Residential Solar Energy Storage Market Growth Analysis With Investment Opportunities For 2024-2033

The Business Research Company's Residential Solar Energy Storage Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LANDON, GREATER LANDON, UK, September 11, 2024 /EINPresswire.com/ -- The global residential solar energy storage market has experienced rapid expansion in recent years, growing from $7.53 billion in 2023 to $9.12 billion in 2024, at a compound annual growth rate (CAGR) of 21.1%. This growth is driven by several factors, including the rise in residential solar installations, declining solar panel costs, government incentives, energy independence initiatives, and increased environmental awareness. Looking ahead, the market is anticipated to reach $18.73 billion by 2028, with a CAGR of 19.7%, fueled by advancements in energy management, the expansion of rooftop and community solar projects, integration with electric vehicle charging, and smart grid innovations.

Sustainable Electricity Demand Drives Residential Solar Energy Storage Market Growth

The increasing demand for sustainable electricity generation is a key factor propelling the growth of the residential solar energy storage market. Sustainable electricity, derived from clean and renewable energy sources, is becoming increasingly critical as global energy demands rise. The shift toward renewable energy sources is compelling the residential solar energy storage market to innovate and provide products that better serve consumers. For instance, according to Renewable Energy Statistics 2022, global renewable capacity is expected to grow by nearly 2,400 GW between 2022 and 2027, underscoring the need for effective energy storage solutions to support this expansion.

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Key Players and Market Trends

Major companies operating in the residential solar energy storage market include Samsung SDI Co. Ltd., Tesla Inc., LG Chem Ltd., ABB Ltd., General Electric Company, Panasonic Holdings Corporation, and SunPower Corporation, among others. These companies are focusing on product innovation to enhance their market positions. For example, in January 2022, Sungrow launched its new 1+X modular inverter, a cutting-edge solution that offers enhanced flexibility and ease of use across various solar applications.

Segments:

• Operation: Standalone Systems, Solar and Storage
• Power Rating: 3–6 kW, 6–10 kW
• Technology: Lead Acid, Lithium-Ion
• Connectivity: On-Grid, Off-Grid
• Ownership: Customer, Utility, Third-Party

Geographical Insights: Asia-Pacific Leading the Market

Asia-Pacific was the largest region in the residential solar energy storage market in 2023, driven by the region's rapid adoption of solar technologies and supportive government policies. The region is expected to maintain its leading position and continue to grow at a significant rate in the coming years.

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Residential Solar Energy Storage Global Market Report 2024 from The Business Research Company covers the following information:

• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Residential Solar Energy Storage Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on residential solar energy storage market size, residential solar energy storage market drivers and trends, residential solar energy storage market major players, residential solar energy storage competitors' revenues, residential solar energy storage market positioning, and residential solar energy storage market growth across geographies. The residential solar energy storage market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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