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| residential battery market |
The global residential battery market is estimated to be valued at US$11.08 billion in 2023with a CAGR of 18.6% during the forecast period 2023-2030,
according to a recent market research report by Coherent Market Insights.
Market Overview:
The residential battery market refers to the market for energy storage
solutions specifically designed for residential use. These batteries are used
to store excess energy generated from renewable sources such as solar panels,
wind turbines, and others. The stored energy can be utilized during peak demand
or when the renewable energy sources are not available. The increased adoption
of renewable energy sources, rising electricity prices, and the need for
reliable backup power are some of the key factors driving the demand for
residential batteries.
Market Key Trends:
One key trend in the Global
Residential Battery Market is the increasing adoption of lithium-ion
batteries. Lithium-ion batteries offer several advantages such as high energy
density, longer lifespan, faster charging capability, and lower self-discharge
rate compared to other types of batteries. These batteries are also
lightweight, compact, and environmentally friendly. As a result, lithium-ion
batteries are gaining popularity in the residential sector as a preferred
energy storage solution.
Overall, the residential battery market is witnessing significant growth due to
the growing demand for energy storage solutions and the increasing adoption of
lithium-ion batteries.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the residential battery
market is relatively low. The industry is characterized by high barriers to
entry, such as significant capital requirements and the need for advanced technology
and expertise. Established players have already captured a significant share of
the market, making it difficult for new entrants to gain traction.
Bargaining power of buyers: The bargaining power of buyers in the residential
battery market is moderate. While buyers have the option to choose from a range
of suppliers, the market is still dominated by a few key players. Buyers may
have some leverage in negotiating prices and terms with these suppliers but are
limited in their options.
Bargaining power of suppliers: The bargaining power of suppliers in the
residential battery market is relatively high. Suppliers can exert significant
influence due to the limited number of manufacturers and the specialized nature
of the products. This allows suppliers to dictate pricing and terms to a
certain extent.
Threat of new substitutes: The threat of new substitutes in the residential
battery market is low. Currently, there are limited alternatives to battery
storage for residential use. While advancements in technology may lead to new
solutions in the future, batteries remain the primary choice for homeowners
looking to store renewable energy or have backup power.
Competitive rivalry: The competitive rivalry in the residential battery market
is high. There are several well-established players competing for market share.
These companies invest heavily in research and development to innovate and stay
ahead of the competition. Intense competition leads to price wars, product
differentiation, and aggressive marketing strategies.
Key Takeaways
The global residential battery market is expected to witness high growth,
exhibiting a CAGR of 18.6% over the forecast period from 2022 to 2030.
This growth is driven by increasing adoption of renewable energy sources, such
as solar power, coupled with the need for energy storage solutions. Residential
batteries allow homeowners to store excess energy generated by renewables and
use it during peak demand or when the grid is not available.
In terms of regional analysis, Asia Pacific is expected to be the
fastest-growing and dominating region in the residential battery market. This
can be attributed to the rapid urbanization, increasing electricity demand, and
government initiatives promoting the adoption of renewable energy in countries
like China, Japan, and India.
Key players operating in the residential battery market include FIMER SpA,
Amara Raja Batteries Ltd, Samsung SDI, Energizer Holding Inc., Luminous Power
Technologies Private Limited, LG Energy Solution, Ltd., Duracell Inc.,
Panasonic Corporation, Siemens AG, Tesla Inc., Delta Electronics Inc., BYD Co.
Ltd, and NEC Corp. These players are actively involved in product development,
strategic partnerships, and mergers and acquisitions to strengthen their market
presence and gain a competitive advantage.
Overall, the residential battery market is experiencing significant growth due
to the increasing demand for energy storage solutions. The industry is
characterized by high competition, moderate buyer power, strong supplier influence,
and limited threats from new entrants and substitutes.
Read More: https://www.dailyprbulletin.com/residential-battery-market-analysis-and-trends/