Residential Battery Market Share, Global Size and Trends 2028 |
Posted: June 7, 2023 |
Industry Overview of Residential Battery MarketIMARC Group has recently released a new research study “Residential Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios. What Are the Growth Prospects Of The Residential Battery Industry?The global residential battery market size reached US$ 12.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 28.3 Billion by 2028, exhibiting a growth rate (CAGR) of 13.78% during 2023-2028. What is a Residential Battery?Residential batteries are energy storage units installed in homes, capable of storing electricity from the grid or renewable energy sources like solar and wind. They come in two main types: lithium-ion (Li-ion) batteries and lead-acid batteries. These batteries consist of essential components such as an anode, cathode, electrolyte, and separator. Depending on their storage capacity, residential batteries can power various household appliances and devices. Residential batteries have versatile applications and are particularly valuable in areas with unreliable grid connections. They can be integrated into smart meters and are known for their cost-effectiveness, durability, safety, stability, and lightweight design. With fast charging capabilities, they help reduce carbon emissions, lower electricity costs, and enhance the resilience of home electricity supply. As a result, residential batteries are in high demand among consumers worldwide. What are the Key Factors Driving In The Residential Battery Market?The residential battery market is being driven by several factors, including the increasing adoption of solar power generation in residential and commercial settings due to its cost-effectiveness. The preference for lithium-ion (Li-ion) batteries over lead-acid batteries is also contributing to market growth, as Li-ion batteries offer better voltage maintenance and increased efficiency for electrical components. Furthermore, the development of smart residential batteries that can be seamlessly integrated with smartphones, enabling users to monitor and manage their energy systems according to their preferences, is fueling market growth. Additionally, the introduction of new batteries with improved materials and reduced non-active components, resulting in enhanced cell design, battery performance, and production efficiency, is expected to drive the residential battery market in the forecasted period. Who Are The Key Players/Companies In The Residential Battery Market?Amara Raja Batteries Limited, Delta Electronics Inc., Eaton Corporation plc, Energizer Holdings Inc., FIMER S.p.A., LG Energy Solution Ltd., Luminous Power Technologies Pvt. Ltd. (Schneider Electric SE), Panasonic Corporation, Samsung SDI Co. Ltd., SMA Solar Technology AG and Tesla Inc.
Report Segmentation: The report has been segmented the market into following categories: Breakup by Type:
Breakup by Power Rating:
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By Geography About Us: IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise. Contact Us: Sheridan, WY 82801 USA – Wyoming Email: [email protected] Tel No:(D) +91 120 433 0800 Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
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