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Residential Solar Energy Storage Market Report 2024 - Residential Solar Energy Storage Market Size, Trends, And Opportunities
Residential Solar Energy Storage Market
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According to The Business Research Company's, 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..
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Market Drivers and Trends:
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.
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.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Residential Solar Energy Storage Market 2024 Key Insights:
• 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%.
• Sustainable Electricity Demand Drives Residential Solar Energy Storage Market Growth
• Revolutionizing Residential Solar Energy Storage With Advanced Technology
• Asia-Pacific was the largest region in the residential solar energy storage market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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