Global Residential Energy Storage Market to 2024 - Key Players include Huawei... - 0 views
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Almira Coyne on 04 Mar 21According to the new market research report "Residential Energy Storage Market by Power Rating (3-6 kW & 6-10 kW), Connectivity (On-Grid & Off-Grid), Technology (Lead-Acid & Lithium-Ion), Ownership (Customer, Utility, & Third-Party), Operation (Standalone & Solar), Region - Global Forecast to 2024″, is projected to reach USD 17.5 billion by 2024 from an estimated USD 6.3 billion in 2019, at a CAGR of 22.88% during the forecast period. This growth can be attributed to factors such as declining cost of batteries, regulatory support and financial incentives, and the need for energy self-sufficiency from consumers. Residential energy storage systems provide backup power during power outages, and therefore, play a vital role in the energy industry.