The global Home energy storage market was worth USD 7.30 billion in 2021 and is expected to grow at a revenue CAGR of 20.3% during the forecast period. The market is driven by the rising demand for energy storage technologies and grid energy storage solutions, increased adoption of solar PV modules, and awareness of energy conservation and renewable generation. Residential energy storage includes a battery that stores excess electricity for later consumption, which can be coupled with solar energy for 24-hour usage. Home energy storage reduces dependency on the power grid and allows people to store excess energy from renewable sources for later use. The growth of the market is attributed to the adoption of Battery Energy Storage System (BESS) with renewable technologies connected to the grid. Major companies are collaborating to offer innovative energy storage solutions and expand opportunities for residential customers using solar and battery storage, along with smart EV charging, driving market growth. However, the high cost of installation and maintenance is the major restraint of the market growth.
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Residential Energy Storage Market: notable innovation
There have been several notable innovations in the Home energy storage market in recent years, including:
- Virtual power plants: Virtual power plants (VPPs) allow residential energy storage systems to be connected and controlled as a single entity. This enables them to provide grid services such as frequency regulation, which helps to stabilize the grid and prevent blackouts. VPPs can also help to reduce the need for new power plants by providing energy during periods of high demand.
- Second-life batteries: Second-life batteries are batteries that have been retired from electric vehicles or other applications but still have significant remaining capacity. These batteries can be repurposed for use in residential energy storage systems, reducing the cost of new batteries and extending the life of the original battery.
- Hybrid energy storage systems: Hybrid energy storage systems combine different types of batteries, such as lithium-ion and lead-acid batteries, to provide a more cost-effective and reliable solution. Hybrid systems can also provide faster response times and better performance than single-battery systems.
- Blockchain-enabled energy trading: Blockchain technology can enable peer-to-peer energy trading between homeowners with excess energy and those who need it. This can help to create a more decentralized and efficient energy market, reducing the need for large centralized power plants.
- Smart energy management systems: Smart energy management systems use artificial intelligence and machine learning algorithms to optimize energy use and storage. These systems can automatically adjust energy consumption based on the homeowner's habits and preferences, reducing energy waste and saving money on energy bills.
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