Market
Highlights
Global Residential Solar Energy
Storage Market is projected to be valued at USD 100 Million by 2026, with
14% CAGR during the forecast period, 2020–2026. Residential solar energy
storage equipment is used to store solar energy harnessed from solar panels.
Energy storage can be defined as a technology that provides a source of power
as and when required without backsliding to conventional energy sources. These
energy systems are efficient and can be used whenever needed.
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In 2019, Asia-Pacific dominated the global residential solar
energy storage market in terms of share: MRFR
The global residential solar energy
storage market has been segmented into five regions, namely, Asia-Pacific,
the Middle East & Africa, Europe, North America, and South America.
Asia-Pacific is expected to hold the largest share of the market during the
forecast period. This is primarily as countries in the region are extensively
focused on developing solar energy sources to reduce carbon emissions. In
Asia-Pacific, China held the largest share in the market and is expected to
grow at the fastest CAGR during the forecast period, due to the availability of
low-cost equipment in the country. In North America, the US held the largest market
share in 2019 and is expected to grow at the fastest rate during the forecast
period, primarily due to the high demand for off-grid electricity. In Europe,
Germany held the largest market share in 2019 due to extensive government
support to adopt solar energy. While the residential solar energy
storage market is expected to grow at the fastest CAGR in Italy during the
forecast period due to the increasing demand for electricity in the country. In
the Middle East & Africa region, Saudi Arabia held the largest market share
in 2019 due to the increasing need for renewable electricity in the country.
However, the residential solar energy storage market is expected to
grow at the fastest CAGR in UAE, as the country’s government is focused on
increasing its share of renewable energy in the nation’s energy mix.
The global residential solar energy
storage market has been segmented based on battery type and installation.
Based on the battery type, the global market is divided into lead-acid,
lithium-ion, sodium-sulfur, and others. The lead-acid segment is expected to
hold a larger share of the market during the forecast period due to the
increasing installations of residential solar equipment. Based on the
installation, the global market is segmented into the rooftop and
ground-mounted. The rooftop segment is expected to grow with the highest CAGR
during the forecast period as residential end-users are increasingly focusing
on the adoption of off-grid electricity.
Global Residential Solar Energy
Storage Market is expected to grow at 14% CAGR during the forecast
period.
Scope of the Report
This report provides an in-depth analysis of the
global residential solar energy
storage market, tracking
three market segments across five geographic regions. The report studies key
players, providing a six-year annual trend analysis that highlights the market
size and shares for North America, Europe, Asia-Pacific, South America, and the
Middle East & Africa. The report also presents a forecast, focusing on the
market opportunities for the next five years for each region. The scope of the
study segments the global residential solar energy storage market by
battery type, installation, and region.
·
Battery Type
·
Lead-Acid
·
Lithium-ion
·
Sodium Sulfur
·
Others
·
Installation
·
Roof Top
·
Ground Mounted
·
By Region
·
North America
·
Asia-Pacific
·
Europe
·
Middle East & Africa
·
South America
Key Players
The key players operating in the global residential solar energy storage market are ABB, LG
Chem, Samsung SDI Co., Ltd, General Electric, Tesla, AEG Power Solutions,
NextEra Energy, Inc., Abengoa, BrightSource Energy, Inc., Acciona, Evergreen
Solar, Alpha Technologies, SunPower Corporation, and Solarwatt.
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