Residential Solar Energy Storage Market

Residential Solar Energy Storage Market Size Analysis

According to a research survey conducted by ChemView Consulting, in 2022, the Global Residential Solar Energy Storage Market was worth US$ 11,800.0 Mn and is expected to grow at a CAGR of 23.4% over the forecast period. The market is expected to hit US$ 96,900.0 Mn by 2032 end.

Systems that store solar energy for later use in residential structures are known as residential solar energy storage systems. After sunset, during periods of peak energy demand, or when power generation is needed to meet peak demand, the electricity that was stored is used. Peak demand control made possible by home solar energy storage systems makes grid infrastructure smarter and more dependable.

The two most crucial elements influencing how much electricity a solar panel battery can store and offer at any given time in home solar energy storage systems are capacity and power.

Market Dynamic

DEMAND FOR SUSTAINABLE ELECTRICITY GENERATION DRIVES THE MARKET

The expansion of the global market for batteries for solar energy storage is fueled by an increase in the number of solar and renewable energy projects and several lucrative government incentives.

Due to the long-term advantages of solar energy, a rise in the shift toward renewable energy is projected to present the substantial potential for producers of home solar energy storage systems. It is anticipated to boost the worldwide market for residential solar energy storage systems during the projected period.

Developing nations must provide dependable energy access in rural regions. Traditional centralized grids cannot deliver raw power at a fair cost promptly to neglected communities. Systems for remote and distributed power storage can provide electricity on a global scale. Thus, the market in emerging economies worldwide will be anticipated to grow throughout the projection period as more home solar energy storage systems are deployed.

GOVERNMENTAL SUBSIDIES TO CREATE OPPORTUNITIES FOR THE MARKET

Companies that provide home solar energy storage systems can take advantage of government incentives for solar electricity worldwide. It is expected to present attractive prospects for the global residential solar energy storage systems market during the projected period.

COVID-19 Impact

The precautions to stop the COVID-19 epidemic have hurt the world economy. According to estimates, the COVID-19 pandemic will present the solar sector with immediate difficulties, including a lack of staff, a scarcity of components and equipment, and discriminating end-user spending.

Market Segments Covered in Report

By Power Rating:

• 3–6 kW
• 6–10 kW

By Operation Type:

• Standalone systems
• Solar and storage

By Technology:

• Lithium-ion
• Lead–Acid

By Ownership Type:

• Customer-owned
• Utility owned
• Third-party owned

By Connectivity Type:

• On-grid
• Off-grid

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

What power rating type of Residential Solar Energy Storage is projected to have a greater market share?

By 2032, the 3-6 kW market category is anticipated to have the greatest market share. The 3-6 kW market supplies backup power when the grid fails. In countries where solar PVs directly provide electricity to EVs without an increase in energy costs, 3-6 kW batteries are also used for EV charging.

Why is the lithium-ion battery segment anticipated to dominate the market?

With falling lithium-ion battery prices and excellent efficiency, the lithium-ion market is anticipated to have the greatest market share and the quickest growth rate. The household lithium-ion energy storage industry is also expanding due to environmental rules and regulations.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• Europe is anticipated to dominate the global residential solar energy storage system market during the forecast period. High investments, especially by governments of countries such as Germany, and technological advancements are projected to drive the market in the region from 2020 to 2032.
• Due to growing worries about air pollution and carbon emissions in China and India, the Asia Pacific region is anticipated to present substantial potential to the worldwide market for residential solar energy storage systems over the forecast period. The Asia Pacific generated a market share of 40.0% in 2021.

Competition Analysis

Some of the key developments that have taken place in the Residential Solar Energy Storage Market include:

• In September 2020, A firm frequency response grid services contract was won by the U.K.-based household battery startup Social Energy. To help operators balance demand, the business also said it would deploy 80% of its fleet of client batteries to deliver 4MW of FFR capacity throughout the day.
• In march 2021, The first grid-connected Li-ion battery-based community energy storage system in India was officially opened by Nexcharge, a joint venture between Leclanche and Exide Industries Ltd., in Rani Bagh, Delhi. In cooperation with Tata Power Delhi Distribution Ltd., the system was created (TPDDL)

A list of some of the key suppliers present in the market are:

• Huawei
• Samsung SDI Co. Ltd.
• Tesla
• LG Chem
• MA Solar Technology
• BYD
• Siemens
• Eaton
• Schneider Electric
• ABB
• Tabuchi Electric
• and Eguana Technologies

Global Residential Solar Energy Storage Market 2022-2032: Report Coverage and Highlights

• Assessment of the historical and current market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
• Key drivers, restraints, opportunities, and key emerging trends impacting market growth
• Predictions on critical supply, demand, and technological trends and changes in consumer behavior
• Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
• Segment-wise, country-wise, and region-wise market analysis
• Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
• Key product innovations and regulatory framework
• Covid-19 impact on the market and how to navigate
• Strategic market analysis and recommendations on crucial winning strategies