The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033.
The Residential Solar Energy Storage Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Residential Solar Energy Storage Global Market Report 2024, The residential solar energy storage market size has grown exponentially in recent years. It will grow from $7.53 billion in 2023 to $9.12 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to growth in residential solar installations, declining solar panel costs, government incentives and tax credits, energy independence and cost savings, environmental awareness..
The residential solar energy storage market size is expected to see rapid growth in the next few years. It will grow to $18.73 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The growth in the forecast period can be attributed to energy management and optimization, expansion of rooftop solar and community solar projects, integration with electric vehicle charging, smart grid integration and demand response, energy storage for critical infrastructure.. Major trends in the forecast period include hybrid solar and storage systems, plug-and-play storage solutions, energy-as-a-service models, peer-to-peer energy trading, increased use of solid-state batteries..
Increasing demand for sustainable electricity generation is expected to propel the residential solar energy storage market going forward. Sustainable electricity refers to energy that is clean and renewable energy sources that can renew themselves and is inexhaustible in nature. The increasing demand for sustainable electricity generation will compel the residential solar energy storage market to come up with products to serve their customers in a better way. For instance, in 2022, according to Renewable Energy Statistics 2022, global renewable capacity is expected to increase by almost 2 400 GW (almost 75%) between 2022 and 2027 in the IEA main-case forecast, equal to the entire installed power capacity of the People’s Republic of China (hereafter “China”). Therefore, the increasing demand for sustainable electricity generation is driving the growth of the residential solar energy storage market.
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The residential solar energy storage market covered in this report is segmented –
1) By Operation: Standalone Systems, Solar and Storage
2) By Power Rating: 3–6 kW, 6–10 kW
3) By Technology: Lead Acid, Lithium-Ion
4) By Connectivity: On-Grid, Off-Grid
5) By Ownership: Customer, Utility, Third-Party
Top Major Players:
Samsung SDI Co. Ltd.
Tesla Inc
LG Chem Ltd.
ABB Ltd
General Electric Company
Asia-Pacific was the largest region in the residential solar energy storage market in 2023.
Advanced technologies are a key trend gaining popularity in the residential solar energy storage market. Major companies operating in the residential solar energy storage market are focused on developing new technological solutions to strengthen their position. For instance, in January 2022, Sungrow, a Chinese solar inverter and energy storage company that serves commercial, residential, and utility customers, launched their new 1+X modular inverter. This new inverter is the most innovative central inverter solution that uses cutting-edge technologies focused on three-level modularization. This three-level modularization makes the inverter more flexible and convenient to use. This new technology has been showcased by Sungrow for residential, commercial, industrial, and utility solar applications.
The residential solar energy storage market report table of contents includes:
1. Executive Summary
2. Residential Solar Energy Storage Market Characteristics
3. Residential Solar Energy Storage Market Trends And Strategies
4. Residential Solar Energy Storage Market – Macro Economic Scenario
5. Global Residential Solar Energy Storage Market Size and Growth
….……………
31. Global Residential Solar Energy Storage Market Competitive Benchmarking
32. Global Residential Solar Energy Storage Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Residential Solar Energy Storage Market
34.Residential Solar Energy Storage Market Future Outlook and Potential Analysis
35.35. Appendix
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