Residential ESS Market 2023 Driving Factors Forecast Research 2029

The global residential Energy Storage System (ESS) market is anticipated to grow at a considerable CAGR of 23.8% during the forecast period (2023-2030). Advanced residential ESS launches are anticipated to drive the growth of the global residential ESS market. In May 2023, LG Energy Solution unveiled a new residential ESS “Prime+” featuring flexible capacity that meets individual home backup needs of American households. The Prime+ storage solution connects two 10H or 16H Prime battery modules in parallel to offer a capacity of 19.2-32kWh, with a maximum output of 9.6kW from the inverter. The simple modular architecture of the batteries and the plug-and-play design of the inverter ensure easy installation and unparalleled compatibility with any existing PV systems.

Further, in June 2023, US-based startup Lunar Energy introduced a residential integrated energy management cabinet system that stores solar energy on 5 kWh battery system to provide up to 30 kWh of backup power. The company has announced the release of its first consumer hardware product, Lunar System, which is a residential distributed generation cabinet that integrates rooftop solar generation, battery storage, and load control in one product suite. The DG cabinet by the company features the Lunar Battery, a lithium-ion battery with capacities ranging from 10 kWh to 30 kWh, in 5 kWh increments, along with a 10 kW hybrid inverter to support home HVAC systems and household appliances.

Furthermore, in September 2022, AlphaESS launched its residential ESS for the North American market at this year’s RE+ (SPI) expo, following the inauguration of the new office and service center in Denver, Colorado. The two variations of the UL-certified systems, SMILE-SP and SPB series, are available with AC and DC coupling to meet the different needs of consumers, with a 7.6/9.6kW Hybrid Inverter and a standard 8.2kWh battery pack which can support max 11.5kWp /15kWp PV input and expandable to 49.2 kWh.

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Market Coverage

  • The market number available for – 2022-2030
  • Base year- 2022
  • Forecast period- 2023-2030

Segment Covered- 

o             By Technology Type

Regions Covered-

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

Competitive Landscape- Tesla Inc., Panasonic Holdings Corp., Sonnen GmbH, VARTA AG, and Enphase Energy Inc. among others.

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Residential ESS Market Report Segment

By Technology Type

  • Li-Ion Batteries
  • Lead-Acid Batteries
  • Other Technologies

 Residential ESS Market Report Segment by Region

North America                                                                                                           

  • United States
  • Canada

Europe

  • UK
  • Germany
  • Spain
  • France
  • Italy
  • Rest of Europe

Asia-Pacific

  • India
  • China
  • Japan
  • South Korea
  • Rest of APAC

Rest of the World

  • Latin America
  • Middle East and Africa

Company Profiles

  • ABB Ltd.
  • BYD Company
  • Deutsche Energieversorgung GmbH (SENEC)
  • Eaton Corp.
  • Eguana technologies, Inc.
  • Enphase Energy, Inc.
  • Hitachi energy Ltd.
  • Huawei Technologies, Co. Ltd.
  • LG Energy Solution Ltd.
  • Panasonic Corp.
  • Saft Groupe SA
  • Samsung SDI Co. Ltd.
  • Siemens AG
  • Sonnen GmbH
  • Sunverge Energy LLC
  • Tesla Inc.
  • VARTA AG

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