Global Residential Energy Storage Market is estimated to reach US$ 2,762.08 million by 2031

(IT-NEWSWIRE.COM, March 31, 2025 ) Global Residential Energy Storage Market size was worth US$ 893.01 million in 2023 and is estimated to reach US$ 2,762.08 million by 2031, growing at a CAGR of 15.16% during the forecast period (2024-2031).

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Market Dynamics

The Rising Focus on Sustainable Energy
The global shift toward sustainable energy is being driven by increasing demand for electricity generated from renewable sources like solar power. Government initiatives and policy measures are playing a crucial role in accelerating the growth of the residential solar energy storage market.

Homeowners are actively seeking eco-friendly energy solutions, fueling the expansion of home solar energy storage. With growing awareness of efficient storage technologies, more households are investing in solutions that maximize solar energy utilization, ensuring reliable and sustainable power generation. As technology advances and adoption increases, residential solar storage is set to become a key component of the renewable energy transition.

Market Segments
By Technology
• Lithium-ion
• Lead-acid

By Ownership
• Customer-owned
• Utility-owned
• Third party-owned

By Connectivity
• On-grid
• Off-grid

By Operation
• Standalone Systems
• Solar & Storage

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Market Regional Share
The Growing Adoption of Rooftop Solar Power in Europe
The rapid expansion of rooftop solar power in Europe is driving significant demand for residential energy storage solutions. In Germany, the domestic energy storage market has surged, supported by a 30% investment subsidy for battery installations. Rooftop solar plays a crucial role in Germany’s energy transition, backed by strong incentive programs, loans, and policy reforms.

A key development is the reform of the Renewable Energy Law (EEG 2021), which exempts owners of photovoltaic (PV) systems under 30 kW from the EEG levy, a significant increase from the previous 10 kW limit. This change is expected to further boost Germany’s residential battery storage market.

Italy has also introduced incentives to accelerate solar adoption. From July 2020 to 2023, the country implemented a super bonus tax credit of 110% for energy efficiency improvements, including solar and storage systems, provided they contribute to a higher energy efficiency rating. Even if projects do not meet the criteria, homeowners can still benefit from an existing 50% tax credit over 10 years for small-scale PV installations.

Additionally, the availability of low-cost solar panels from China is making photovoltaic technology more affordable, further driving the adoption of rooftop solar and home energy storage across Europe.

Key Market Players
Key players are ABB Ltd., Samsung Sdi Co., Ltd., BYD Company Limited, Eguana Technologies, Schneider Electric, Siemens AG, LG Chem, Tabuchi Electric, SMA Solar Technology and Eaton Corporation.

Key Developments
• In May 2022, Mango Power debuted Mango Power M Series in the Intersolar Munich 2022. Using a solar PV and a 10–20 kWh battery for daily and emergency use, the system is able Supported single and triple-phase connections with 8-14 kW output capacity by the system is Among the several uses the system can be found in built-in inverters, backup gateways and EV chargers. The corporation introduced several variants for the markets of Europe and U.S.

• In June 2022, Toyota debuted the O-Uchi Kyuden System, a household battery solution, therefore joining the energy storage industry. Using their electric vehicle battery technology, Toyota debuted a rated output of 5.5 kWh and rated capacity of 8.7 kWh battery storage system. Linked to a photovoltaic rooftop system, a house can run day-and night. The firm first wants to sell the storage solution in Japan.

DataM Intelligence

Sai Kiran

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pr@datamintelligence.com

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Global Residential Energy Storage Market is estimated to reach US$ 2,762.08 million by 2031