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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.
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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.
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.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
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.
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:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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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.
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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.
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Residential Solar Energy Storage Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 37.4% |
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Market growth 2022-2026 |
$54.36 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
37.0 |
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Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
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Performing market contribution |
APAC at 51% |
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Key consumer countries |
US, Canada, China, Japan, UK, and Germany |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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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 |
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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. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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