At a compound annual growth rate of 16.3%, the size of the worldwide ASEAN and India Residential Energy Storage Battery market is projected to reach USD 31.20 Billion in 2029.
The ASEAN and India residential energy storage battery market size is projected to reach nearly USD 2.9 million at a CAGR of 22.24% by 2028. This can be attributed to the growing adoption of renewable energy storage systems. In addition, the cost-saving systems, added protection, reduction in carbon-footprint are also boosting the ASEAN and India residential energy storage battery market. However, fast and high-power discharge, high maintenance costs, and other similar challenges are likely to hamper the market progress considerably. On the contrary, the falling battery costs, government initiatives, financial incentives are anticipated to be significant opportunities to the ASEAN and India residential energy storage battery market.
Energy storage battery is type of backup systems or devices that enable energy production from renewable sources like solar grids or wind energy which is stored and released when the customers need the energy in catastrophic times such as power outages. Energy storage batteries are usually used as an additional source of emergency energy backup used during power outages for self-consumption, and off-grid homes. The purpose of this energy storage system is to facilitate added protection, reduce carbon footprint, and most importantly continue the industrial operations or residential work without any interruptions. The lithium ion battery, lead-acid battery, hydrogen battery are also classed under energy storage battery. The market is comprised of prominent energy storage battery providers who are providing advanced solutions like improved battery capacities and improve longevity besides other value additions. Additionally, new product launches and mergers & acquisitions are some other strategies utilized by the players in ASEAN and India residential energy storage battery space to stay ahead of competition. This has resulted into effective service to clients and better client satisfaction.
The key companies in the ASEAN and India residential energy storage battery market are Panasonic Corporation, LG Chem, Hitachi Chemical Company, Siemens Gamesa Renewable Energy, ABB Group, General Electric Company, Samsung Electronics, Toshiba Corporation, Tesla, and AEG Power Solutions. The ASEAN and India residential energy storage battery market comprises of well-established players as well as new entrants. The new entrants have entered this market and are ambitious about their future expansion plans. The companies are seeking to provide smarter and more affordable options to the customers and setting up wide customer base in collaboration with big manufacturing companies.
Energy Storage Battery Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||USD 31.20 Billion|
|Growth Rate||CAGR of 16.3% during 2021-2029|
|Segment Covered||Based on connectivity, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||GE,ABB,Samsung SDI,Hitachi Chemical Co., Ltd.,Siemens Energy,Total,LG Chem,Fluence,Narada,VRB Energy,Kokam|
Key Segments of the ASEAN and India Residential Energy Storage Battery Market
Power Rating Overview, 2021-2028 (USD Million)
- 3–6 kW
- 6–10 Kw
Connection Type Overview, 2021-2028 (USD Million)
- On-Grid Connection
- Off-Grid Connection
Type Overview, 2021-2028 (USD Million)
- Standalone systems
Technology Overview, 2021-2028 (USD Million)
Ownership Type Overview, 2021-2028 (USD Million)
Country-wise Overview, 2021-2028 (USD Million)
- Rest of ASEAN
Reasons for the study
- The study covers world outlook of the ASEAN and India residential energy storage battery market with demand dynamics and potential industry earnings for the countries in study.
- The report does comparative study which allows the interested public quickly gauge a country vis-à-vis others.
- In order to make the market estimates that report has employed multiple methodologies which make the estimated market study more reliable for the market players.
- This report enables better insights of the market.
What does the report include?
- Market size and growth rate of the global retail management systems software market segmented by sectors, and regions.
- Global scenario of retail management systems software market
- Top 100 retail management systems software providers at the International Level
- Market shares of retail management systems software providers in overall GDP of the market across countries.
- Competitive analysis of local retail management systems software market sectors vis-à-vis global retail management systems software sectors.
- Supportive policies and regulations of government for growth of retail management systems software market in individual ley countries.
- Company profiles of 100+ key players including key local as well as global retail management system software brands.
Who should buy this report?
- This report enlightens agents, brokers, attorneys, mangers, business owners, and others who want to know more about the insurance covered offered in individual countries and want to reduce exposures from equipment breakdown losses
- This report has been compiled for the benefit of businesses considering insurance coverage for broken down equipment and those who reduce financial losses.
- This report is created for the wellbeing of global strategic planner, customers and prospective customers, BI vendors, CFOs, CXOs, and other intermediaries across the value chain who looking for insights shaping the world market of Global Equipment Breakdown Insurance Market.
Frequently Asked Questions (FAQ) :
The growing technology innovations of storage systems in commercial and industrial sectors leading to better operational efficiency are the key reasons driving the demand for energy storage battery systems in ASEAN and India markets. The residential energy storage battery energy systems or the battery backup systems are becoming primary needs of the residential, commercial, as well as industrial sectors to continue uninterrupted operations in commercial and industrial sectors and work in residential sector. The purpose of this energy storage system is to facilitate added protection, reduce carbon footprint, and most importantly continue the industrial operations or residential work swiftly. The growing adoption of residential energy storage battery by small, medium, and large businesses in commercial and business firms and in the residential sector is accelerating the ASEAN and India residential energy storage battery market. Also, residential energy storage battery or energy systems developed by using solar energy or renewable energy save huge costs of the companies. An increasing number of commercial and manufacturing firms are availing the benefits offered by the energy backup systems.
Based on power rating the ASEAN and India residential energy storage market is expected to be led by 3-6 KW segment which is likely to hit 22.45% revenue share in the projected time frame. Reliance on renewable energy is likely to mediate steady adoption of residential energy storage systems supporting market expansion. As consumers are strictly aiming for reduced electricity charges and judicious consumption demand for residential energy storage systems across ASEAN and India markets are expected to uprise further.
In terms of connection type the on-grid connection is likely to sustain dominance backed by large scale end-user adoption across residences. Through the on-grid energy storage system the energy plant is connected to the utility grid directly. The resultant AC current is consumed for all power consumption needs. The segment is expected to gain over 23.15% in revenue through the forecast time frame.
Based on operation type ASEAN and India residential energy storage market is likely to be dominated by the standalone systems registering a revenue income of over 22.7% over the projected timeframe. The dominance of the standalone residential energy storage in ASEAN and Indian markets is due to its heavy applications in remote power supply as it does not require any external electricity grid. Residential as well as small and medium commercial establishments heavily rely on stand-alone operations.
In terms of technology, ASEAN and India residential energy storage market is expected to be lucrative with the lithium-ion batterie segment to incur over 22.8%. Factors such as rechargeable battery system, better access and economic feasibility are likely to make this segment more lucrative in the coming years.
The customer owned ownership segment will witness magnificent investment returns with revenues worth 22.39%. factors such as improved consumer awareness followed by government subsidy schemes and improved buying capacities are likely to stoke exponential segment expansion for ASEAN and India residential energy storage market in the forthcoming years.
Indonesia is poised to claim the lion's share of the revenue generation in ASEAN and India residential energy storage market supported by over 5% GDP increase. Additionally, government initiatives to turn to renewable energy-based power consumption by 2023 is also a significant growth opportunity