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Residential Solar Energy Storage Market Research Report - Segmentation By Power Rating (3-6 kW & 6-10 kW), By Connectivity (On-Grid and Off-Grid), By Technology (Lead-Acid & Lithium-Ion), By Ownership (Customer, Utility, & Third-Party), By Operation (Standalone & Solar) Size, Share, Trends and Growth Analysis and Region - Industry Forecast | 2024 to 2029

Published: March, 2023
ID: 10138
Pages: 150
Formats: report pdf report excel report power bi report ppt

Residential Solar Energy Storage Market Size (2024 - 2029):

The Global Residential Solar Energy Storage Market is predicted to attain USD 123.58 billion by the end of 2029, up from USD 20.55 billion in 2023, with a current CAGR of 43.16% throughout the foreseen period 2023-2028.

Residential Solar Energy Storage Market

Market Overview:

This expansion can be attributed to factors such as lower battery costs, regulatory support, financial incentives, and consumers' need for energy self-sufficiency. Energy storage can be defined as a technology that provides a source of energy when required, without going back to conventional energy sources. These energy systems are efficient and can be used when needed. The market for solar energy and battery storage systems is growing at a rapid rate and is predicted to increase significantly during the foreseen period mainly due to the escalating call for electricity across the world. Various environmental problems such as worldwide warming and climate change are obvious that conventional energy damages the environment. The world has now recognized that clean energy is a possible solution to repair the damage caused by the use of conventional fuels. Solar energy appears to be the most viable solution to reduce greenhouse gas emissions. With the falling cost of tariffs and advanced technologies in solar panel systems, the solar energy industry has gained enormous recognition. In addition, governments around the world are promoting the production of alternative energy, such as solar energy, by providing subsidies. This has led to the expansion of the solar energy industry.

Market Drivers

Government support coupled with financial incentives for renewable energy worldwide will enhance industry expansion. The escalating call for Li-Ion batteries and their decreasing cost will accelerate the residential energy storage industry. Lithium-ion-based energy storage systems accounted for an industry share of around 60% in 2021. Lithium-ion batteries offer various technological advantages, such as lead-acid batteries. Also, the increase in the adoption of lithium-ion batteries due to their technological advantage is the most energy-efficient rechargeable batteries available. In addition, the replacement of conventional batteries due to their technical and economic advantages has escalated the use of lithium-ion batteries worldwide. For example, starting in 2021, lithium-ion battery prices continually decline by around 22% in 2021 from 2019 levels. However, this sharp and sustained reduction in battery costs is predicted for Lithium-ion batteries to drive the residential energy storage industry. In addition, the escalating application of lithium-ion batteries in new industries such as renewable energy such as hydro, solar, wind, and associated energy storage systems (ESS), for residential and commercial applications during the foreseen period. A growing number of government initiatives, the development of smart infrastructure, and greater investment in the use of renewable energy in emerging countries will stimulate aggregate call.

Market Opportunities:

Emerging battery storage opportunities stemming from national policies and government financial initiatives are aimed at boosting the residential energy storage industry. Many countries are adopting hybrid energy systems such as renewables plus storage to reduce their dependence on imported energy, move toward environmental goals, fill gaps in their product mix, and decarbonization targets, and improve the reliability and resilience of their systems. In addition, energy storage will benefit from general political mandates related to urbanization and quality of life goals in developing countries.

Market Key Developments:

  • Jackson declared the introduction of a Compact Hybrid Energy Storage system for residential and commercial users to witness the advantages of solar energy more efficiently. The launch event was held in Chandigarh and brought together the best industry professionals and members of the Jackson management team.
  • Panasonic India, the local branch of Japanese electronics firm Panasonic, declared that it launched its latest variety of energy storage solutions targeting the telecom tower industry. The Power Solution The recently launched compact business unit is called CBPS 8000.

RESIDENTIAL SOLAR ENERGY STORAGE MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 – 2029

Base Year

2023

Forecast Period

2024 - 2029

CAGR

43.16%

Segments Covered

By Power rating, connectivity, Technology, Ownership, Operation, and Region.

 

Various Analyses Covered

Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

 

Market Leaders Profiled

ABB Ltd. (Switzerland), LG Chem, Ltd. (South Korea), Samsung SDI Co., Ltd (South Korea), General Electric Company (U.S.), Tesla, Inc. (U.S.), AEG Power Solutions (Germany), eSolar Inc. (U.S.), Abengoa S.A. (Spain), BrightSource Energy, Inc. (U.S.), Acciona, S.A. (Spain), Evergreen Solar Inc. (U.S.), and Alpha Technologies (U.S.), and Others.

