Residential Battery Energy Storage Systems Industry Growth Opportunities - Distributed Solar, Battery Cost Declines, Incentives, and Supportive Regulations Sustain Double-Digit Growth
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The global residential BESS market revenue is forecast to double to $31.31 billion by 2030, and then double again to $60.02 billion by 2035.

Dublin, Dec. 13, 2024 (GLOBE NEWSWIRE) -- The "Growth Opportunities in the Residential Battery Energy Storage Systems Industry" report has been added to ResearchAndMarkets.com's offering.

Battery energy storage systems (BESS) have become the fastest-growing clean energy technology driven by the growth of intermittent renewables and the need for grid flexibility. Homeowners are turning to batteries to maximize solar energy consumption, manage energy demand more efficiently, control costs, and reduce carbon footprint. Residential batteries are also functional for distribution networks. With the right regulations and price signals in place, home batteries can store distributed solar PV during high irradiation hours to be used during peak hours, reducing stress on the grids.

In 2023, the number of newly installed BESS almost doubled from the previous year, reaching 1.87 million new units, equivalent to an investment of $14.92 billion. Europe accounted for 72.3% of the world's storage capacity additions in 2023. Japan, Australia, and the United States also are important markets. The combination of higher income, higher electricity prices, the availability of incentives, and supportive regulations make investing in residential storage an appealing option in these locations. As a necessary complement to the expansion of distributed generation, these systems help nations reach their climate and environmental goals.

The global residential BESS market revenue is forecast to double to $31.31 billion by 2030, and then double again to $60.02 billion by 2035. This growth will be driven by cost declines, along with an average of 113 GW of residential solar and evolving incentives, and supportive policies and market rules. Residential storage capacity will register a compound annual growth rate of 15.8% from 2023 to 2035, achieving 592.55 GWh of cumulative capacity.

This study provides a region-level forecast and analysis of how residential BESS units, capacity, and investments will evolve by 2035. It discusses the main drivers and trends in the battery value chain, technology, business models, applications, and growth opportunities.

 

 

 

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