Press release
Residential Solar Energy Storage Market on Track for Strong Growth, Estimated to Grow at 18.4% CAGR Through 2029
Residential Solar Energy Storage Market
What Is the Expected CAGR for the Residential Solar Energy Storage Market Through 2025?
In the past few years, the residential solar energy storage market has experienced swift growth. The market size is projected to escalate from $8.98 billion in 2024 to $10.62 billion in 2025, showcasing a compound annual growth rate (CAGR) of 18.2%. Factors contributing to this growth during the historic period include an expansion in residential solar installations, a decrease in solar panel costs, provision of government incentives and tax credits, energy autonomy and cost-effective savings, as well as greater environmental consciousness.
What's the Projected Size of the Global Residential Solar Energy Storage Market by 2029?
The size of the residential solar energy storage market is anticipated to expand rapidly in the coming years, reaching $20.85 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 18.4%. This growth over the prediction period can be linked to energy management and enhancement, the proliferation of rooftop solar and community solar endeavors, integration with electric vehicle charging, smart grid amalgamation, and demand response, as well as energy storage for vital infrastructure. Key trends for the forecast period will be hybrid solar and storage systems, plug-and-play storage solutions, energy-as-a-service models, peer-to-peer energy trading, with a heightened usage of solid-state batteries.
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Top Growth Drivers in the Residential Solar Energy Storage Industry: What's Accelerating the Market?
The residential solar energy storage market is predicted to be influenced positively by the growing necessity for sustainable power generation. Such power is derived from clean, renewable sources that are self-sustaining and unlimited. The burgeoning need for sustainable power production will incentivize this market to develop improved products for their clientele. For illustration, Renewable Energy Statistics 2022 has projected that the international renewable capacity will rise by nearly 2 400 GW, which is approximately 75% between 2022 and 2027, in the IEA core-case forecast, equalling China's existing total installed power capacity. Hence, the escalating demand for sustainable power production is propelling the expansion of the residential solar energy storage market.
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Which Emerging Trends Are Transforming the Residential Solar Energy Storage Market in 2025?
Innovative technologies are becoming increasingly popular in the residential solar energy storage industry. Major players in this market are placing a strong emphasis on creating new technological strategies to secure their standing. Take for example Sungrow, the commercial, residential, and utility-focused solar inverter and energy storage firm from China. In January 2022, they unveiled their fresh 1+X modular inverter. This latest inverter stands out as the foremost central inverter solution relying on state-of-the-art technologies, specifically three-level modularization. This unique trio layer of modularization makes the inverter more adaptable and user-friendly. Sungrow showcased this up-and-coming technology for economies of scale for residential, commercial, industrial, and utility solar functions.
What Are the Main Segments in 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 Top Companies are Driving Growth 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.
Which Regions Will Dominate the Residential Solar Energy Storage Market Through 2029?
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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