 

Market Segmentation:

Residential Solar Energy Storage Market - By Power Rating:

  • 3-6 kW
  • 6-10 kW

The 3-6 kW segment is predicted to have the largest industry share in 2026. The 3-6 kW industry provides backup power in the event of a grid failure. Countries are also using 3-6kW batteries to recharge electric vehicles, where photovoltaic solar panels supply power directly to electric vehicles without escalating energy bills.

Residential Solar Energy Storage Market - By Connectivity:

  • On-grid
  • Off-grid

Residential Solar Energy Storage Market - By Technology:

  • Lead-Acid
  • Lithium-Ion

The lithium-ion segment is predicted to have the largest industry share and be the fastest-growing industry with the lowest cost of high-efficiency lithium-ion batteries. Additionally, environmental policies and regulations are also driving the expansion of the residential lithium-ion energy storage industry.

Residential Solar Energy Storage Market - By Ownership:

  • Customer
  • Utility
  • Third-Party

Residential Solar Energy Storage Market - By Operation:

  • Standalone
  • Solar

Market Regional Analysis:

The Residential Solar Energy Storage Report includes the segmentation of Regions with their respective Countries.

  • North America - U.S., Canada.

  • Europe - UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

  • Asia Pacific - India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & the Rest of APAC.

  • Latin America - Brazil, Mexico, Argentina, Chile & Rest of LATAM.

  • Middle East & Africa - KSA, UAE, Israel, the rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, and the rest of MEA.

Asia-Pacific is estimated to be the largest industry from 2022 - 2027. Expansion in this region is driven primarily by countries such as China, Australia, and Japan, which are installing storage solutions for residential users. In recent years, this region has experienced rapid economic development along with the expansion of renewable energy and the call for energy self-sufficiency, which has resulted in an increase in the call for energy storage options.

Europe has dominated the residential energy storage industry due to its strong expansion and rapid adoption of rooftop solar. The residential energy storage industry in North America is predicted to be the second-largest region with countries like the United States, Mexico, and Canada for residential energy storage systems. The Asia-Pacific region is predicted to have the fastest-growing residential energy storage industry due to its growing call for renewable energy, rapid economic development, and growing call for self-sufficient energy.

The Middle East and Africa are predicted to create a moderate additional opportunity with the escalating use of renewables during the foreseen period. Regionally, the Asia-Pacific solar energy storage market dominates and is predicted to grow significantly over the foreseen period. Countries like China, South Korea, and India are making great efforts to develop their solar power capacity. The active interests of governments in reducing greenhouse gas emissions have led to the recognition of clean energy such as solar energy as a viable alternative. Escalating calls for solar energy and favourable government policies are predicted to guide the expansion of the solar energy storage industry.

The US solar energy storage industry has seen significant expansion over the years. The growing call for rooftop solar installations in the residential sector in the United States has had a positive impact on the solar energy storage industry. Off-grid solar power systems are installed on remote islands, particularly in disaster-prone areas of the United States. Consumer acceptance of the off-grid energy system and favourable government regulations for rooftop solar panel installation are contributing to the expansion of the solar energy storage industry in this area.

Market Key Players:

  1. ABB Ltd. (Switzerland)
  2. LG Chem, Ltd. (South Korea)
  3. Samsung SDI Co., Ltd (South Korea)
  4. General Electric Company (U.S.)
  5. Tesla, Inc. (U.S.)
  6. AEG Power Solutions (Germany)
  7. eSolar Inc. (U.S.)
  8. Abengoa S.A. (Spain)
  9. BrightSource Energy, Inc. (U.S.)
  10. Acciona, S.A. (Spain)
  11. Evergreen Solar Inc. (U.S.)
  12. Alpha Technologies (U.S.)

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FAQ's

1. What is the Residential Solar Energy Storage Market growth rate during the projection period?

The Global Residential Solar Energy Storage Market is expected to grow with a CAGR of 43.16% between 2024-2029.

2. What can be the total Residential Solar Energy Storage Market value?

The Global Residential Solar Energy Storage Market size is expected to reach a revised size of USD 123.58 billion by 2029.

3. Name any three Residential Solar Energy Storage Market key players?

General Electric Company (U.S.), Tesla, Inc. (U.S.), and AEG Power Solutions (Germany) are the three residential solar energy storage market key players.

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