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North America Residential Energy Storage Market Size, Share & Industry Trends Analysis Report By Connectivity, By Power Rating (6-10 kW, 3-6 kW, and 10-20 kW), By Technology, By Operation, By Ownership Type, By Country and Growth Forecast, 2023 - 2030

Publisher Knowledge Based Value (KBV) Research
Published Jul 31, 2023
Length 132 Pages
SKU # KBV18138565

Description

North America Residential Energy Storage Market Size, Share & Industry Trends Analysis Report By Connectivity, By Power Rating (6-10 kW, 3-6 kW, and 10-20 kW), By Technology, By Operation, By Ownership Type, By Country and Growth Forecast, 2023 - 2030


The North America Residential Energy Storage Market would witness market growth of 17.6% CAGR during the forecast period (2023-2030).

Residential energy storage system adoption is anticipated to increase in the coming years due to the rapid expansion of renewable energy sources like photovoltaic generation. Growing numbers of consumers are employing residential energy storage systems to reduce their electricity costs effectively. Residential energy storage systems' capacity to store environmentally friendly energy sources like photovoltaic generation is a factor in the market's expansion. Residential energy storage enables battery-equipped families to reduce their energy use during peak costs, which has led to an increase in usage in recent years.

Favorable legal and regulatory environments, technological advancements, and new grid difficulties from intermittent renewable energy sources fuel the demand for and adoption of residential energy storage systems. During the projected period, government incentives for installing residential energy storage systems are anticipated to promote market growth. Government programs like net metering encourage the development of rooftop solar systems connected to the grid, fostering the expansion of the market.

In 2020, the United States became a net exporter of petroleum, with exports outpacing imports; however, imports of 7.86 million barrels per day continued to play a significant role in keeping domestic and markets in balance. Transportation accounts for roughly 30% of total U.S. energy and 70% of U.S. petroleum. Utilizing more energy-efficient automobiles, such as hybrid and electric models, promotes the American economy and broadens the U.S. transportation fleet.

The government of Mexico City has a strategic goal to increase mobility by switching to zero-emission local transportation. They intend to increase the proportion of electricity generated by clean energies from 25 to 35 percent by 2024. Government incentives for Mexican consumers include the exemption of local taxes and verifying emission control systems. Sales of EV and hybrid vehicles have also been boosted in Mexico by rising petrol prices and pollution alerts that forbid driving on public transportation. The market for hybrid and electric vehicles has grown due to these considerations. In 2018, Mexico recorded a 68 percent increase in EV sales, and hybrid car sales surpassed 17,800 units compared to 2017. 955,393 electric and hybrid vehicles were sold in 2019 from January through September. As a result of this surging demand for EVs & hybrid vehicles in the North America region, the market is predicted to witness significant growth.

The US market dominated the North America Residential Energy Storage Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $585.4 million by 2030. The Canada market is experiencing a CAGR of 20.2% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 19.2% during (2023 - 2030).

Based on Connectivity, the market is segmented into On-Grid, and Off-Grid. Based on Power Rating, the market is segmented into 6-10 kW, 3-6 kW, and 10-20 kW. Based on Technology, the market is segmented into Lithium-Ion, and Lead-Acid. Based on Operation, the market is segmented into Solar & Storage System, and Standalone Systems. Based on Ownership Type, the market is segmented into Customer Owned, Utility Owned, and Third-Party Owned. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tesla, Inc., Panasonic Holdings Corporation, BYD Company Ltd., Enphase Energy, Inc., Sonnen GmbH, VARTA AG, Delta Electronics, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Eaton Corporation PLC and LG Energy Solutions Ltd.

Scope of the Study

Market Segments covered in the Report:

By Connectivity
  • On-Grid
  • Off-Grid
By Power Rating
  • 6-10 kW
  • 3-6 kW
  • 10-20 kW
By Technology
  • Lithium-Ion
  • Lead-Acid
By Operation
  • Solar & Storage System
  • Standalone Systems
By Ownership Type
  • Customer Owned
  • Utility Owned
  • Third-Party Owned
By Country
  • US
  • Canada
  • Mexico
  • Rest of North America
Companies Profiled
  • Tesla, Inc.
  • Panasonic Holdings Corporation
  • BYD Company Ltd.
  • Enphase Energy, Inc.
  • Sonnen GmbH
  • VARTA AG
  • Delta Electronics, Inc.
  • Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
  • Eaton Corporation PLC
  • LG Energy Solutions Ltd.
Unique Offerings from KBV Research
  • Exhaustive coverage
  • Highest number of market tables and figures
  • Subscription based model available
  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Table of Contents

