric, Murata, Ultralife Corporation, BYD Electronic ( International) Company Limited, EguanaTechnologies, Tesla, and Panasonic North America.
The global residential battery market covers different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific has witnessed a humongous increase in demand for continuous electricity supply over the past decade. This has compelled many residential customers to install separate battery storage systems to encounter power cuts. Also, the recent investments in solar electricity generation have fuelled battery installations at residential locations in the region. The installation of these batteries by customers has resulted in customers having minimum outages and economical electricity rates, which has positively impacted the overall market. Following the Asia Pacific, Europe has the maximum solar power installations for the residential sector. The green energy targets and subsidies by the government have helped the market for these batteries to rise in the region. Germany, UK, France, Spain, and Italy are among the leading nations in the region in terms of renewable energy generation. Further, North America is also expected to have healthy growth in the market with a growing emphasis on solar power and wind power.
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