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.
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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