Market Snapshot:
Residential solar energy storage system is widely used to store household solar energy. It serves as a backup system and provides electricity when power from the solar system cannot be generated. Increasing energy costs and government initiatives towards the create awareness about home solar energy will accelerate the growth of residential solar systems across the globe. In Europe residential solar & storage soared by 44% to 140,000 installed units in 2020 which will create significant opportunities for the market in the nearer future.
Highlights from Residential Solar Energy Storage System Market Study
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.6% |
The key Manufacturers profiled in the report are EXIDE INDUSTRIES LTD. (India), Amplus Solar (India), Panasonic (Japan), Siemens (Germany), SunPower (United States), Eaton Corporation (Ireland), Schneider Electric (France), Itron Inc. (United States), BYD (China) and C&D Technologies (United States). Additionally, other players that are part of this comprehensive study are LG Corp (South Korea) and Samsung SDI (South Korea).
Geographic Breakdown and Segment Analysis
The Global Residential Solar Energy Storage System market presents a comprehensive analysis of the Residential Solar Energy Storage System market by product type (Lithium-Ion and Lead Acid), by end-user/application (Collective House, Detached House and Others), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Residential Solar Energy Storage System industry. Investors and Manufacturers can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Residential Solar Energy Storage System market
Analyst at AMA have segmented the market study of Global Residential Solar Energy Storage System market by Type, Application and Region.
Influencing Trend:
Increasing Innovations and Advances in Battery Storage System
Market Growth Drivers:
Surging Demand of Lithium-Ion Battery for Household Solar Systems and High Electricity Prices and Increasing Installation of Residential Solar Systems Europe
Challenges:
Short Lifespan of Residential Solar Battery Storage May Hamper the Growth
Restraints:
High Cost Associated with Solar Installation and Solar Energy Storage Solutions
Opportunities:
Increased Installation of Solar Energy Systems in Rural and Mountain Areas
Market Developments Activities:
In January 2023,SSE’s Solar and Battery unit has announced a further milestone in its project pipeline with the acquisition of the rights to three solar sites in Nottinghamshire from Grid move Ltd.
In October 2023,Loom Solar on Friday announced the launch of a range of solar solutions at the Renewable Energy India Expo (REI) 2023 in Greater Noida.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new product launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Residential Solar Energy Storage System Manufacturers, Suppliers & Distributors, Venture Capitalists and Private Equity Firms, Government Bodies and Research Organizations, End-Users and Others