Guidehouse Insights estimates the battery based residential energy storage systems market will grow at a compound annual growth rate of 21% by 2030.
A new report from Guidehouse Insights examines the global market for residential energy storage systems (RESS) solutions, analyzing market conditions, technology issues, and trends, and includes estimates of power capacity sold annually, cumulative capacity, and vendor revenue projections through 2030.
RESS solutions provide homeowners a degree of control over the power used in their residence rather than relying on the local utility for service. An increasing number of homeowners are investing in RESS solutions to reduce inconveniences associated with power outages and in some cases, reduce costs and increase their use of renewable power.
According to a new report from Guidehouse Insights, the battery-based RESS solutions market is expected to grow at a 21.3% compound annual growth rate (CAGR) from 2021 to 2030.
William Hughes, principal research analyst with Guidehouse Insights, said:
While gensets continue to be popular, the most significant trend is the increasing adoption of battery-based RESSs.
“This trend follows the increasing adoption of solar panels by homeowners because the sale of battery-based RESSs is almost always accompanied by solar panels.”
However, challenges for the RESS industry include providing homeowners accurate information about options, their relative merits, and costs.
Customer installation also requires a costly onsite evaluation and can involve complex and time-sensitive subsidies from local utilities and government agencies. A variety of financing options and ongoing management of the equipment can add to consumer confusion, according to the report.
The report, Market Data: Residential Energy Storage Systems, examines the global market for RESS solutions that offer homeowners the ability to manage or dispatch power independent of the power grid. Market conditions, technology issues, and trends are analyzed to project the continued adoption and success of these systems.
The report includes estimates of power capacity sold annually, cumulative capacity, and vendor revenue projections from 2021 to 2030 for five global regions (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa). An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets.
The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation.
Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 12,000 professionals in over 50 locations globally.
Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
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Guidehouse Insights Estimates the Battery-Based Residential Energy Storage Systems Market Will Grow at a Compound Annual Growth Rate of 21% by 2030, BOULDER, Colo., February 17, 2022
