Residential Energy Storage Market to Flourish with an Impressive CAGR of 22.88% During Forecast Period - 0 views
-
Almira Coyne on 19 Nov 21According to the new market research report, Residential Energy Storage Marketis 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.