Residential Energy Storage Market Size to Exceed USD 5.60 Billion by 2032, at a CAGR of 14.08%
According to the SNS Insider Report, 'The Residential Energy Storage Market size was valued at USD 1.96 billion in 2024 and is expected to reach USD 5.60 billion by 2032, growing at a CAGR of 14.08% over the forecast period of 2025-2032.'
Rising Demand for Backup Power and Energy Independence Fuels Residential Energy Storage Market Growth
As rooftop solar photovoltaics (PV) systems become more widespread, smart homes emerge and the need for reliable backup supply during outages escalates, the Residential Energy Storage Market is gaining ground. Extreme weather events and aging electric grid infrastructure are causing blackouts more frequently, and homeowners are increasingly turning to battery storage for energy independence and resiliency. In 2024 alone, Hurricanes, wildfires and storms caused over 25 major grid disturbances all over the U.S. When you add to that a growing desire in many areas to abandon the grid, coupled with additional federal incentives, including the ITC, you have a recipe for high growth. Home smart phones are core elements of a much bigger global energy-storage ecosystem and together global BWTO capacity shoud exceed 400 GW by 2024, led primarily from Europe and Australia but also with fast growing penetration in US and India.
Get a Sample Report of Residential Energy Storage Market @ https://www.snsinsider.com/sample-request/7767
Leading Market Players with their Product Listed in this Report are: Tesla
LG Energy
Panasonic
Samsung SDI
Enphase
Sonnen
BYD
Generac
Eaton
ABB
Residential Energy Storage Market Report Scope: Report Attributes Details Market Size in 2024 USD 1.96 Billion Market Size by 2032 USD 5.60 Billon CAGR CAGR of 14.08% From 2025 to 2032 Report Scope & Coverage Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook Key Segments • By Solution (Lithium-Ion, Lead-Acid)• Connectivity Type (On-Grid, Off-Grid)• Ownership Type (Customer-owned, Utility-owned, Third-Party Owned)
• Power Rating (3-6 Kw, 6-10 Kw, More Than 10 Kw)
Purchase Single User PDF of Residential Energy Storage Market Report (20% Discount) @ https://www.snsinsider.com/checkout/7767
Residential Energy Storage Market Segmentation Outlook: Technology, Ownership, Connectivity, and Capacity Trends Shaping 2024–2032 Growth
By Solution
The Residential Energy Storage Market in 2024 was dominated by Lithium-ion batteries, which accounted for a significant 78.4% share, and the segment is projected to maintain the highest CAGR from 2024 to 2032. Their advantages are a combination of high energy density, long cycle life, falling costs, compatibility with smart energy systems and solar PV systems, and general battery chemistry improvements and a growing acceptance of battery safety standards and practices.
By Connectivity Type
On-grid systems accounted for a leading 77.6% share of the Residential Energy Storage Market in 2024 and are expected to grow at the fastest CAGR through 2032. This growth is fueled by widespread adoption of grid-connected rooftop solar, net metering policies, time-of-use pricing, and smart grid initiatives. On-grid storage offers cost savings, real-time monitoring, scalability, and virtual power plant (VPP) potential, making it an increasingly attractive option for homeowners.
By Ownership Type
Customer-owned systems are projected to hold 59.7% of the Residential Energy Storage Market in 2024, as more homeowners opt to purchase batteries outright—especially when paired with rooftop solar—to maximize energy savings and access government incentives. Ownership offers full control over usage, performance, and integration with home energy platforms.
from 2025 to 2032, third-party owned systems are expected to grow fastest due to rising popularity of leasing, PPAs, and BaaS models.
By Power Rating
In 2024, the 3–6 kW segment led the Residential Energy Storage Market with a 46.5% share, favored for its suitability in small to mid-sized homes, affordability, and compatibility with rooftop solar. It offers backup and daily efficiency for typical household use.
From 2025 to 2032, the 6–10 kW segment is expected to grow fastest, driven by rising EV adoption, smart appliances, and increasing demand for home electrification and energy independence.
Regional Momentum in Residential Energy Storage Market Driven by Policy Support, Solar Adoption, and Climate Resilience
In 2024, North America led the Residential Energy Storage Market with a 32.5% share, driven by rising rooftop solar adoption, frequent weather-induced outages, and strong policy support such as the U.S. Investment Tax Credit (ITC). The U.S. spearheaded growth with federal incentives and increased demand for backup power.
From 2025 to 2032, Asia Pacific is projected to witness the fastest CAGR of 14.98%, fueled by rapid urbanization, rising electricity demand, falling battery costs, and expanding solar-plus-storage policies in China, Japan, South Korea, and Australia.
Europe follows closely, with strong climate policies, energy independence goals, and rooftop solar penetration. Meanwhile, Latin America and the Middle East & Africa are gaining momentum through electrification efforts and off-grid solar-storage solutions in underserved regions.
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Recent Developments: In July 2025, Tesla has signed a $4.3 billion deal with LG Energy Solution for U.S.-made LFP batteries, aimed at powering its grid-scale and residential energy storage systems, with deliveries starting August 2027 through July 2030.
USP FOR RESIDENTIAL ENERGY STORAGE MARKET Time-of-use billing influence – helps you understand how variable electricity tariffs are driving battery adoption by enabling consumers to store cheap off-peak energy for peak-hour use.
– helps you understand how variable electricity tariffs are driving battery adoption by enabling consumers to store cheap off-peak energy for peak-hour use. Ev charging synergy – helps you assess how rising residential EV ownership is increasing demand for higher-capacity storage systems and accelerating integrated energy solutions.
– helps you assess how rising residential EV ownership is increasing demand for higher-capacity storage systems and accelerating integrated energy solutions. Hybrid inverter penetration – helps you identify the growing deployment of hybrid inverters that simplify solar-plus-storage installations and enhance grid interoperability.
– helps you identify the growing deployment of hybrid inverters that simplify solar-plus-storage installations and enhance grid interoperability. User payback period improvement – helps you evaluate how falling battery prices, government incentives, and energy savings are shortening the return-on-investment period for homeowners.
– helps you evaluate how falling battery prices, government incentives, and energy savings are shortening the return-on-investment period for homeowners. Storage-compatible smart homes – helps you track how smart energy management platforms are being integrated with residential storage systems for optimized usage and remote control.
– helps you track how smart energy management platforms are being integrated with residential storage systems for optimized usage and remote control. Solar-plus-storage adoption rate – helps you measure how rapidly consumers are pairing rooftop solar with batteries to maximize self-consumption and minimize grid dependence.
– helps you measure how rapidly consumers are pairing rooftop solar with batteries to maximize self-consumption and minimize grid dependence. Lfp technology transition – helps you understand how the market is shifting to lithium iron phosphate (LFP) chemistry due to its safety, affordability, and energy efficiency in residential use.
– helps you understand how the market is shifting to lithium iron phosphate (LFP) chemistry due to its safety, affordability, and energy efficiency in residential use. Backup power demand index – helps you gauge how increasing climate-related outages and grid instability are pushing demand for reliable residential backup power solutions.
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
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