Residential Solar Energy Storage Market is predicted to reach USD ~29,379.0 million at a CAGR of ~20% during the forecast period 2022 to 2030.

Market Research Future (MRFR) has published a Half cooked research report on the “global Residential Solar Energy Storage market” that contains the information from 2019 to 2030. The Residential Solar Energy Storage market is estimated to register a CAGR of 20% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Residential Solar Energy Storage market—BYD Co. Ltd. (China), Siemens AG (Germany), Schneider Electric (France), Samsung SDI Co., Ltd. (South Korea), Eaton Corporation (Ireland), Tesla Energy (US), LG Chem Ltd. (South Korea), SMA Solar Technology AG (Germany), Eguana Technologies (Canada), Huawei (China), EnerSys (India), Tabuchi Electric Co. Ltd., (Japan), SunPower Corporation (California), Kyocera Corporation (Japan), Sonnen GmbH (Germany)

Residential Solar Energy Storage Market Highlights

The global Residential Solar Energy Storage market is accounted for to register a CAGR of 20.0% during the forecast period and is estimated to reach USD 29,379.0 million by 2030.

The market for residential energy storage systems has experienced tremendous growth as a result of the growing shift towards renewable energy owing to the long-term advantages of solar energy. On the other hand, domestic solar energy storage systems are the tools that store energy for use in residential structures at later times. By using residential solar energy storage systems, homeowners can use the stored excess solar energy during power outages, and evenings, further reducing the dependency on electric utility services. Use of solar energy also provides long term financial benefits along with contributing towards greener energy ecosystem. 

The Residential Solar Energy Storage market has grown rapidly in several locations due to the increasing transition to low carbon energy generation to minimize greenhouse gas emissions. In order to reach their green energy goals, countries have made significant investments in a variety of solar energy storage devices. Using concentrated solar power and wind energy, the residential, non-residential, and utility sectors have implemented several systems for storing and transferring power generated. Due to the long-term advantages of solar energy, a rise in the shift toward renewable energy is projected to present substantial potential for producers of residential solar energy storage systems. During the projected period, this is anticipated to boost the global market for residential solar energy storage systems considerably.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Residential Solar Energy Storage market Research Report

Segment Analysis

The global Residential Solar Energy Storage market has been segmented based on Ownership Type, Power Rating, Technology, Connectivity Type and Region.

The global Residential Solar Energy Storage Market segmentation, based on Ownership Type has been segmented as Customer-Owned, Utility-Owned and Third Party-Owned. Among these, the Customer-Owned type is projected to dominate the global Residential Solar Energy Storage market revenue through the projected period.  Demand for customer-owned domestic energy storage systems is anticipated to be driven by the great value that consumers place on owning their own storage systems. A domestic solar energy storage system's declining cost per kilowatt-hour is another factor boosting the customer-owned system market. Another important element driving the increase in customer-owned system deployment is the growing desire to cut electricity costs and the frequency of extreme weather events like hurricanes or storms that interrupt the power grid. Furthermore, the expansion of the customer-owned residential segment can be attributed to the government incentives for constructing residential storage.

Based on Connectivity Type, the global Residential Solar Energy Storage Market is segmented as On-Grid and Off-Grid. Out of which the On-Grid segment dominated the base year market and is also projected to be holding a dominating share in the forecasted period as well. This market is expanding since on-grid systems are being used more frequently in residential buildings. With the aid of on-grid devices, the extra energy generated can be delivered to the appropriate power company that owns the grid, allowing the person to accumulate credit that can be withdrawn at the end of the year. Being grid-tied further offers the advantage of removing the need to invest in an expensive battery backup system to store any extra energy. During the projection period, these elements are anticipated to fuel demand for on-grid household energy storage systems.

Based on Power Rating, the global Residential Solar Energy Storage Market is segmented as Up to 6 kW and 6 kW to 10 kW. The Up to 6 kW segment held the majority share in 2022 and is also anticipated to be experiencing healthy pace in the forecasted period. Residential solar energy storage of power rating up to 6 kw can effectively provide a substantial amount of power for numerous residential needs. When the grid fails, the 6 kW source supplies backup power. In countries where solar PVs directly supply electricity to EVs without an increase in energy costs, 3-6 kW batteries are used for EV charging.

Based on Technology, the global Residential Solar Energy Storage Market is segmented as Lithium-Ion and Lead-Acid. Out of which the Lithium-Ion segment dominated the base year market and is also expected to hold a significant share in the estimated timeframe. Lithium-ion battery use is increasing as a result of strict environmental rules and policies that aim to cut greenhouse gas emissions. Another important element driving up demand for lithium-ion batteries is the techno-economic advantages of these batteries over traditional batteries.

Regional Analysis

By Region, the study segments the Residential Solar Energy Storage market into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia Pacific Residential Solar Energy Storage market holds the largest market share and is also anticipated to account for the largest revenue share during the forecast period. Due to growing worries about air pollution and carbon emissions in China and India, the Asia Pacific region is anticipated to present substantial potential for the global market of residential solar energy storage systems over the forecast period. Additionally, the market for residential solar energy storage systems in the region is anticipated to be driven by government tariffs and policies regarding the use of solar technology.

Moreover, demand for electricity is rising significantly in the region owing to the growing population, urbanization, and increasing reliance on electronic devices. Residential solar energy storage can effectively help in meeting this rapidly growing electricity demand by providing the homeowners with sustainable and reliable source of the electricity, further escalating the demand for residential solar energy storage. Growing advancements in battery technology, especially lithium-ion batteries is making residential energy storage systems more reliable for use as they can effectively improve the efficiency of the systems along with enhancing its storage capacity.

Key Findings of the Study

• The global Residential Solar Energy Storage market is expected to reach USD 29,379.0 million by 2030, at a CAGR of 20.0% during the forecast period.


• The North America region accounted for the fastest-growing global market.


• Based on Ownership type, the Customer-Owned segment was attributed to holding the largest market in 2022.


• Based on Power rating, the Up to 6 kW segment was attributed to holding the largest market in 2022.


• BYD Co. Ltd. (China), Siemens AG (Germany), Schneider Electric (France), Samsung SDI Co., Ltd. (South Korea), Eaton Corporation (Ireland), Tesla Energy (US), LG Chem Ltd. (South Korea), SMA Solar Technology AG (Germany), Eguana Technologies (Canada), Huawei (China), EnerSys (India), Tabuchi Electric Co. Ltd., (Japan), SunPower Corporation (California), Kyocera Corporation (Japan), Sonnen GmbH (Germany) are the key market players.