The global residential solar energy storage market enjoys rapid revenue growth. The tremendous popularity and uptake of innovative energy storage solutions allow the market to garner huge traction globally. The growing numbers of solar power installations and on-grid residential solar energy storage are major driving forces pushing the market growth.
Besides, growing off-grid solar panels installations in residential sectors requiring reliable and safe power sources drive market shares. According to Market Research Future (MRFR), the global residential solar energy storage market would be worth USD 24.49 BN by 2026, registering around 23.31% CAGR throughout the assessment period (2020 – 2026).
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Additionally, factors such as the growing installations and government initiatives & policies benefit the market's growth. Growth in the installations of off-grid solar panels for residential purposes impacts the market value positively. Also, rapid uptake of solar energy storage in solar rooftops & ground-mounted residential set-ups, and utility-scale systems fosters the market's growth.
On the flip side, high costs associated with residential solar energy storage and maintenance impedes the growth of the market. Nevertheless, the increasing demand for power sources in remote areas is expected to act as a tailwind supporting the market growth, increasing the installations of solar panels and solar energy storage as energy storage solutions.
Global Residential Solar Energy Storage Market - Segments
The report segments the market into battery types, installation, and regions. The battery type segment is bifurcated into lead-acid, lithium-ion, sodium-sulfur, and others. The installation segment is sub-segmented into rooftops and ground-mounted. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Residential Solar Energy Storage Market - Geographical Analysis
The Asia Pacific region is the largest market for solar energy storages. The region also holds the largest share in the global renewable energy generation market due to the availability of ample renewable natural resources.
Other factors impacting the regional market growth include rapid growth in utility sectors, massive electricity demand, and government initiatives to promote the utilization of renewable energy. China, India, and Japan are emerging markets for residential solar energy storages in the region.
Residential Solar Energy Storage Market - Competitive Analysis
Intensely competitive, the residential solar energy storage market appears to be well-established with the presence of many large and small-scale players. Strategic initiatives such as acquisition, expansion, collaboration, and product launch remain the trends of these players to gain a competitive advantage.
Players leading the residential solar energy storage market include ABB, LG Chem., Samsung SDI Co., Ltd., Tesla, Abengoa, NextEra Energy, Inc., General Electric, Acciona, Evergreen Solar, BrightSource Energy, Inc., AEG Power Solutions, Alpha Technologies, SunPower Corporation, and Solarwatt, among others.
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Oct. 11, 2021 --- SunPower, a leading distributed generation storage and energy services provider, announced the acquisition of Blue Raven, a residential solar provider, for US$165 Million. This acquisition would enable SunPower to provide improved distributed energy services to customers in the Northwest and Mid-Atlantic regions.
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