Residential Solar Energy Storage Market Research Report - Global Forecast till 2027

Residential Solar Energy Storage Market Research Report: Information by Battery Type (Lead Acid, Lithium-ion, Sodium Sulphur and others), Installation (Roof-Top and Ground Mounted) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027

ID: MRFR/E&P/8546-HCR | February 2021 | Region: Global | 111 pages

Residential Solar Energy Storage Market Overview


A solar energy storage system refers to a battery system that can be charged using a connected solar system such as a photovoltaic (PV) system. A residential solar energy storage device can be used for storing solar energy that has been harnessed from solar panels. Many residents have been looking for new ways to connect their systems to a battery source to use the battery during the night or a power blackout. Due to the rising demand for residential solar energy storage, the market has showcased exceptional performance in the past years.


Residential Solar Energy Storage Market size is projected to reach USD 24.49 Billion by 2026, with 23.31% CAGR between 2020 and 2026. The growth could be accelerated by a wide range of factors in the market, such as the rising demand for sustainable electricity generation and the increase in varying government initiatives that support the adoption of solar energy sources to generate electricity. According to the U.S. Energy Information Administration (EIA), solar energy accounts for only 2.3 % of the total energy source for electricity generation. The use of residential solar energy storage solutions creates an opportunity for homeowners to optimally use solar energy to produce electric power.  


A thorough assessment of the residential solar energy storage market has been conducted to capture its growth potential in the future. Several market variables, including the market drivers and restraints that could come into play and influence the market performance, have been identified and critically examined. One of the top residential solar energy storage market trends that have been identified in the report revolves around the rising demand for sustainable energy generation practices. 


Covid 19 analysis


The Covid 19 pandemic has considerably impacted the global residential solar energy storage market and its performance. The pandemic has boosted the overall demand of the market. People have been looking for residential solar energy storage solutions to limit their dependence on electricity generated by fossil fuels. Organizations operating in the market have been integrating the latest digital technologies to boost market performance.  


Chief variables existing in the market



  • Key market drivers 


Several elements act as the market drivers that accelerate its growth at the global level, such as the rising demand for electricity generation from renewable energy sources such as solar energy. The active involvement of the government and the adoption of new initiatives also play a major role in boosting the performance of the residential solar energy storage market at the global level. Homeowners have been looking for sustainable electricity generation mechanisms, and it has significantly contributed to the expansion of the residential solar energy storage market size.



  • Market challenges


In the residential solar energy storage market context, several challenges exist that increase the complexity for industry participants. One of the common challenges in the market is the high reliance on new technologies that could be integrated into innovative residential solar energy storage equipment. Similarly, the lack of a skilled and competent workforce acts as another major challenge that limits the ability of business firms to exploit the opportunities in the global residential solar energy storage market setting. The evolving regulatory requirements also act as a challenge that influences the residential solar energy storage market size and the business that functions in it.



  • Opportunities in the global market


The business entities that function in the global residential solar energy storage market environment come across many opportunities, such as the high demand for sustainable electricity generation and storage practices. Similarly, due to the increased awareness of residential solar energy storage equipment, many house owners have been looking for efficient and useful storage options that can help them optimally use solar energy for electricity generation purposes. There is also an opportunity for the key business players


to integrate new digital technologies into their energy storage solutions to increase their portion of the residential solar energy storage market share.



  • Restraints


A number of bottlenecks and restraints exist in the global market setting that limits business entities' ability to capture a considerable portion of the residential solar energy storage market share. One of the main restraints is the lack of financial resources to integrate technology into residential solar energy storage equipment. It limits the effectiveness of the sustainable solution. 



  • Cumulative evaluation of the market


The global residential solar energy storage market is a highly attractive market that has been growing rapidly. Based on the critical market analysis, one of the top residential solar energy storage market trends identified revolves around government initiatives. Governments of varying nations have been playing an influential role in boosting the demand for the residential solar energy storage market. The active involvement of the government has increased the adoption of the sustainable solar energy practice to generate electricity. The industry is likely to showcase solid performance during the forecasted period due to the rising demand for sustainable and efficient low-cost off-grid electricity generation mechanisms. 


Overview of the main market segments


Residential Solar Energy Storage Market



  • By Battery Type


The global residential solar energy storage market can be fragmented into lead-acid, lithium-ion, sodium-sulfur, and others based on the battery type. The lead-acid segment is likely to demonstrate powerful performance during the forecasted period. The main factor that could lead to market growth and positively impact the residential solar energy storage market size is the rise in the installation of residential solar equipment. The lithium-ion segment of the residential solar energy storage market could also experience rapid growth due to the equipment's diminishing cost and high efficiency. 



  • By Installation


The global residential solar energy storage market landscape can be further divided into roof-top and ground-mounted based on the installation. The roof-top segment has demonstrated strong performance in the past in the global market setting. The specific segment is likely to influence the residential solar energy storage market growth during the forecasted period. The main reason for the strong performance of the market segment is that the equipment does not require additional space in the household setting. 


Regional analysis


The global residential solar energy storage market can be categorized into various regions based on regional segmentation. The chief geographical segments of the residential solar energy storage industry are North America, Europe, the Asia Pacific, South America, and the Middle East, and Africa. In the Asia Pacific geographical division, the residential solar energy storage market has been demonstrating commendable performance. The main reason for the promising performance is the proactive role of the government to introduce initiatives that support the adoption of solar energy. The nations belonging to the Asia Pacific region could significantly influence the global residential solar energy storage market growth during the forecasted period.


Competitive intensity in the industry


A wide range of market players operating in the global residential solar energy storage market setting and increase the competitive intensity. The list of the chief industrial players has been presented that increase the competition:



  • ABB

  • LG Chem

  • Samsung SDI Co., Ltd

  • Tesla

  • Abengoa

  • NextEra Energy, Inc.

  • General Electric

  • Acciona

  • Evergreen Solar 

  • BrightSource Energy, Inc. 

  • AEG Power Solutions 

  • Alpha Technologies

  • SunPower Corporation

  • Solarwatt 


The key players that operate in the market have been adopting new strategies to gain a competitive edge and capture a higher residential solar energy storage market share. For instance, businesses have been actively focusing on their research and development area to curtail the costs relating to solar equipment manufacturing. As non-renewable energy resources have been depleting rapidly, many businesses have entered the residential solar energy storage market domain to capitalize on the market opportunities.


Recent market developments



  • Companies in the residential solar energy storage market have been focusing on innovations in battery storage mechanisms to boost efficiency and sustainability.

  • The Tesla company has been integrating new technological elements into its Powerpack storage solution to enhance quality control, expertise, and technological innovation.


Report Overview


An in-depth analysis of the residential solar energy storage industry has been captured in the report. Some of the major residential solar energy storage market trends that have been identified in the report include the integration of technology and innovation in the residential solar energy storage systems and the rising demand for sustainable energy practices. The governments of diverse countries have been playing an influential role in promoting the adoption of solar energy to generate electricity. 


Key Industrial segments


By Battery Type



  • Lead Acid

  • Lithium-ion

  • Sodium Sulphur

  • Others


By Installation



  • Roof-Top

  • Ground Mounted



Report Scope:
Report Attribute/Metric Details
  Market Size   2026: USD 24.49 Billion
  CAGR   23.31% CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  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

  • Growing demand for electricity generation from solar energy
  • Increasing government initiatives for the adoption of solar energy for electricity generation


  • Frequently Asked Questions (FAQ) :


    The global residential solar energy storage market is predicted to grow at a 14% CAGR between2020- 2026.

    The global residential solar energy storage market is predicted to reach USD 100 million by 2026.

    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.