Residential Solar Energy Storage Market to hit $205 Bn by 2032, Says Graphical Research Powered by GMI.

Major residential solar energy storage market players include ABB, Tesla, SolarEdge Technologies, Primus Power, Maxwell Technologies, Siemens Energy, Schneider Electric, SAMSUNG SDI, LG Electronics, Leclanché, EnerSys., among others.

Selbyville, Delaware, May 31, 2023 (GLOBE NEWSWIRE) --

Residential Solar Energy Storage Market is expected to cross a valuation of USD 205 billion by 2032, according to the latest research report by Global Market Insights Inc.

Governments worldwide are providing financial incentives, tax credits, and favorable legislation to encourage the use of domestic solar energy storage, making it more accessible and financially practical for homeowners. To cite an instance, in October 2022, the United States and India announced the formation of a new energy task group to facilitate the large-scale integration of renewable energy required to enable the clean energy transition. Furthermore, improvements in battery technologies, such as lithium-ion batteries, have enhanced the efficiency, durability, and affordability of energy storage systems, propelling industry expansion.

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> 6 kW residential solar energy storage solutions to gain prominence

The > 6 kW residential solar energy storage market is set to gain immense traction over 2023-2032 owing to the rising product usage to cater to households with higher electricity consumption and larger solar installations. The increasing adoption of solar power systems in residential settings, coupled with the need for storing excess energy for later use, is boosting the demand for energy storage solutions with power ratings higher than 6 kW.

Lead acid segment to witness high adoption rate

The industry share from the lead acid segment is anticipated to generate substantial revenue by 2032. Lead-acid batteries have various advantages, including their low cost, proven reliability, and ability to manage high current demands. They are also well-suited for domestic solar energy storage because of their interoperability with various solar systems and charge controllers. Despite the introduction of newer battery technologies, the lead-acid market remains competitive due to continuous advances such as enhanced cycle capabilities and better energy density, which will continue to fuel segment growth through 2032.

APAC to observe potential growth opportunities

The Asia Pacific residential solar energy storage market is poised to witness significant growth through 2032 owing to rapid urbanization and rising energy consumption. Solar energy storage enables residences to maximize energy self-consumption while decreasing dependency on the grid. Additionally, government regulations, subsidies, and efforts that promote renewable energy and sustainable practices foster industry growth. Furthermore, the APAC region, which includes rapidly developing nations such as China, Japan, and Australia, will have a favorable effect on the regional industry until 2032.

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Residential solar energy storage industry leaders

ABB, Tesla, Primus Power, EnerSys, Maxwell Technologies, Siemens Energy, SolarEdge Technologies, Schneider Electric, LG Electronics, Toshiba Corporation, SAMSUNG SDI, Leclanché, Fluence, Saft, Johnson Controls, Honeywell International, Uniper, and Huawei Technologies are some of the major companies operating in the residential solar energy storage market.

Residential solar energy storage industry news

In March 2023, Sol Systems, a national solar energy organization focused on developing and operating clean energy projects, announced a one-of-a-kind renewable energy procurement and investment strategy with Google that enables the establishment of new solar energy projects while benefiting the communities where the projects are constructed.

In April 2023, Schroders Greencoat, a renewable project leader, and Innova Renewables, a green energy project developer, formed a strategic alliance to build and run solar energy storage projects in the United Kingdom.

Partial Table of Contents (ToC) of the report:

Chapter 2 Residential Solar Energy Storage Industry Insights2.1 Competitive landscape, 20222.1.1 Strategic dashboard2.2 Innovation & technology landscapeChapter 3 Competitive Benchmarking3.1 Industry ecosystem analysis3.2 Regulatory landscape3.3 COVID- 19 impact on the industry outlook3.4 Industry impact forces3.4.1 Growth drivers 3.4.1.1 Declining battery costs 3.4.1.2 Favourable regulatory inclination toward sustainable energy 3.4.1.3 Positive outlook toward solar energy3.4.2 Industry pitfalls & challenges3.5 Growth potential analysis 3.5.1 Availability of other alternative technologies3.6 Porter's Analysis3.7 PESTEL Analysis

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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.