Residential Energy Storage Market to Witness Stunning Growth | Huawei, Samsung SDI Co. Ltd., Tesla, LG Chem, SMA Solar Technology - MarketsandMarkets Blog - 0 views
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Almira Coyne on 14 Jun 21Latest research, the global residential energy storage market 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.