Press release
Leading Element Driving Change in the Residential Solar Energy Storage Market in 2025: Sustainable Electricity Demand Drives Residential Solar Energy Storage Market Growth Driver
Residential Solar Energy Storage Market
There is an anticipated boom in the residential solar energy storage market due to the growing needs for sustainable electricity generation. Clean and replenishable energy sources, known as sustainable electricity, are an inexhaustible resource. This surge in demand is pressing upon the residential solar energy storage market to develop new products to better cater to customers' needs. As an illustration, Renewable Energy Statistics 2022 projected that the global renewable capacity is going to soar by around 2,400 GW (roughly 75%) between the years 2022 and 2027 based on the IEA main-case prognosis, equating to the whole installed power capacity of China. This uptrend in the requirement for sustainable electricity generation is thereby fueling the expansion of the residential solar energy storage market.
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What Is the projected market size and growth rate for the residential solar energy storage market?
In recent times, there has been considerable growth in the size of the residential solar energy storage market. The industry is forecasted to expand from a size of $8.98 billion in 2024, to a larger size of $10.81 billion in 2025, maintaining a compound annual growth rate (CAGR) of 20.3%. Aspects contributing to this growth during the historic period include an increase in residential solar installations, a decline in solar panel costs, the provision of government incentives and tax credits, energy independence and cost savings, as well as heightened environmental awareness.
In the coming years, the residential solar energy storage market is set to experience accelerated growth. The market is expected to escalate to $21.71 billion by 2029, with a compound annual growth rate (CAGR) of 19.1%. This growth during the prediction period can be credited to factors like energy management and optimization, the enlargement of rooftop and community solar projects, the coupling with electric vehicle charging, integration with smart grids and demand response, and the storage of energy for critical infrastructure. The forecast period will also witness significant trends such as hybrid solar and storage systems, plug-and-play storage solutions, energy-as-a-service models, peer-to-peer energy trading, and an upsurge in the use of solid-state batteries.
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What new trends are reshaping the residential solar energy storage market and its opportunities?
The increasing adoption of advanced technologies in the residential solar energy storage market is a prominent trend. To fortify their market positions, principal companies in the sector are focusing on introducing innovative technological solutions. For example, in January 2022, Sungrow, a Chinese company specializing in solar inverters and energy storage for residential, commercial, and utility customers, released their innovative 1+X modular inverter. Utilizing cutting-edge technologies, this revolutionary central inverter solution emphasizes a three-level modularization, enhancing its flexibility and ease of use. Sungrow has demonstrated this advanced technology for home, commercial, industrial, and utility solar applications.
What major market segments define the scope and growth of the residential solar energy storage market?
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
Subsegments:
1) By Standalone Systems: Battery Storage Systems, Off-Grid Solar Systems, Hybrid Systems
2) By Solar and Storage: Grid-Tied Solar with Storage, Net Metering Systems, Smart Energy Management Systems
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Which region dominates the residential solar energy storage market?
Asia-Pacific was the largest region in the residential solar energy storage market in 2024. 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.
Which key market leaders are driving the residential solar energy storage industry 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.
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What Is Covered In The Residential Solar Energy Storage Global Market Report?
•Market Size Forecast: Examine the residential solar energy storage market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the residential solar energy storage market for a structured understanding.
•Key Players Overview: Analyze major players in the residential solar energy storage market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the residential solar energy storage market.
•Segment Contributions: Evaluate how different segments drive overall growth in the residential solar energy storage market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the residential solar energy storage market.
•Industry Challenges: Identify potential risks and obstacles affecting the residential solar energy storage market.
•Competitive Landscape: Review strategic developments in the residential solar energy storage market, including expansions, agreements, and new product launches.
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