Residential Solar Energy Storage Market Share

Global Residential Solar Energy Storage Market Overview

Residential Solar Energy Storage Market Size was valued at USD 8,112.9 million in 2023. The Residential Solar Energy Storage Market industry is projected to grow from USD 20.15 million in 2024 to USD 91.19 million by 2032, exhibiting a compound annual growth rate (CAGR) of 20.77% during the forecast period (2024 - 2032). 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.  

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Residential Solar Energy Storage Market Trends

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  Paradigm shift towards low carbon energy generation amid increasing power consumption will fuel the Residential Solar Energy Storage market

  
  

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.

Peak energy demand has risen as a result of rising efforts towards promoting rural electrification and an expanding global population. In addition, the rate of urbanization has increased, and infrastructure projects have boosted the demand for power from utilities. Developing nations must provide dependable energy access in rural areas. Traditional centralized grids are unable to deliver basic electricity at a fair cost in a timely manner to neglected communities. Thus, throughout the projection period, it is anticipated that the market of residential solar energy storage systems in developing economies all over the world would grow as more home solar energy storage systems are deployed.

Residential Solar Energy Storage Market Segment Insights

Residential Solar Energy Storage by Ownership Type Insights

The 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 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.

Residential Solar Energy Storage by Connectivity Type Insights

Based on Connectivity Type, the 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.

Residential Solar Energy Storage by Power Rating Insights

Based on Power Rating, the 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.

Residential Solar Energy Storage by Technology Insights

Based on Technology, the 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.

Residential Solar Energy Storage Regional Insights

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.

Residential Solar Energy Storage Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Residential Solar Energy Storage Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Residential Solar Energy Storage Market industry must offer cost-effective products to expand and survive in an increasingly competitive and rising market environment.

The market for Residential Solar Energy Storage is recognized as being extremely competitive with all the players competing to gain maximum market share. Intense competition, frequent changes in government policies, and geopolitical issues are key factors that impact market growth. Some of the key players operating in the Residential Solar Energy Storage Market are BYD Co. Ltd, Siemens AG, Schneider Electric, Samsung SDI Co., Ltd., Eaton Corporation, Tesla Energy, LG Chem Ltd. , SMA Solar Technology AG, Eguana Technologies, Huawei, EnerSys, Tabuchi Electric Co. Ltd., . To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.

BYD Co. LtdBYD Co. Ltd. is a publicly listed Chinese conglomerate manufacturing company headquartered in Shenzhen, Guangdong, China. The company’s BYD ENERGY division manufactures Energy Storage System (ESS) technology and supplies renewable energy solutions globally with operations in over 50 countries and regions. The company has over 30 industrial parks and production bases worldwide, with a total area of over 18 million sq.m., amongst which are located in China, US, Brazil, Japan, Komarom, Hungary, and India.

Siemens AGis the world’s leading supplier of solar solutions. Siemens Energy AG is an energy company formed by the spin-off of the former Gas and Power division of Siemens Group and includes a 67% share of Siemens Gamesa. Siemens AG, eneterd into the battery storage system segment with the launch of its Junelight Smart Battery System in 2019.

Key Companies in the Residential Solar Energy Storage Market includes

• 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 Industry Developments

March 2019Hanwha Q CELLS GmbH, the current European market leader for residential rooftop PV installations and Eguana Technologies Inc. entered into an exclusive agreement to market, sell, and distribute the Eguana Enduro Home storage system throughout the European Union, Switzerland, and Norway under the Q CELLS brand.

May 2022Huawei launches full range of FusionSolar Smart PV and ESS solutions in Africa

January 2022Schneider Electric acquired renewable energy platform Zeigo to expand digital procurement capabilities globally. This will enhance the company’s digital capabilities in energy, sustainability, and environmental commodity consulting. The acquisition will complement Schneider Electric’s portfolio of clean energy services and solutions and advance the company’s digital energy transformation ambitions.

Residential Solar Energy Storage Market Segmentation

Solar Panel Battery Storage Ownership Type Outlook

• Customer-Owned


• Utility-Owned


• Third Party-Owned

Residential Solar Energy Storage Power Rating Outlook

• Up to 6 kW


• 6 kW to 10 kW

Residential Solar Energy Storage Technology Outlook

• Lithium-Ion


• Lead-Acid

Residential Solar Energy Storage Connectivity Type Outlook

• On-Grid


• Off-Grid

Residential Solar Energy Storage Regional Outlook

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  North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  South America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Rest of South America
  
  
  
  


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  Middle East & Africa
  
  
  
  • Saudi Arabia
  
  
  • UAE
  
  
  • South Africa
  
  
  • Rest of Middle East & Africa