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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