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Residential Solar Energy Storage Market by Technology and Geography - Forecast and Analysis 2022-2026

  • Published: Oct 2022
  • Pages: 145
  • SKU: IRTNTR41401
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The residential solar energy storage market share is expected to increase by USD 54.36 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 37.4%.

This residential solar energy storage market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the residential solar energy storage market segmentation by technology (li-ion batteries and lead-acid batteries) and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The residential solar energy storage market report also offers information on several market vendors, including ABB Ltd., ACME Cleantech Solutions Pvt. Ltd., Adara Power, E.ON UK Plc, E3 DC, East Penn Manufacturing Co. Inc., Enphase Energy Inc., Invinity Energy Systems plc, LG Electronics Inc., Mercedes Benz Group AG, Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shell plc, SOLARWATT GmbH, Sony Group Corp., Tesla Inc., The BYD Motors Inc., TotalEnergies SE, Trojan Battery Co. LLC, and Wanxiang New Energy LLC among others.

What will the Residential Solar Energy Storage Market Size be During the Forecast Period?

Residential Solar Energy Storage Market Size

Download Report Sample to Unlock the Residential Solar Energy Storage Market Size for the Forecast Period and Other Important Statistics

 

Residential Solar Energy Storage Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The reduction in PV and energy storage system costs is notably driving the residential solar energy storage market growth, although factors such as the availability of alternative technologies may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the residential solar energy storage market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Residential Solar Energy Storage Market Driver

Reduction in PV and energy storage system costs is a key factor driving the global residential solar energy storage market growth. Worldwide, the growing focus of countries in terms of shifting to renewable power generation has led to the deployment of millions of PV systems to meet rising power needs. In countries where feed-in tariffs exist, excess power is sent to the grid in exchange for a small compensation. Energy storage systems complement solar PV systems by storing the excess power for later use, thereby increasing both renewable power penetration as well as the use of less costly, cleaner power. There has been a steady investment in research and development (R&D) by energy storage vendors in developing technology that can reduce the cost of these systems. The cost of renewable energy systems plummets with a continuous increase in their deployment. In the past, the major hurdle to the adoption of renewables was their intermittent nature and high cost. Over the years, there has been a dramatic decline in the cost of solar PV panels and battery cost, thereby making them more attractive and accessible to end-users, especially in the residential sector.

Key Residential Solar Energy Storage Market Trend

Residential energy storage as virtual power plants will fuel the global residential solar energy storage market growth. Consumers in developed countries are looking to obtain more than just reliable power from utilities. They expect the power to be generated from a cleaner source, with a lower impact on the environment. This notion has turned them into prosumers, wherein they generate their own power, thereby leading to thousands of storage units paired with solar PVs to be installed at individual houses. Owing to the potential of storage in terms of relieving congestion and smoothening power supply to the grid, utilities are trying to leverage the use of residential energy storage systems to function as virtual power plants and provide ancillary services. Virtual power plants are an interconnection of small decentralized units of wind, solar, or energy storage units, which are operated as a single unit through a software system installed by an energy aggregator. Virtual power plants with solar and energy storage are being tested in several pilot projects across the world in countries such as Germany, the US, and Australia.

Key Residential Solar Energy Storage Market Challenge

The availability of alternative technologies is the major challenge to the global residential solar energy storage market growth. Solar energy storage systems also face a challenge from newer technologies, such as fuel cells that can function as a standalone system to provide power as well as heat without the need for solar or wind power. Fuel cells operate at higher efficiency and have higher energy density when compared with batteries, making them a viable alternative source of power for residential use. The government is focusing on making every new home constructed a zero-energy home by 2020; these homes have renewable power systems for energy creation, energy-efficient air conditioning and lighting systems, and home energy management systems to monitor energy usage. While PV is a popular option to generate on-site renewable power, countries such as Japan utilize fuel cell systems called ene-farm that are similar in size to a refrigerator and are used to supply electricity for residential applications. The ene-farm units also have heat recovery units to capture heat, which is later used to heat water. The availability of such technology hinders the adoption of residential solar energy storage systems.

This residential solar energy storage market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global residential solar energy storage market as a part of the global renewable electricity market within the global independent power and renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the residential solar energy storage market during the forecast period.

Who are the Major Residential Solar Energy Storage Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • ABB Ltd.
  • ACME Cleantech Solutions Pvt. Ltd.
  • Adara Power
  • E.ON UK Plc
  • E3 DC 
  • East Penn Manufacturing Co. Inc.
  • Enphase Energy Inc.
  • Invinity Energy Systems plc
  • LG Electronics Inc.
  • Mercedes Benz Group AG
  • Panasonic Holdings Corp.
  • Samsung SDI Co. Ltd.
  • Shell plc
  • SOLARWATT GmbH
  • Sony Group Corp.
  • Tesla Inc.
  • The BYD Motors Inc.
  • TotalEnergies SE
  • Trojan Battery Co. LLC
  • Wanxiang New Energy LLC

 

This statistical study of the residential solar energy storage market encompasses successful business strategies deployed by the key vendors. The residential solar energy storage market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The residential solar energy storage market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Residential Solar Energy Storage Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain and parent market of the residential solar energy storage market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

The value chain of the global renewable electricity market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Residential Solar Energy Storage Market?