132 Pages
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Residential Energy Storage Market, by Connectivity
1.4.2 North America Residential Energy Storage Market, by Power Rating
1.4.3 North America Residential Energy Storage Market, by Technology
1.4.4 North America Residential Energy Storage Market, by Operation
1.4.5 North America Residential Energy Storage Market, by Ownership Type
1.4.6 North America Residential Energy Storage Market, by Country
1.5 Methodology for the research
Chapter 2. Market At a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
Chapter 4. Competition Analysis - Global
4.1 KBV Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.3 Top Winning Strategies
4.3.1 Key Leading Strategies: Percentage Distribution (2019-2023)
4.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2019, Mar – 2023, Jun) Leading Players
4.4 Porter’s Five Forces Analysis
Chapter 5. North America Residential Energy Storage Market by Connectivity
5.1 North America On-Grid Market by Country
5.2 North America Off-Grid Market by Country
Chapter 6. North America Residential Energy Storage Market by Power Rating
6.1 North America 6-10 kW Market by Country
6.2 North America 3-6 kW Market by Country
6.3 North America 10-20 kW Market by Country
Chapter 7. North America Residential Energy Storage Market by Technology
7.1 North America Lithium-Ion Market by Country
7.2 North America Lead-Acid Market by Country
Chapter 8. North America Residential Energy Storage Market by Operation
8.1 North America Solar & Storage System Market by Country
8.2 North America Standalone Systems Market by Country
Chapter 9. North America Residential Energy Storage Market by Ownership Type
9.1 North America Customer Owned Market by Country
9.2 North America Utility Owned Market by Country
9.3 North America Third-Party Owned Market by Country
Chapter 10. North America Residential Energy Storage Market by Country
10.1 US Residential Energy Storage Market
10.1.1 US Residential Energy Storage Market by Connectivity
10.1.2 US Residential Energy Storage Market by Power Rating
10.1.3 US Residential Energy Storage Market by Technology
10.1.4 US Residential Energy Storage Market by Operation
10.1.5 US Residential Energy Storage Market by Ownership Type
10.2 Canada Residential Energy Storage Market
10.2.1 Canada Residential Energy Storage Market by Connectivity
10.2.2 Canada Residential Energy Storage Market by Power Rating
10.2.3 Canada Residential Energy Storage Market by Technology
10.2.4 Canada Residential Energy Storage Market by Operation
10.2.5 Canada Residential Energy Storage Market by Ownership Type
10.3 Mexico Residential Energy Storage Market
10.3.1 Mexico Residential Energy Storage Market by Connectivity
10.3.2 Mexico Residential Energy Storage Market by Power Rating
10.3.3 Mexico Residential Energy Storage Market by Technology
10.3.4 Mexico Residential Energy Storage Market by Operation
10.3.5 Mexico Residential Energy Storage Market by Ownership Type
10.4 Rest of North America Residential Energy Storage Market
10.4.1 Rest of North America Residential Energy Storage Market by Connectivity
10.4.2 Rest of North America Residential Energy Storage Market by Power Rating
10.4.3 Rest of North America Residential Energy Storage Market by Technology
10.4.4 Rest of North America Residential Energy Storage Market by Operation
10.4.5 Rest of North America Residential Energy Storage Market by Ownership Type
Chapter 11. Company Profiles
11.1 Eaton Corporation PLC
11.1.1 Company Overview
11.1.2 Financial Analysis
11.1.3 Segmental and Regional Analysis
11.1.4 Research & Development Expense
11.1.5 Recent strategies and developments:
11.1.5.1 Partnerships, Collaborations, and Agreements:
11.1.6 SWOT Analysis
11.2 Tesla, Inc.
11.2.1 Company Overview
11.2.2 Financial Analysis
11.2.3 Segmental and Regional Analysis
11.2.4 Research & Development Expense
11.2.5 Recent strategies and developments:
11.2.5.1 Partnerships, Collaborations, and Agreements:
11.2.6 SWOT Analysis
11.3 Panasonic Holdings Corporation
11.3.1 Company Overview
11.3.2 Financial Analysis
11.3.3 Segmental and Regional Analysis
11.3.4 Research & Development Expenses
11.3.5 Recent strategies and developments:
11.3.5.1 Product Launches and Product Expansions:
11.3.6 SWOT Analysis
11.4 BYD Company Ltd.
11.4.1 Company Overview
11.4.2 Financial Analysis
11.4.3 Regional Analysis
11.4.4 Research & Development Expense
11.4.5 Recent strategies and developments:
11.4.5.1 Partnerships, Collaborations, and Agreements:
11.4.5.2 Product Launches and Product Expansions:
11.4.6 SWOT Analysis
11.5 VARTA AG
11.5.1 Company Overview
11.5.2 Financial Analysis
11.5.3 Segmental and Regional Analysis
11.5.4 SWOT Analysis
11.6 Delta Electronics, Inc.
11.6.1 Company Overview
11.6.2 Financial Analysis
11.6.3 Research & Development Expense
11.6.4 Recent strategies and developments:
11.6.4.1 Product Launches and Product Expansions:
11.6.5 SWOT Analysis
11.7 Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
11.7.1 Company Overview
11.7.2 Financial Analysis
11.7.3 Segmental and Regional Analysis
11.7.4 Research & Development Expense
11.7.5 Recent strategies and developments:
11.7.5.1 Product Launches and Product Expansions:
11.7.6 SWOT Analysis
11.8 LG Energy Solution Ltd.
11.8.1 Company Overview
11.8.2 Financial Analysis
11.8.3 Regional Analysis
11.8.4 Research & Development Expense
11.8.5 SWOT Analysis
11.9 Enphase Energy, Inc.
11.9.1 Company Overview
11.9.2 Recent strategies and developments:
11.9.2.1 Partnerships, Collaborations, and Agreements:
11.9.2.2 Acquisition and Mergers:
11.9.3 SWOT Analysis
11.10. Sonnen GmbH
11.10.1 Company Overview
11.10.2 SWOT Analysis

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