What Are The Major Challenges That Residential Solar Energy Storage Market Will Face By 2030?

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Residential Solar Energy Storage Market share is projected to be worth USD 27.45 billion by 2030, registering a CAGR of 19.52% during the forecast period (2022 - 2030).

Residential Solar Energy Storage Market Overview:

Residential Solar Energy Storage Market share is projected to be worth USD 27.45 billion by 2030, registering a CAGR of 19.52% during the forecast period (2022 - 2030).

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.

FAQ’s:

  1. What is “Residential Solar Energy Storage” Market?
  2. Who are the Top Market manufacturers?
  3. Which are the most Business Regions across the globe?
  4. How big is the “Residential Solar Energy Storage” Market in upcoming Years?
  5. What are the Latest developments/industry updates in the “Residential Solar Energy Storage” Market? 

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Report Attribute

Details

Forecast Period

2022 - 2030

Market Growth value

19.52 % CAGR

Revenue forecast in 2022-2030

USD 27.45 billion

Base year for estimation

2021

Historical data

2019 – 2020

Unit

USD Billion, CAGR (2022 – 2030)

Segmentation

By Application, By End-Use, and By Region

Drivers –

Growing demand for electricity generation from solar energy

Increasing government initiatives for the adoption of solar energy for electricity generation

Opportunities

Increasing demand for sustainable electricity generation

Key Companies Profiled

  • ABB
  • LG Chem
  • Samsung SDI Co., Ltd
  • General Electric
  • Tesla
  • AEG Power Solutions
  • NextEra Energy, Inc.
  • Abengoa
  • BrightSource Energy, Inc.
  • Acciona
  • Evergreen Solar
  • Alpha Technologies
  • SunPower Corporation
  • Solarwatt

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. 

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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.  

Industry/Innovation/Related News: 

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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