Press release
Residential Solar Energy Storage Market: Unprecedented Growth Major Driven by Advanced Technologies and Government Incentives
Residential Solar Energy Storage Market
What Is The Projected Market Size Of The Global Residential Solar Energy Storage Market And Its Growth Rate?
•The residential solar energy storage market has seen exponential growth in recent years, and it's forecasted to grow from $8.98 billion in 2024 to $10.81 billion in 2025, marking a CAGR of 20.3%.
•The rise during this period can be attributed to growth in residential solar installations, declining solar panel costs, government incentives and tax credits, energy independence and cost savings, and environmental awareness.
•The market size is expected to see rapid growth in the following years, reaching $21.71 billion in 2029 at a CAGR of 19.1%.
•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, and energy storage for critical infrastructure.
What Is Driving The Growth In The Residential Solar Energy Storage Market?
An increased demand for sustainable electricity generation is one of the key factors driving the growth in the residential solar energy storage market. Sustainable electricity refers to clean and renewable energy sources that renew themselves and are inexhaustible. The burgeoning demand for sustainable electricity generation is compelling the residential solar energy storage market to develop better products for their customers. For instance, according to Renewable Energy Statistics 2022, the global renewable capacity is expected to increase by around 2 400 GW, nearly 75%, between 2022 and 2027, equalling the entire installed power capacity of China. Hence, this increasing demand for sustainable electricity is driving the growth of the residential solar energy storage market.
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Who Are the Key Players Driving Residential Solar Energy Storage Market Growth?
Major companies operating in the residential solar energy storage market include:
•Samsung SDI Co. Ltd.
•Tesla Inc.
•LG Chem Ltd.
•ABB Ltd.
•General Electric Company
•Panasonic Holdings Corporation
•AEG Power Solutions
•eSolar Inc.
•Alpha Technologies
•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.
What Are The Key Trends In The Residential Solar Energy Storage Market?
Key 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
What Are The Segments Of The Global Residential Solar Energy Storage Market?
•By Operation: Standalone Systems, Solar and Storage
•By Power Rating: 3-6 kW, 6-10 kW
•By Technology: Lead Acid, Lithium-Ion
•By Connectivity: On-Grid, Off-Grid
•By Ownership: Customer, Utility, Third-Party
Which Region Leads The Residential Solar Energy Storage Market?
Asia-Pacific emerged as the largest region in the residential solar energy storage market in 2024. Furthermore, the market report covers other regions as well which include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Residential Solar Energy Storage Market Global Market Report?
•Market Size Analysis: Analyze the Residential Solar Energy Storage Market size by key regions, countries, product types, and applications.
•Market Segmentation Analysis: Identify various sub-segments within the Residential Solar Energy Storage Market for effective categorization.
•Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
•Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
•Market Contribution: Evaluate contributions of different segments to the overall Residential Solar Energy Storage Market growth.
•Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
•Industry Challenges: Analyze challenges and risks affecting the Residential Solar Energy Storage Market.
•Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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