Overview and Scope
Residential solar energy storage refers to solar energy systems that are available in multiple shapes and sizes and are used across residential areas. It is used for converting sunlight into electrical energy, which can generate electricity or be stored in batteries or thermal storage used in home settings.
Sizing and Forecast
The residential solar energy storage market size has grown exponentially in recent years. It will grow from <b>$7.53 billion in 2023 to $9.12 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. </b> 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 <b>$18.73 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. </b> 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..
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Segmentation & Regional Insights
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
<b>Asia-Pacific</b> was the largest region in the residential solar energy storage market in 2023. The regions covered in the residential solar energy storage market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the residential solar energy storage market include <b> Samsung SDI Co. Ltd., Tesla Inc., LG Chem Ltd., ABB Ltd., General Electric Company, Panasonic Holdings Corporation, AEG Power Solutions, eSolar Inc., Abengoa SA, Alpha Technologies, Acciona S.A., SunPower Corporation, NRG Energy Inc., Boston Power Inc., EnerSys, Enphase Energy Inc., Sonnen GmbH, Generac Holdings Inc., Blue Planet Energy, Pika Energy Inc., Lilypad Energy LLC, Sunverge Energy Inc., Eguana Technologies Inc., OutBack Power, KACO new energy GmbH, SMA Solar Technology AG, SolarEdge Technologies Pvt. Ltd., Fronius International GmbH, Delta Electronics Inc., Sungrow Power Supply Co. Ltd., Sharp Corporation, Canadian Solar Inc., JinkoSolar Holdings Co. Ltd., Trina Solar Co. Ltd., Hanwha Q Cells Co. Ltd., LONGi Green Energy Technology Co. Ltd. </b>
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 analysis
5.Residential Solar Energy Storage Market Size And Growth
6.Residential Solar Energy Storage Segmentation
7.Residential Solar Energy Storage Regional And Country Analysis
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27.Residential Solar Energy Storage Competitive Landscape And Company Profiles
28.Residential Solar Energy Storage Key Mergers And Acquisitions
29.Residential Solar Energy Storage Future Outlook and Potential Analysis
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