Plugged In and Powered Up: Home Energy Storage Market Rockets to $72.87 Billion by 2031

According to the most recent report by Valuates Reports, the global Home Energy Storage System Market is witnessing remarkable growth, expected to move from $8.74 billion in 2024 to $72.87 billion in 2031, representing a compound annual growth rate (CAGR) of 33.7% across the forecasted period. 

 

Some of the main factors driving this rapid growth include falling costs for batteries, increased adoption of residential solar systems, and increasing concern over grid reliability. Lithium-ion batteries still dominate the Home Energy Storage System Market due to their high energy density and long cycle life while the emergence of different chemistries from lithium iron phosphate (LFP) and sodium-ion battery production diversify the battery options while mitigating raw materials apprehension. 

 

As investment tax credits and time-of-use tariffs improve the financial attractiveness of home energy storage, the payback period for consumers declines. The pairing of smart-home technology changes energy storage systems from a user-activated backup power system to an active revenue-generating resource able to work synergistically with electric vehicle charger loads and responsive loads in the home. 

 

Furthermore, extreme weather events are highlighting the value and preemptive nature of home power resilience solutions, increasing demand for cost-effective, turnkey, AI-powered solutions. Home energy storage is quickly moving from a niche product to an essential component of every household, with strong growth expected in wall-mounted, stacked, modular, and high-voltage storage solutions.

 

Source: PR Newswire