Residential Solar Energy Storage Market Share by Geography

For more insights on the market share of various regions Request PDF Sample now!

51% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the residential solar energy storage market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Reduction in PV and energy storage system costs will facilitate the residential solar energy storage market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID-19 Impact and Recovery Analysis

The rapid spread of COVID-19 negatively impacted the growth of the residential energy storage market in APAC in 2020. The imposition of nationwide lockdowns in countries such as China and India positively affected the demand for residential solar energy storage. However, the demand for power increased from households during lockdowns, which sustained the growth of the regional residential solar energy storage market. Moreover, due to the prolonged lockdowns, several power sector projects were postponed or delayed. For instance, due to the pandemic, the construction of India's biggest floating solar power plant with a capacity of 100 MW in Telangana got delayed. Such factors will restrict the growth of the regional residential solar energy storage market during the forecast period.

What are the Revenue-generating Technology Segments in the Residential Solar Energy Storage Market?

Residential Solar Energy Storage Market Share

To gain further insights on the market contribution of various segments Request a PDF Sample

The residential solar energy storage market share growth in the li-ion batteries segment will be significant during the forecast period. Lithium-ion is the most preferred technology for energy storage applications in the residential sector, as Li-ion batteries are favorable in terms of performance when compared with other battery chemistries. Li-ion batteries offer more enhanced features when compared with lead-acid batteries.

This report provides an accurate prediction of the contribution of all the segments to the growth of the residential solar energy storage market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Residential Solar Energy Storage Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 37.4%

Market growth 2022-2026

$54.36 billion

Market structure

Fragmented

YoY growth (%)

37.0

Regional analysis

APAC, North America, Europe, South America, and the Middle East and Africa

Performing market contribution

APAC at 51%

Key consumer countries

US, Canada, China, Japan, UK, and Germany

Competitive landscape

Leading companies, Competitive Strategies, Consumer engagement scope

Key companies profiled

ABB Ltd., ACME Cleantech Solutions Pvt. Ltd., Adara Power, E.ON UK Plc, E3 DC, East Penn Manufacturing Co. Inc., Enphase Energy Inc., Invinity Energy Systems plc, LG Electronics Inc., Mercedes Benz Group AG, Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shell plc, SOLARWATT GmbH, Sony Group Corp., Tesla Inc., The BYD Motors Inc., TotalEnergies SE, Trojan Battery Co. LLC, and Wanxiang New Energy LLC

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

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What are the Key Data Covered in this Residential Solar Energy Storage Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive residential solar energy storage market growth during the next five years
  • Precise estimation of the residential solar energy storage market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the residential solar energy storage industry across APAC, North America, Europe, South America, and the Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of residential solar energy storage market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Technology
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Technology

