Residential Solar Energy Storage Market share is projected to be worth USD 5134.8 Million by 2030, registering a CAGR of 19.5% during the forecast period (2022 - 2030).
Residential Solar Energy Storage Market is projected to be worth USD 5134.8 Million by 2030, registering a CAGR of 19.5% during the forecast period (2022 - 2030), The market was valued at USD 5.13 billion in 2021. This growth can be attributed to the declining cost of batteries, regulatory support and financial incentives, and the need for energy self-sufficiency from consumers. In addition, residential energy storage systems provide backup power during power outages and play a vital role in the energy industry.
Lead-acid batteries have been among the first and widely deployed rechargeable batteries in terms of technology, based on the number of installations and cumulated installed capacity. The technology features an excellent cost-performance ratio across a wide range of applications complementing its adoption across the market. However, low energy density, heavy structure, and poor deep discharging response adhered by lead composition are a few restraining business growths.
Lithium-ion segment has benefitted from large-scale investments because of their versatility, enabling their deployment across a wide tandem of applications. Furthermore, the chemistry possesses comprehensive cost reduction potential through an increase in the scale of production capacity, material improvements, and competitive supply chains. In addition, the large-scale development of EVs favored by ongoing stationary solar integration will further complement the industry outlook.
The onset and spread of the novel coronavirus pandemic have been a significant concern for the global audience looking for something new and innovative now and then. The global markets have been subjected to the changes and challenges introduced by the pandemic, and the residential solar energy storage market is one of them. People understand the meaning of sustainability and resources; however, the changes with the pandemic followed by the healthcare concerns and spending capacity is a significant question.
The global governments are planning to collaborate with the key market players of the residential solar energy storage market to add new product lines, enhance the manufacturing and production, add to the product quality, market capping on the product pricing, and much more. It ensures a better hand at the market operations in the future.
The residential solar energy storage market is witnessing global recognition owing to which the future for the market remains bright during the continuous period ending in 2030. The global market trends highlight the market factors like declining Battery Costs followed by the steps taken by prominent regions like North America & Europe that will help in the global market expansion. Also, there is a positive and clean energy outlook followed by the rise of affordable regulatory inclination towards sustainable energy in the Asian Pacific region. Furthermore, large-scale renewable integration is on the way, resulting in growing energy demand across isolated areas like the Middle East & Africa. Also, trends support the restructuring & revamping of existing electrical infrastructure o give rise to the large-scale renewable integration prospects in areas like Latin America. Also, the rising demand for the integration of sustainable energy infrastructure has a positive growth in store for the residential solar energy storage market share during the ongoing forecast period in 2030.
Rising environmental concerns in conjunction with strict regulatory mandates to curtail emissions through the integration of effective energy conservation measures will drive the global solar energy storage market growth. Moreover, ongoing enhancements & upgrades to entail a cost-competitive business scenario will positively influence industry dynamics. Moreover, harnessing the synergy between intermittent renewable power and demand-side electrification is critical for technological adoption.
However, the dependency of the global target audience of the residential solar energy storage market is vast. Hence, this is acting as a significant barrier towards the scheduled growth of the market for the ongoing forecast period. In addition, the lack of availability followed by the absence of sources of proper awareness and reliable market suppliers that leads to exploitation in the name of sustainability are some things that the market has to undergo while aiming for global residential solar energy storage market expansion.
The report segments the market, by power rating, into 3–6 kW and 6–10 kW. The 3–6 kW segment is expected to hold the largest market share as it provides backup power during grid failures. Countries are also using 3–6 kW batteries for EV charging, where solar PVs directly provide energy to EVs without an increase in the energy bills.
Looking at the latest research analysis, the Residential Solar Energy Storage industry can be bifurcated based on the following to meet the rising needs of the global target audience that ultimately lead to the market expansion during the continuous period that ends in 2030:
Based on power rating:
Based on operation type:
Based on technology:
Based on ownership type:
Based on connectivity type:
Based on the region:
Let's look at the Residential Solar Energy Storage market share and other details. This industry is remarkably working in five major regions of the world: Asia Pacific, Europe, North America, Latin America, the Middle East, and Africa. During the ongoing forecast period, the Asia Pacific region will dominate this market. The Asian Pacific region is estimated to be the largest market from 2021 onwards. The growth of the APAC region is primarily driven by countries such as China, Australia, and Japan, which are installing storage solutions for residential end-users. Over the past few years, as a part of the historic forecast period that had ended in 2019, this region has witnessed rapid economic development and the growth of renewables, and demand for energy self-sufficiency, which has increased the demand for energy storage options.
The prime players of the Residential Solar Energy Storage market are applying various types of strategies such as mergers, acquisitions, partnerships, collaboration, and others to boost their businesses. These steps taken by the companies are creating a competitive environment among key players present all around the world. Based on the data obtained from the Residential Solar Energy Storage industry analysis, the prominent players of this market are:-
The Residential Solar Energy Storage market report presents a shift analysis that tells about the various market drivers, opportunities, and restraints accessible in the global market. This market report also tells its readers how this market was affected during the covid-19 period. Furthermore, the report also discusses how this market has been categorized into different segments, how a healthy competitive environment is evolving among the different key players of this market, and what factors this market will grow in different world regions. Lastly, this report shares some recent developments in this market in the last few years.
|Market Size||2030: USD 5134.8 Million|
|CAGR||19.5% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Battery Type and Installation|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB, LG Chem, Samsung SDI Co., Ltd, General Electric, Tesla, AEG Power Solutions, NextEra Energy, Inc., Abengoa, BrightSource Energy, Inc., Acciona, Evergreen Solar, Alpha Technologies, SunPower Corporation, and Solarwatt|
|Key Market Opportunities||Increasing demand for sustainable electricity generation|
|Key Market Drivers||
The global residential solar energy storage market is predicted to grow at a 19.5% CAGR between 2022- 2030.
Residential Solar Energy Storage Market is projected to be worth USD 5134.8 Million by 2030.
Asia Pacific will lead the global residential solar energy storage market.
Demand for low-cost off-grid electricity generation is driving the global residential solar energy storage market growth.