The advancements in the production and supply chain efficiency and improvements in energy density through various technologies is expected to provide opportunities for the ASEAN and India residential energy storage battery market growth
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. Energy storage batteries are type of batteries that are rechargeable and store energy from solar arrays or electric grids. These energy storage batteries provide energy residential, business, and industrial plants. Energy storage batteries are usually used to as an additional source of emergency energy backup used during power outages for self-consumption, and off-grid homes. Lithium-ion batteries are used in homes. The energy batteries are used as they are the cheapest and the cleanest source of energy. 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 lithium-ion battery, lead-acid battery, hydrogen battery are also classed under energy storage battery.
The future and existing market of ASEAN and India residential energy storage battery market is attractive. The key influencing factors to the market are growing popularity of solar PVs, adoption of continuous and dependable power supply, and increasing use of solar rooftop systems. Moreover, factors such as growing government initiatives for developing clean sources of energy. Also, energy storage battery systems coupled with government focus on minimizing costs are leading to increased adopting of clean energy sources boosting the ASEAN and India Residential Energy Storage Battery Market growth. However, factors such as high installation cost, low battery backup are likely to stifle the ASEAN and India Residential Energy Storage Battery Market. Furthermore, falling battery costs, government initiatives, financial incentives is anticipated to be an opportunity to the ASEAN and India Residential Energy Storage Battery Market.
Adroit Market Research report covers the ASEAN and India residential energy storage battery market from 2021-2028 which includes top 100 players, estimated market sizes in terms of current demands, company rankings. Geographic footprint and strategic initiatives of the market player are presented in the report. It provides geographic analysis of the regions including Vietnam, Malaysia, Thailand, Indonesia, Singapore, Rest of ASEAN. Factors such as drivers, restraints, strengths, weaknesses, and opportunities are studied in the report. The historic year considered for the study in the report is from 2019 to 2020. The report presents the current financial performance of the market at the country and regional levels. The study assesses the market based on the Porter's five forces analysis, primary & secondary research.
The ASEAN and India residential energy storage battery market is experiencing solid growth and turbulence as battery providers continue to provide more power storage batteries. Moreover, these providers have expanded their offerings by providing additional services to their consumers.
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. 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. 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. 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.
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.
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 ASEA