    • 5.1 Market segments
      • Exhibit 24: Chart on Technology - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Technology - Market share 2021-2026 (%)
    • 5.2 Comparison by Technology
      • Exhibit 26: Chart on Comparison by Technology
      • Exhibit 27: Data Table on Comparison by Technology
    • 5.3 Li-ion batteries - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Li-ion batteries - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Li-ion batteries - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Li-ion batteries - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Li-ion batteries - Year-over-year growth 2021-2026 (%)
    • 5.4 Lead acid batteries - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Lead acid batteries - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Lead acid batteries - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Lead acid batteries - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Lead acid batteries - Year-over-year growth 2021-2026 (%)
    • 5.5 Market opportunity by Technology
      • Exhibit 36: Market opportunity by Technology ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 38: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 40: Chart on Geographic comparison
      • Exhibit 41: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 42: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 43: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 44: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 45: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 Europe - Market size and forecast 2021-2026
      • Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.8 China - Market size and forecast 2021-2026
      • Exhibit 62: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.9 US - Market size and forecast 2021-2026
      • Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.10 Japan - Market size and forecast 2021-2026
      • Exhibit 70: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.11 Canada - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Canada - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Canada - Year-over-year growth 2021-2026 (%)
    • 7.12 UK - Market size and forecast 2021-2026
      • Exhibit 78: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.13 Germany - Market size and forecast 2021-2026
      • Exhibit 82: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.14 Market opportunity by geography
      • Exhibit 86: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 87: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 89: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 90: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 91: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 92: Matrix on vendor position and classification
            • 10.3 East Penn Manufacturing Co. Inc.
              • Exhibit 93: East Penn Manufacturing Co. Inc. - Overview
              • Exhibit 94: East Penn Manufacturing Co. Inc. - Product / Service
              • Exhibit 95: East Penn Manufacturing Co. Inc. - Key news
              • Exhibit 96: East Penn Manufacturing Co. Inc. - Key offerings
            • 10.4 Enphase Energy Inc.
              • Exhibit 97: Enphase Energy Inc. - Overview
              • Exhibit 98: Enphase Energy Inc. - Business segments
              • Exhibit 99: Enphase Energy Inc. - Key offerings
              • Exhibit 100: Enphase Energy Inc. - Segment focus
            • 10.5 Invinity Energy Systems plc
              • Exhibit 101: Invinity Energy Systems plc - Overview
              • Exhibit 102: Invinity Energy Systems plc - Product / Service
              • Exhibit 103: Invinity Energy Systems plc - Key offerings
            • 10.6 LG Electronics Inc.
              • Exhibit 104: LG Electronics Inc. - Overview
              • Exhibit 105: LG Electronics Inc. - Business segments
              • Exhibit 106: LG Electronics Inc. - Key news
              • Exhibit 107: LG Electronics Inc. - Key offerings
              • Exhibit 108: LG Electronics Inc. - Segment focus
            • 10.7 Panasonic Holdings Corp.
              • Exhibit 109: Panasonic Holdings Corp. - Overview
              • Exhibit 110: Panasonic Holdings Corp. - Business segments
              • Exhibit 111: Panasonic Holdings Corp. - Key news
              • Exhibit 112: Panasonic Holdings Corp. - Key offerings
              • Exhibit 113: Panasonic Holdings Corp. - Segment focus
            • 10.8 Samsung SDI Co. Ltd.
              • Exhibit 114: Samsung SDI Co. Ltd. - Overview
              • Exhibit 115: Samsung SDI Co. Ltd. - Business segments
              • Exhibit 116: Samsung SDI Co. Ltd. - Key offerings
              • Exhibit 117: Samsung SDI Co. Ltd. - Segment focus
            • 10.9 Shell plc
              • Exhibit 118: Shell plc - Overview
              • Exhibit 119: Shell plc - Business segments
              • Exhibit 120: Shell plc - Key news
              • Exhibit 121: Shell plc - Key offerings
              • Exhibit 122: Shell plc - Segment focus
            • 10.10 SOLARWATT GmbH
              • Exhibit 123: SOLARWATT GmbH - Overview
              • Exhibit 124: SOLARWATT GmbH - Product / Service
              • Exhibit 125: SOLARWATT GmbH - Key offerings
            • 10.11 Sony Group Corp.
              • Exhibit 126: Sony Group Corp. - Overview
              • Exhibit 127: Sony Group Corp. - Business segments
              • Exhibit 128: Sony Group Corp. - Key news
              • Exhibit 129: Sony Group Corp. - Key offerings
              • Exhibit 130: Sony Group Corp. - Segment focus
            • 10.12 TotalEnergies SE
              • Exhibit 131: TotalEnergies SE - Overview
              • Exhibit 132: TotalEnergies SE - Business segments
              • Exhibit 133: TotalEnergies SE - Key news
              • Exhibit 134: TotalEnergies SE - Key offerings
              • Exhibit 135: TotalEnergies SE - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 136: Inclusions checklist
                • Exhibit 137: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 138: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 139: Research methodology
                • Exhibit 140: Validation techniques employed for market sizing
                • Exhibit 141: Information sources
              • 11.5 List of abbreviations
                • Exhibit 142: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Residential Solar Energy Storage market growth will increase by $54362.81 million during 2022-2026.
              The residential solar energy storage market is expected to grow at a CAGR of 37.4% during 2022-2026.
              Technavio has segmented the residential solar energy storage market by technology (Li-ion batteries and Lead acid batteries) and geographic (APAC, North America, Europe, South America, and Middle East and Africa).
              ABB Ltd., ACME Cleantech Solutions Pvt. Ltd., Adara Power, E.ON UK Plc, E3 DC , East Penn Manufacturing Co. Inc., Enphase Energy Inc., Invinity Energy Systems plc, LG Electronics Inc., Mercedes Benz Group AG, Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shell plc, SOLARWATT GmbH, Sony Group Corp., Tesla Inc., The BYD Motors Inc., TotalEnergies SE, Trojan Battery Co. LLC, Wanxiang New Energy LLC are a few of the key vendors in the residential solar energy storage market.
              APAC will register the highest growth rate of 50.96% among the other regions. Therefore, the residential solar energy storage market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the residential solar energy storage market growth are:
              • Reduction in PV and energy storage system costs
              • Residential energy storage as virtual power plants
              The residential solar energy storage market vendors should focus on grabbing business opportunities from the li-ion batteries segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
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