COVID-19 Impact on Residential Battery Market
- The COVID-19 outbreak is hampering the demand for residential battery in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the coronavirus. This has resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for residential batteries.
- Key players operating in the residential battery market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these batteries.
- The COVID-19 outbreak has directly affected the production and demand energy storage market. The industrial shutdown caused by the COVID 19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
Key Drivers of Residential Battery Market
- Lead acid batteries are cost effective and the cheapest available option in the market, and can be easily disposed and recycled. On the other hand, lithium ion batteries have high battery density, which makes it most appropriate.
- Continuous power supply is the key driver of the residential battery market. This has rapidly increased the demand for residential battery storage systems. Demand for energy backup storage system is likely to increase, thereby boosting the residential battery market.
Restraints of Residential Battery Market
- Seasonal power cuts in residential areas affects the power supply from power stations. Disruption in power supply slows down the adoption of residential battery storage systems. Residential battery storage system has limited power supply and less efficiency. This is likely to restrain the residential battery market.
Asia Pacific to Constitute Significant Share of Global Residential Battery Market
- In terms of region, the global residential battery market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2020. Asia Pacific is the largest market for residential batteries due to substantial investments in China, Japan, and India for continual improvements in energy efficiency, eco-friendliness, and battery in the energy storage industry. Asia Pacific is expected to account for the leading share of the residential battery market during the forecast period owing to growth in urbanization and rise in spending power of countries in the region. The residential battery market in the region is expected to expand at a rapid pace throughout the forecast period.
- Europe is also one of the key consumers of residential battery market. The region is expected to account for significant growth in the residential battery market, owing to the increase in the number of manufacturers in the region.
Competitive Landscape of Global Residential Battery Market
- Major players operating in the global residential battery are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- Amararaja Batteries Limited
- Samsung SDI
- Luminous India
- Panasonic Energy Corporation of America
- BYD Electronic (International) Company Limited
Global Residential Battery Market
Global Residential Battery Market, by Type
Global Residential Battery Market, by Power Capacity
Global Residential Battery Market, by Material
- Lead Acid
- Lithium Ion
- Nickel Cadmium
Global Residential Battery Market, by Energy Storage System
- Residential Power Supply
- Household Appliances
Global Residential battery Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Residential Battery Market: Introduction
- Residential batteries are made from lead acid, lithium ion, and nickel cadmium. The market for residential battery is likely to expand with the increasing rooftop solar installation in residential areas.
- Residential batteries account for major cost in energy storage systems. They are primarily used in residential energy storage. Residential battery creates opportunity for greater efficiency and higher safety.