Residential Energy Storage Market to reach USD 17.5 billion by 2024: MarketsandMarkets

According to the new market research report published by MarketsandMarkets, the global Residential is projected to reach USD 17.5 billion by 2024 from an estimated USD 6.3 billion in 2019, at a CAGR of 22.88% during the forecast period.

This growth can be attributed to the declining cost of and the need for energy self-sufficiency from consumers said the research firm.

Residential systems provide backup power during power outages, and therefore, play a vital role in the energy industry.

The 3–6 kW segment is projected to be the largest market during the forecast period. This is mainly because of the increase in the need for power backup during natural disasters. Furthermore, consumers and governments install small that can be utilized in times of need to avoid a major electricity crisis, which is also contributing to the growth of the market.

MarketsandMarkets  in the report notes that he customer owned segment is expected to account for the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing need for energy self-sufficiency and rising demand for power backup.

This is expected to increase the demand for the Residential during the forecast period. In addition to this, there is a rising demand for modular infrastructure in residential areas in developed countries such as the US, the UK, Germany, Norway, and China, which is driving the growth of the residential storage market.

In this report, the residential energy storage market has been analyzed with respect to 5 regions, namely, North America, Europe, South America, Asia Pacific, and the Middle East & Africa. Asia Pacific is estimated to be the largest market from 2019 to 2024.

The growth of this region is primarily driven by countries such as China, Australia, and Japan, which are installing for residential end-users. Over the past few years, this region has witnessed rapid economic development as well as the growth of the and demand for energy self-sufficiency, which has resulted in an increase in the demand for energy storage options.