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.
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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.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Technology Type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Tesla Inc., Panasonic Holdings Corp., Sonnen GmbH, VARTA AG, and Enphase Energy Inc. among others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Residential ESS Market Report Segment
By Technology Type
Global Residential ESS Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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