Residential Solar Energy Storage Market Growth — Industry Innovation & Forecast To 2027
Global Residential Solar Energy Storage Market size is projected to be valued at USD 100 Million by 2026, with 14% CAGR during the forecast period, 2020–2026. Residential solar energy storage equipment is used to store solar energy harnessed from solar panels. Energy storage can be defined as a technology that provides a source of power as and when required without backsliding to conventional energy sources. These energy systems are efficient and can be used whenever needed.
The global residential solar energy storage market growth has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America. Asia-Pacific is expected to hold the largest share of the market during the forecast period. This is primarily as countries in the region are extensively focused on developing solar energy sources to reduce carbon emissions. In Asia-Pacific, China held the largest share in the market and is expected to grow at the fastest CAGR during the forecast period, due to the availability of low-cost equipment in the country. In North America, the US held the largest market share in 2019 and is expected to grow at the fastest rate during the forecast period, primarily due to the high demand for off-grid electricity. In Europe, Germany held the largest market share in 2019 due to extensive government support to adopt solar energy. While the residential solar energy storage market is expected to grow at the fastest CAGR in Italy during the forecast period due to the increasing demand for electricity in the country. In the Middle East & Africa region, Saudi Arabia held the largest residential solar energy storage market share in 2019 due to the increasing need for renewable electricity in the country. However, the residential solar energy storage market is expected to grow at the fastest CAGR in UAE, as the country’s government is focused on increasing its share of renewable energy in the nation’s energy mix.
The global residential solar energy storage market has been segmented based on battery type and installation. Based on the battery type, the global market is divided into lead-acid, lithium-ion, sodium-sulfur, and others. The lead-acid segment is expected to hold a larger share of the market during the forecast period due to the increasing installations of residential solar equipment. Based on the installation, the global market is segmented into the rooftop and ground-mounted. The rooftop segment is expected to grow with the highest CAGR during the forecast period as residential end-users are increasingly focusing on the adoption of off-grid electricity.
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Scope of the Report
This report provides an in-depth analysis of the global residential solar energy storage market growth, tracking three market segments across five geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights the market size and shares for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global residential solar energy storage market by battery type, installation, and region.
The key players operating in the global residential solar energy storage market are 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, and Solarwatt.
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