Residential Solar Energy Storage Market Growth Outlook with Industry Review & Forecasts 2024-2032
Residential Solar Energy Storage Market size surpassed USD 38.9 billion in 2022 and is set to register 18.3% CAGR from 2024 to 2032.
Solar energy storage refers to a component that reserves power for future consumption, which is charged by a solar system connected to it. This stored energy can be used when there is no sunlight or during times of high electricity demand. These systems provide a wide range of technical approaches to manage the power supply for creating a resilient electrical infrastructure and bringing cost savings to the consumers.
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Ongoing efforts toward energy efficiency and conservation among urban & suburban consumers will boost the deployment of solar energy storage systems across residential premises. Rapid urbanization along with favorable government-assisted renewable reforms & subsidies for households will significantly foster the residential solar energy storage market. Additionally, solar being competitive in residential applications will push investors to demand a secure political framework for storage, generation, and self-consumption of solar energy, accelerating the industry potential.
This pandemic has not impacted the overall solar energy storage market across the world. The pandemic has slowed down the growth of market owing to large scale disruption in supply chains of raw materials. However, the government focus to overcome the power outages for providing continuous electricity to sustainably overcome the rising electricity has influenced the industry growth.
The lithium ion residential solar energy storage market was valued at over USD 35 billion in 2022. This technology offers significant cost reduction potential owing to an increase in the scale of production capacity, improvements in materials, competitive supply chains and performance enhancements. Paradigm shift toward reducing their carbon footprint along with ease of integration with existing solar panels will impact the business development.
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The cost of lithium-ion batteries has decreased significantly in recent years, making them a more affordable option for homeowners who want to reduce their reliance on the grid and take advantage of the benefits of solar energy. These units offer key advantages high energy density, long cycle life, more safety, and compatibility, stimulating the business outlook.
The 3 kW - 6 kW rated residential solar energy storage market held approximately 50% of the market share in 2022. Favorable government norms to adopt solar technologies through incentivization, net metering, feed-in tariffs, and similar supportive policies will further energize the industry dynamics. Moreover, declining technology prices, primarily driven by the economies of scale and global competition, will augment the business landscape.
≤ 3 kW rated residential solar energy storage market will observe an upsurge owing to The implementation of green energy schemes and robust development of new renewable energy projects. The declining manufacturing & installation costs coupled with the increasing consumer focus toward the adoption of sustainable storage systems will positively sway the industry growth. These units enable homeowners to become more self-sufficient and less reliant on the grid.
The North America residential solar energy storage market is anticipated witness around 15% growth rate through 2032. Strict government regulations pertaining to the decarbonization along with adoption of energy-efficient & clean technology will propel the business outlook. Favorable government subsidies along with decrease of cost of solar systems made these technologies progressively attractive to homeowners. Furthermore, positive regulatory inclination toward the deployment of feasible solar reforms coupled with stringent mandates to optimize energy will fuel the demand for these systems.
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The lifting of a punitive tax on households will positively impact the Europe residential solar energy storage market growth. The introduction of European Green Deal instruments including Next Generation EU and national recovery plans will further stimulate the demand for these units. The favorable regulatory policies and increased need for clean and sustainable power generation will favor the business scenario.
Prominent market players include ABB, Tesla, SolarEdge Technologies, Primus Power, Maxwell Technologies, Siemens Energy, Schneider Electric, SAMSUNG SDI, LG Electronics, Leclanché, EnerSys, Fluence, Saft, Uniper, Johnson Controls, Honeywell International, Toshiba Corporation and Huawei Technologies.
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