Market Overview
The size of the U.S. residential energy storage market will be around USD 137.2 million in 2024, which is set to reach USD 603.6 million by 2030, advancing at a CAGR of 28.0% over the forecast period. This can be attributed to the growing understanding of power storage among consumers, advancement in infrastructures, and positive government policies on electricity generation and storage from renewable energy sources.
The further CES technology fully develops, it will greatly benefit distribution grids in terms of operation, reliability, quality, and control. This revolutionary technology has proven to have advantages for consumers and utilities, which is why it has become an essential component in microgrids.
It helps reduce fluctuations in the amount of electricity generated from small and nonsynchronous power plants like photovoltaic and wind power plants by providing electricity from high-capacity battery systems.
Sales of solar storage systems in the U. S have experienced a rise due to increased units of EVs being sold: charging an EV using a solar and storage system that has been installed at home is cheaper than the cost of fuelling a car.
Thanks to the support of the US administration, owners of such vehicles are urging to install high-capacity batteries, as the charging of vehicles from the grid increases the load. According to the International Council on Clean Transportation, the annual sales of the EV in the United States were over 1 million units for the last time in 2023.
Key Insights
· In 2024, the customer-owned category is dominating, holding a share of 45%. These systems decrease power bills and offer self-reliance, and resilience during power cuts.
· Government grants for solar panels and renewable power propel customer purchases of power storage systems.
· During the projection period, the utility-owned category will grow at the highest pace.
· These systems aid power providers to decrease operational prices and provide economic benefits to both homeowners and utility firms.
· In 2024, the On-grid category is dominating. Such systems enable excess power from renewable sources to be transported to the utility, regulating the cost of consumers' bills.
· During the projection period, the on-grid category is also the fastest-growing, with a CAGR of 28.3%, because of augmented awareness of the aids, like feed-in tariffs.
· In 2024, the 6 to 10 kW category leads the industry with a share of approximately 50%. It is also the fastest-growing category, with a CAGR of 28.6% over the projection period.
· These systems offer long-period, steady power, perfect for the power demands of an average home.
· In 2024, the lithium-ion category will grip the larger share, of 70%, and is also the fastest-rising category during the projection period. This is because of the longevity, dependability, advanced voltage operation, and better power density of lithium-ion batteries in comparison to SLA variants. They are also simply recyclable and ecological.
· In 2024, the standalone systems are the larger category. Such systems offer power backup during grid outages, storing power when usage is lesser than supply. They are inexpensive and easier to install, operate, and maintain since they are not integrated with solar panels.
· The solar and storage system category will advance at a higher CAGR during 2024–2030. Increasing adoption of solar energy storage systems in the U.S. for sustainability and cost-saving drives this growth.
Source: P&S Intelligence
