The study involved major activities in estimating the current size of the residential energy storage market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles by recognized authors; and databases of various companies and associations. Secondary research was mainly used to obtain key information about the industry’s supply chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both, market- and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side include industry experts such as chief executive officers (CEOs), vice presidents (VPs), marketing directors, and related key executives from various companies and organizations operating in the residential energy storage market.
In the complete market engineering process, the top-down and bottom-up approaches, along with several data triangulation methods, were extensively used to perform the market size estimations and forecasts for all segments and subsegments listed in this report. Extensive qualitative and quantitative analyses were conducted to complete the market engineering process and list key information/insights throughout the report. Following is the breakdown of primary respondents:
Note: Other designations include sales managers, engineers, and regional managers.
The tier of the companies is defined based on their total revenue; as of 2023: Tier 1 = > USD 1 billion, Tier
2 = From USD 500 million to USD 1 billion, and Tier 3 = < USD 500 million.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Multiple approaches were adopted for estimating and forecasting the web content management market. The first approach involves estimating the market size by companies’ revenue generated through the sale of WCM products.
Market Size Estimation Methodology- Top-down approach
Both top-down and bottom-up approaches were used to estimate and validate the size of the residential energy storage market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
Residential Energy Storage Market : Top-Down and Bottom-Up Approach
Data Triangulation
After arriving at the overall market size from the estimation process explained below, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. The market size was validated using the top-down and bottom-up approaches.
Market Definition
A residential energy storage system typically consists of an inverter, a battery, and various other components meant to provide uninterrupted power to homes. Such systems provide benefits, including improved energy security, greater independence from the grid, lesser environmental impact, and reduced electricity costs. Among these types, lithium-ion battery systems are the most popular because of their energy storage capacity in very compact spaces. In addition to residential applications, the above-mentioned batteries are used extensively in electric vehicles, power tools, and mobile devices.
Stakeholders
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Assembly, testing, and packaging vendors
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Companies in the energy storage industry
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Consulting companies in the energy and power sector
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Electrical distribution utilities
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EV players
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Government and research organizations
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Inverter and battery manufacturing companies
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Investment banks
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Low- and medium-voltage distribution substations
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Medium-voltage solar equipment manufacturing companies
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Organizations, forums, alliances, and associations
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Residential energy consumers
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Solar panel manufacturers, dealers, installers, and suppliers
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State and national regulatory authorities
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Venture capital firms
Report Objectives
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To describe, segment, and forecast the residential energy storage market, in terms of value, based on power rating, connectivity type, technology, ownership type, operation type, and region
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To describe and forecast the market for five key regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa (MEA), along with their country-level market sizes, in terms of value and volume
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To provide detailed information regarding the key drivers, restraints, opportunities, and challenges influencing the growth of the market
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To provide the supply chain analysis, trends/disruptions impacting customers’ businesses, market map, pricing analysis, and regulatory analysis of the residential energy storage market
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To analyze opportunities for stakeholders in the residential energy storage market and draw a competitive landscape of the market
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To strategically analyze the ecosystem, tariffs and regulations, patent landscape, trade landscape, Porter's five forces, and case studies pertaining to the market under study
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To benchmark market players using the company evaluation matrix, which analyzes market players on broad categories of business and product strategies adopted by them
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To compare key market players with respect to their product specifications and applications
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To profile key players and comprehensively analyze their market ranking and core competencies
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To analyze competitive developments, such as sales contracts, agreements, investments, expansions, product launches, alliances, mergers, partnerships, joint ventures, collaborations, and acquisitions, in the residential energy storage market
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To study the impact of AI/Gen AI on the market under study, along with the global macroeconomic outlook
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
Product Analysis
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Product Matrix, which provides a detailed comparison of the product portfolio of each company
Company Information
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Detailed analyses and profiling of additional market players
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Growth opportunities and latent adjacency in Residential Energy Storage Market