The Latin America, Middle East and Africa Residential Energy Storage Market would witness market growth of 21.2% CAGR during the forecast period (2023-2030).
The main component of residential energy storage is a battery that stores extra electricity for later use. These batteries enable the storage of energy produced during the day for usage when coupled with solar energy from a photovoltaic system. The most efficient operation of a domestic solar power system is ensured by battery energy storage devices, which optimize electricity use. Due to their rapid response times, they guarantee continuity during brief power outages. Home energy storage reduces energy use by enabling people to store additional energy produced throughout the day by renewable sources for later use. This reduces their dependence on the power grid.
Moving away from fossil fuels like natural gas is also becoming more popular. Furthermore, there is a growing tendency toward switching from fossil fuels like natural gas to renewable energy sources like electricity and using them for various residential purposes like space heating, hot water, and powering all household equipment. Additionally, the market expansion can be attributed to the growing adoption of Battery Energy Storage Systems (BESS) coupled with renewable technologies connected to the grid. These systems let a home store excess clean energy or resell it to the grid. The method may then automatically recharge from the grid at off-peak times to benefit from lower prices. With this structure, the energy system becomes more adaptable, enhancing the potential for renewable energy and assisting in the grid's decarbonization.
The United Arab Emirates (UAE) has one of the world's greatest solar exposure rates, providing enormous renewable energy development potential. The nation used conventional energy due to its large oil and gas reserves. According to Business Monitor International's 2019 study, solar power remains the key driver of renewable energy in the UAE, with solar generation rising from 1.25 terawatt-hour (TWh) in 2018 to 4.76 TWh in 2019 and 13.66 TWh in 2028. In addition, the UAE's renewables sector is expected to grow from 0.9 percent in 2018 to 3.4 percent in 2019 and 6.9 percent in 202. Numerous ongoing initiatives and projects in Dubai and Abu Dhabi exemplify this growing trend. The market is anticipated to witness significant growth prospects into the region due to the rising usage of renewable energies which would need storage systems.
The Brazil market dominated the LAMEA Residential Energy Storage Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $63 million by 2030. The Argentina market is showcasing a CAGR of 21.7% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 20.5% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Residential Energy Storage Market is Projected to reach USD 2.8 Billion by 2030, at a CAGR of 18%
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.
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