Residential Solar Energy Storage Market Size

Residential Solar Energy Storage Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

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Regional Market Size

Regional Deep Dive

The global residential solar energy storage market is gaining momentum, driven by the rising energy demand, technological advancements, and supportive government policies. In North America, the market is characterized by the high adoption of solar energy and the increasing emphasis on energy independence. Europe is also characterized by an increase in the number of residential solar energy systems, owing to the high demand for climate protection and the encouragement of renewable energy. The Asia-Pacific region is characterized by a high growth rate, due to urbanization and rising electricity costs. In the Middle East and Africa, solar energy is beginning to be included in the energy diversification strategies. Latin America is also gaining momentum, mainly due to favorable conditions for solar energy and government support for the use of renewable energy.

North America

• The United States has seen a substantial increase in the number of residential storage systems. Leading the way are companies such as Tesla and LG Chem, which have developed new batteries.
• The most important incentive for the development of batteries is the California Self-Generation Incentive Program. This program provides a financial incentive for the installation of batteries in the homes of individual consumers.
• Energy resilience is gaining momentum, especially in areas prone to natural disasters. Homeowners want to be sure they have power in the event of an outage.

Europe

• In the United States, the use of solar energy and storage devices is still at a low level. In Germany, the use of solar energy and storage devices has increased rapidly.
• A green deal for Europe aims to make Europe climate-neutral by 2050, which encourages the member states to invest in the development of renewable energy and storage.
• In the Netherlands, for example, second-life batteries from electric cars are being developed.

Asia-Pacific

• China has the most solar power storage devices in the world, and BYD and CATL are the leaders in the development of batteries.
• The government in some countries like Australia, through the Solar Homes program, is subsidizing the installation of solar batteries, which is causing a considerable increase in market penetration.
• The rising cost of electricity in India and the frequent blackouts in that country have prompted a great many people to install solar power storage systems as an alternative.

MEA

• The United Arab Emirate has invested heavily in solar energy projects. Among them is the Mohammed bin Rashid Al Maktoum Solar Park, which is to be integrated with a storage system in the future.
• The government is examining the possibility of a domestic battery to store solar energy.
• A growing interest in the remote areas is bringing people together to discuss the need for storage of solar energy. People are looking for a sustainable source of energy.

Latin America

• Brazil is emerging as a major market for residential solar energy storage, with recent legislation allowing net metering and promoting the take-up of solar energy amongst householders.
• The Chilean government is promoting the use of solar energy and the storage of it for private households, and a project like the El Romero solar plant is setting a new standard for the region.
• Latin American consumers’ growing concern for energy independence and the environment is causing a rise in demand for storage solutions for solar energy.

Did You Know?

“In 2022, the global residential energy storage market reached a record 20 GWh of installed capacity, a strong indication of the growing trend of self-sufficiency and resilience in the household.” — BloombergNEF

Segmental Market Size

The residential solar energy storage market is one of the fastest growing segments in the renewable energy sector, driven by rising demand for energy independence and self-sufficiency. In regions with high electricity costs or frequent outages, the desire to optimize the use of solar energy is particularly strong.

And the main drivers of demand are the progress of the batteries, which increases the efficiency and the capacity of the storage, and the favourable tax and regulatory conditions, such as the tax rebate and the net metering. The market is in the stage of scaling up, and companies like Tesla, LG Chem, and sonnen are at the forefront in the field of residential storage solutions. The main applications are the management of the solar system, the back-up in case of a blackout, and the participation in the demand response programs. The general trends of a growing awareness of the climate problem and of the governments’ support for the use of renewable energies are driving the market, and lithium-ion batteries and smart energy management systems are shaping the development.

Future Outlook

The 'Solar Energy' market is expected to grow at a CAGR of 21.7% from 2024 to 2032. This growth is mainly due to the rising demand for energy independence from consumers, the rising price of electricity and the increasing use of green energy. By 2032, it is expected that residential solar energy storage systems will account for approximately one-quarter of the residential market, mainly due to technological developments in batteries and the falling cost of solar panels.

The lithium-ion batteries have improved in efficiency and a new storage technology, such as solid-state batteries, has been developed. The government's support for the promotion of the use of renewable energy is expected to further drive market growth. Moreover, the integration of smart home and virtual power plant will play a significant role in the future development of the residential solar energy storage market. The virtual power plant will optimize the use of energy and contribute to the stability of the grid.