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Sustainable Electricity Demand Drives Residential Solar Energy Storage Market Growth: Transformative Forces Shaping the Residential Solar Energy Storage Market Landscape in 2025
Residential Solar Energy Storage
What Will the Residential Solar Energy Storage Industry Market Size Be by 2025?
Over the years, there has been a significant increase in the size of the residential solar energy storage market. It is expected to experience an increase from $8.98 billion in 2024 to $10.81 billion in 2025, with a compound annual growth rate (CAGR) of 20.3%. The substantial growth observed in the previous years can be linked to factors such as an increase in residential solar installations, a reduction in solar panel costs, government subsidies and tax incentives, energy independence and cost-effectiveness, and heightened environmental consciousness.
What's the Long-Term Growth Forecast for the Residential Solar Energy Storage Market Size Through 2029?
The market for residential solar energy storage is projected to experience a significant increase in the upcoming years. It is anticipated to rise to $21.71 billion by 2029, reflecting a compound annual growth rate (CAGR) of 19.1%. Factors contributing to this growth during the forecasted timeframe include energy management and optimization, the proliferation of rooftop and community solar projects, integration with electric vehicle charging stations, smart grid integration and demand response, and energy storage for crucial infrastructures. During this period, hybrid solar and storage systems, plug-and-play storage solutions, energy-as-service models, peer-to-peer energy trading, and an escalated use of solid-state batteries emerged as key trends.
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What Are the Key Growth Drivers Fueling the Residential Solar Energy Storage Market Expansion?
The residential solar energy storage market is projected to be driven by the growing demand for sustainable electricity generation. Sustainable electricity pertains to clean and renewable energy types that are self-replenishing and unlimited in supply. The surge in demand for such kind of electricity generation will nudge the residential solar energy storage market into offering improved products for their consumer base. For example, Renewable Energy Statistics 2022 indicates that by 2022, the global capacity for renewable energy is projected to swell by nearly 2,400 GW (a 75% increase) between 2022-2027, in line with the IEA main-case forecast, which is equivalent to the total installed power capacity of the People's Republic of China. Consequently, the escalating demand for sustainable electricity generation is propelling the expansion of the residential solar energy storage market.
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What Are the Key Trends Driving Residential Solar Energy Storage Market Growth?
Cutting-edge technologies are emerging as a significant trend in the home solar energy storage market. Large corporations in the market are concentrating their efforts on innovating new tech-based solutions to solidify their standing. As an illustrative example, in January 2022, Sungrow, a Chinese firm specializing in solar inverters and energy storage for commercial, residential, and utility consumers, unveiled their latest 1+X modular inverter. This revolutionary central inverter solution employs state-of-the-art technology focused on three-level modularization, making the inverter more adaptable and user-friendly. This groundbreaking technology has been introduced by Sungrow for use across residential, commercial, industrial, and utility solar applications.
How Is the Residential Solar Energy Storage Market Segmented?
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 Companies Are Leading the Charge in Residential Solar Energy Storage Market Innovation?
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.
Which Regions Are Leading the Global Residential Solar Energy Storage Market in Revenue?
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.
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