Press release
Residential Solar Energy Storage Market Size Projected To Reach $21.71 Billion By 2034 With A Cagr Of 19.1%
Residential Solar Energy Storage
What Is the Projected Growth of the Residential Solar Energy Storage Market?
Over the last few years, the residential solar energy storage market has seen rapid expansion. Projected growth from $8.98 billion in 2024 to $10.81 billion in 2025 indicates a compound annual growth rate (CAGR) of 20.3%. Factors that have contributed to the market's growth in the past include an increase in residential solar installations, reduced costs of solar panels, beneficial government incentives and tax credits, energy self-reliance and cost-effectiveness, along with environmental consciousness.
The market for residential solar energy storage is predicted to witness speedy expansion in the upcoming years, rising to $21.71 billion by 2029 with a compound annual growth rate (CAGR) of 19.1%. This surge during the forecast period is likely due to factors such as energy management and enhancement, the widespread adoption of rooftop solar and community solar initiatives, incorporation with electric vehicle charging, smart grid fusion and demand response, and energy storage for crucial infrastructure. Key trends anticipated within the forecast period encompass hybrid solar and storage mechanisms, plug-and-play storage alternatives, models of energy-as-a-service, peer-to-peer energy commerce, and a heightened usage of solid-state batteries.
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What Are the Different Residential Solar Energy Storage Market Segments?
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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What Are the Primary Drivers Shaping the Residential Solar Energy Storage Market?
The growing need for renewable and clean energy, also known as sustainable electricity, is predicted to stimulate the expansion of the residential solar energy storage market. Sustainable electricity is derived from renewable energy sources that are self-replenishing and infinite. This surge in demand for renewable energy production will prompt the residential solar energy storage market to improve and innovate their offerings to cater their customer needs more efficiently. As per the Renewable Energy Statistics 2022, it is predicted that the global renewable capacity will witness a rise of nearly 2,400 GW, (around 75%) between 2022 and 2027, according to the IEA main-case prediction, equalling the entire installed power capacity of China. Consequently, the burgeoning demand for sustainable electricity production is boosting the growth of the residential solar energy storage market.
Which Companies Are Leading in the Residential Solar Energy Storage Market?
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 Major Trends Shaping the Residential Solar Energy Storage Market?
The rising popularity of advanced technologies is a key trend in the residential solar energy storage market. Major industry players are striving to create innovative technological solutions to maintain their market dominance. In an illustration from January 2022, Sungrow, a Chinese firm specializing in solar inverters and energy storage for commercial, residential, and utility clients, revealed their latest 1+X modular inverter. Touted as the most innovative central inverter solution, it leverages novel technologies centered on three-level modularization. This layered modularization makes the inverter more adaptable and user-friendly. Sungrow exhibited this advanced technology across residential, commercial, industrial, and utility solar applications.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Residential Solar Energy Storage Market?
2. What is the CAGR expected in the Residential Solar Energy Storage Market?
3. What Are the Key Innovations Transforming the Residential Solar Energy Storage Industry?
4. Which Region Is Leading the Residential Solar Energy Storage Market?
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