New York, US, June 13, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR),“Residential Solar Energy Storage Market Research Report Information by Battery Type, Region, and Installation - Forecast Till 2030”, the Residential Solar Energy Storage Industry is predicted to grow substantially over the assessment timeframe from 2022 to 2030 at a healthy CAGR of around 19.5%. The reports even share predictions regarding the market's growing revenue share, which is likely to attain a market of USD 5134.8 Million by the end of 2030.
Residential Solar Energy Storage Market Overview:
The global Residential Solar Energy Storage industry has advanced enormously recently. The primary aspect causing a surge in the performance of the market is the declining Battery Costs.
Market Competitive Analysis
The catalog of the top leaders across the global Market for Residential Solar Energy Storage includes players such as:
- ABB
- SUNPOWER CORPORATION
- LG CHEM
- ALPHA TECHNOLOGIES
- SAMSUNG SDI CO., LTD
- AEG POWER SOLUTIONS
- TESLA
- NEXTERA ENERGY, INC.
- ABENGOA
- SOLARWATT
- Among others.
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Residential Solar Energy Storage Market USP Covered
Market Drivers
The global Residential solar energy storage market has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the declining Battery Costs. Furthermore, factors such as steps taken by prominent regions, large-scale renewable integration, and rising demand for the integration of sustainable energy infrastructure are also likely to positively impact the market performance over the coming years.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked. Furthermore, the lack of availability coupled with the absence of sources of proper awareness and reliable market suppliers is also likely to restrict the performance of the market.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 5134.8 Million |
| CAGR during 2022-2030 | 19.5% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Battery Type and Installation |
| Key Market Opportunities | Increasing demand for sustainable electricity generation |
| Key Market Drivers | Growing demand for electricity generation from solar energy Increasing government initiatives for the adoption of solar energy for electricity generation |
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Residential Solar Energy Storage Market COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Residential Solar Energy Storage industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Residential Solar Energy Storage Market Segment Analysis
Among all the technologies, lithium-ion batteries are anticipated to ensure the leading position across the global market for residential solar energy storage over the assessment period, mainly due to strict environmental legislation and policies. Furthermore, the techno-economic advantages of these batteries over traditional batteries are believed to be another crucial parameter enhancing the performance of the market segment.
Among all the application areas, the On-grid segment is anticipated to ensure the leading position across the global market for residential solar energy storage over the assessment period, mainly due to frequent use in residential buildings.
Among all the ownership types, the customer-owned sector is anticipated to ensure the leading position across the global market for residential solar energy storage over the assessment period, given mainly to the great value consumers place on owning their storage systems. A residential energy storage system's lowering price per kilowatt-hour is also considered positively impacting the segment's performance.
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Residential Solar Energy Storage Market Regional Analysis
The Global Market for Residential Solar Energy Storage is analyzed across five major parts: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The research documents by MRFR indicate that the Asia-pacific Region carried the top position across the global Residential solar energy storage market in 2021. India, China, and Indonesia are the leading development contributors in the region. Further, the China Residential Solar Energy Storage industry held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the presence of nations such as Japan, China, and Australia, which are installing storage solutions for residential end-users. In the last few years, the region has experienced rapid economic development, which in turn is also believed to be one of the crucial parameters enhancing regional market development. Furthermore, the growth of renewables coupled with the escalating demand for energy self-sufficiency are also likely to enhance the performance of the regional market over the coming years.
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The European Region is anticipated to secure the second position across the global Residential solar energy storage market over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Residential Solar Energy Storage Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The main aspect supporting regional market expansion is the growing purchasing capacity is the main aspect supporting regional market development. Furthermore, new government policies, project developments, and innovative vendors will also likely positively impact regional market development over the coming years. Moreover, the region is witnessing increasing investments, rising numbers of grid projects, and the generation of renewable energy are also anticipated to boost the regional market's performance over the review era.
The North American is anticipated to hold the third position across the global Residential solar energy storage market in 2021. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Residential solar energy storage market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is the growing awareness of renewable energy sources.
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