The global residential energy storage systems (RESS) market grew from nearly $2.5 billion in 2017 to $3.0 billion in 2018. Over the forecast period 2018–2023, overall revenues from global RESS shipments are forecast to grow at a compound annual growth rate (CAGR) of 30.0% to reach a value of $11.2 billion.

The market is spurred by a number of factors, including feed-in tariff (FIT) and net metering revisions in historic residential photovoltaic (PV) hotspots, subsidies and tax incentives, rapid price reductions in lithium-ion battery prices, and rising electricity tariffs.