The global residential energy storage market is expected to grow from an estimated USD 6.3 billion in 2019 to USD 17.5 billion by 2024, at a CAGR of 22.88% during the forecast period. The growth of this market is driven by the declining cost of batteries, regulatory support and financial incentives, and the need for energy self-sufficiency from consumers.
The global residential energy storage market is dominated by a few major players that have a wide regional presence. The leading players in the residential energy storage market are Huawei (China), Samsung SDI Co. Ltd. (South Korea), Tesla (US), LG Chem (South Korea), and SMA Solar Technology (Germany).
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The major strategies adopted by the players include new product launches, investments & expansions, contracts & agreements, partnerships, alliances, and joint ventures. The new product launches was the most commonly adopted strategy from July 2016 to March 2019. These industry players also adopted contracts & agreements as a major strategy during that period.
Huawei (China) is a leading global provider of Information and Communications Technology (ICT) infrastructure and smart devices. The company provides integrated solutions across 4 key domains, namely, telecom networks, IT, smart devices, and cloud services. The company operates through 4 business segments, which are consumer business, carrier business, enterprise business, and others. The solar energy storage and inverters are a part of the enterprise segment. The company has been investing heavily in solar solutions and PV inverters. Huawei is one of the leading market players of PV inverters. Its product portfolio includes FusionHome Smart Energy Solution. In June 2018, Huawei launched the FusionHome Smart Energy Solution, which implements 4 essential functions as a plug & play solution. These include the optimization of energy flows and self-consumption, the energy storage and integration into a smart home system.
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Samsung (South Korea) is a leading material and energy solutions provider. The company operates through 2 business segments, namely, energy solutions and electronic material. The electronic material segment offers a Plasma Display Panel (PDP) used in TVs and is into the rental business. The products offered under the energy solutions segment include small-sized lithium-ion batteries, automotive batteries, and energy storage systems. The company also manufactures and sells secondary cells and PDPs. Samsung is a global leader in the secondary lithium-ion battery industry. In May 2018, Samsung SDI introduced a new high voltage residential energy storage product, which could be an alternative to lead–acid batteries. The company claims that the product has high scalability, which is expected to save on design costs and time.
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