The residential energy storage market will reach USD 3,099.8 million by 2030, powering at a rate of 18.2% in the years to come.

This is because of the rampant infra expansion, increasing consumer expenditure on energy storage, rising private and government investments in renewable energy production, growing concern of people with regards to degradation of the environment, rising interest in accomplishing self-sufficiency, high research and development outlay, and booming consumption of energy in developing nations.

The customer-owned category dominated the industry in the past, and it will continue like this in the years to come as well. The key reason for this will be the numerous advantages of customer-owned ESSs, for example decreased electricity cost per kilowatt-hour; growing requirement for rooftop PV solutions, and the mounting emphasis on accomplishing self-sufficiency.

Browse detailed - Residential Energy Storage Market Revenue Estimation and Growth Forecast Report

Furthermore, the growing requirement for EVs and expanding implementation of virtual power plants increase the installation rate of these sort of systems. The increasing use of EVs produces a substantial load on the current grid infra, and to reduce the load, governments in the EU inspire EV owners to connect energy storage solutions at home, for charging the vehicles.

Due to the rising consumer spending on energy storage, the demand for residential energy storage solutions will continue to grow in the years ro come as well.