Pune, March 11, 2021 (GLOBE NEWSWIRE) -- Global Residential Solar Energy Storage Market Overview
Residential solar energy storage equipment can harness the sun’s light and store it in the form of solar energy with the assistance of solar panels. The global residential solar energy storage market size can reach USD 100 million by 2026, according to the latest report by Market Research Future (MRFR). It can exhibit a stellar CAGR of 14% over the forecast period (2020-2026). The demand for solar energy generation and initiatives by governments for eliminating dependence on fossil fuels can drive the market growth.
Sustainable electricity generation for combating the levels of carbon monoxide globally is one of the major drivers of the market. Depletion of fossil fuel reserves and environmental concerns can drive the demand for residential solar energy storage options. Non-electrified locations in rural outskirts are likely to leverage on surplus of sunlight in their region by installing solar panels. The use of these panels for gaining access to electricity can bode well for the market. Government schemes for illuminating villages and bridging them to urban areas can work in favor of battery storage manufacturers.
Improvements in module efficiency as well as the dip in its prices are likely to drive the demand in the residential solar energy storage market. Efforts for maximizing electricity generation can drive this trend. Integration of new features in a solar energy grid and rise of solar storage contractors can signal the huge potential of the market in the coming years.
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COVID-19 Impact:
The COVID-19 pandemic had sent shockwaves to the global residential solar energy storage market by impeding the production and supply chains. But the market is set for recovery and may enjoy a successful demand by customers in order to install a backup source of power. Home battery installations had seen a rise especially in U.S. states of California and Hawaii. Microgrid projects by energy infrastructure companies as well as resurgence of construction activity can trigger demand in the global market.
Industry Trends:
Net metering or time-of-use (TOU), self-consumption, and grid & wholesale market services are financial schemes started by governments for encouraging installations of solar panels on residential premises. Net metering is centered on selling on surplus of solar power to the government for financial returns. Home owners can discharge the power during peak hours and control their power bill in the process. Residential storage schemes such as the Self Generation Incentive Program (SGIP) can be used by residents for gaining financially as well as provide energy in low-income communities.
Segmentation:
By battery type, the global residential solar energy storage market is segmented into sodium sulphur, lead-acid, lithium-ion, and others. The lead-acid segment is expected to hold a larger share of the market during the forecast period, owing to the increasing installations of residential solar equipment. Lead-acid batteries are used in off-grid applications and cost less than its counterpart. Their increased performance and energy output owing to battery upgrades can lead to its integration in renewable energy applications. However, the lithium-ion segment is expected to grow at the fastest rate during the forecast period. This is attributed to its high depth of discharge (DoD) and high efficiency of Li batteries. It can use more of the energy stored in the battery without charging it often.
Based on the installation, the global market is segmented into the rooftop and ground-mounted. The rooftop segment is anticipated to grow at the highest CAGR during the forecast period as the equipment is installed on unused spaces. High costs of electricity generated by grids in the coming years are expected to drive the growth of the segment. Millions of homes in rural parts of developing countries like India can harness the power of the sun to convert it into electricity.
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Regional Segmentation:
The residential solar energy storage market covers regions of North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
APAC is anticipated to dominate the global market owing to increased adoption of solar equipment. Government schemes and initiatives for encouraging customers to switch to solar energy can play a huge role in driving market demand. Increased spending on green buildings and zero energy homes can reflect the high potential of the market in the region. China, India, and Japan can contribute the most to the regional market.
North America is inclined to capture a significant market share owing to shift to renewable energy sources by major countries such as the U.S. and Canada. The U.S. government is planning to deploy additional panels by doling out incentives for homeowners. Grid outages caused by short-circuiting and natural disasters is the primary driver of the regional market. It can persuade home owners for installing storage equipment to act as a backup.
Competitive Analysis:
The residential solar energy storage market is capital-intensive in nature with manufacturers focusing on research and development for lowering labor expenses and reducing expenses. Skilancer Solar has launched waterless robots for cleaning solar panels installed on residential premises. This has led to spending on advanced technologies such as artificial intelligence to gain insights on customer usage.
Key players involved in the market are Alpha Technologies, BrightSource Energy, Inc., General Electric, Evergreen Solar, AEG Power Solutions, Samsung SDI Co., Ltd, NextEra Energy, Inc., Acciona, Tesla, Abengoa, Solarwatt, LG Chem, SunPower Corporation, and ABB.
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Industry News
Trina Solar Co Ltd, a Chinese company, has created a division dedicated for energy storage by providing plans for standalone, microgrid, and industrial applications. It can offer lithium iron phosphate (LFP) batteries and provide optimum support for its clientele.
Self Power Generation Schemes to be at the Forefront of Global Residential Solar Energy Storage Market
The global residential solar energy storage market is bound to be successful in countries receiving ample sunlight, according to Market Research Future (MRFR). The market is slated to generate heavy returns owing to subsidies given to installations of solar panels and storing of energy for sale to power generation companies for profit. Change in regulations have led to a bevy of on-grid and off-grid installations of solar panels and supporting large-scale grid systems.
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