Artificial Intelligence (AI) is fastest growing segment fueling the growth of Residential Battery Market

 The global Residential Battery Market is estimated to be valued at US$ 15.59 Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Residential battery systems provide power backups and energy storage for homes. They allow homeowners to store electricity generated from rooftop solar panels or during off-peak hours and use it as required. These battery systems offer benefits like decreased energy bills, enhanced power reliability and reduced carbon footprint.

Market key trends:
Growing popularity of AI-powered home energy management systems is a key trend in the residential battery market. These systems use deep learning algorithms to automatically optimize home energy use based on weather predictions, occupancy patterns and time-of-use electricity rates. They can schedule smart appliances to run when solar power generation or rates are high and draw from battery storage as required. This maximizes self-consumption of renewable energy and minimizes energy costs for homeowners.

Segment Analysis:

Residential Battery Market 

The global residential battery market is segmented on the basis of technology, application, power source and connectivity. The lithium-ion battery segment dominates the market and held the largest market share in 2023. Lithium-ion batteries are preferred over lead-acid batteries in residential sector due to its benefits such as lightweight, high energy density and low maintenance.

Key Takeaways:

The global residential battery market is expected to witness high growth, exhibiting CAGR of 18.% over the forecast period, due to increasing support by governments for renewable energy integration and adoption of smart homes.

Regional analysis: North America dominated the global Residential Battery Market Scope in 2023 and accounted for around 30% of the total market share. The region is expected to continue dominating during the forecast period, owing to supportive policies for energy storage and existing high adoption of renewable energy. Asia Pacific is expected to witness the fastest growth during the forecast period due to growing investments in renewable energy integration in countries such as China and India.

Key players: Key players operating in the residential battery market are FIMER SpA, Amara Raja Batteries Ltd, Samsung SDI, Energizer Holding Inc., Luminous Power Technologies Private Limited, LG Energy Solution, Ltd., Duracell Inc., Panasonic Corporation, Siemens AG, Tesla Inc., Delta Electronics Inc., BYD Co. Ltd and NEC Corp. Tesla Inc. dominated the global residential battery market in 2023, owing to its diverse portfolio of battery storage solutions and growing service network.

For more insights, read- https://www.newsstatix.com/residential-battery-market-analysisscope/