Residential Solar Energy Storage Market is projected to be worth USD 27.45 billion by 2030 registering a CAGR of 19.52% during the forecast period (2022 - 2030)

NEW YORK, NEW YORK, USA, February 9, 2022 /EINPresswire.com/ -- Residential Solar Energy Storage Market is projected to be worth USD 27.45 billion by 2030, registering a CAGR of 19.52% during the forecast period (2022 - 2030), The market was valued at USD 5.13 billion in 2021.

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A solar energy storage system refers to a battery system that can be charged using a connected solar system such as a photovoltaic (PV) system. A residential solar energy storage device can be used for storing solar energy that has been harnessed from solar panels. Many residents have been looking for new ways to connect their systems to a battery source to use the battery during the night or a power blackout. Due to the rising demand for residential solar energy storage, the market has showcased exceptional performance in the past years.

Recent market developments

Companies in the residential solar energy storage market have been focusing on innovations in battery storage mechanisms to boost efficiency and sustainability.

The Tesla company has been integrating new technological elements into its Powerpack storage solution to enhance quality control, expertise, and technological innovation.

Major Key Players:

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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Key Industrial segments

By Battery Type

Lead Acid
Lithium-ion
Sodium Sulphur
Others
By Installation

Roof-Top
Ground Mounted

Covid 19 analysis

The Covid 19 pandemic has considerably impacted the global residential solar energy storage market and its performance. The pandemic has boosted the overall demand of the market. People have been looking for residential solar energy storage solutions to limit their dependence on electricity generated by fossil fuels. Organizations operating in the market have been integrating the latest digital technologies to boost market performance.

Chief variables existing in the market

Key market drivers

Several elements act as the market drivers that accelerate its growth at the global level, such as the rising demand for electricity generation from renewable energy sources such as solar energy. The active involvement of the government and the adoption of new initiatives also play a major role in boosting the performance of the residential solar energy storage market at the global level. Homeowners have been looking for sustainable electricity generation mechanisms, and it has significantly contributed to the expansion of the residential solar energy storage market size.

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Market challenges

In the residential solar energy storage market context, several challenges exist that increase the complexity for industry participants. One of the common challenges in the market is the high reliance on new technologies that could be integrated into innovative residential solar energy storage equipment. Similarly, the lack of a skilled and competent workforce acts as another major challenge that limits the ability of business firms to exploit the opportunities in the global residential solar energy storage market setting. The evolving regulatory requirements also act as a challenge that influences the residential solar energy storage market size and the business that functions in it.

Opportunities in the global market

The business entities that function in the global residential solar energy storage market environment come across many opportunities, such as the high demand for sustainable electricity generation and storage practices. Similarly, due to the increased awareness of residential solar energy storage equipment, many house owners have been looking for efficient and useful storage options that can help them optimally use solar energy for electricity generation purposes. There is also an opportunity for the key business players

Restraints

A number of bottlenecks and restraints exist in the global market setting that limits business entities' ability to capture a considerable portion of the residential solar energy storage market share. One of the main restraints is the lack of financial resources to integrate technology into residential solar energy storage equipment. It limits the effectiveness of the sustainable solution.

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Regional Analysis

The global residential solar energy storage market can be categorized into various regions based on regional segmentation. The chief geographical segments of the residential solar energy storage industry are North America, Europe, the Asia Pacific, South America, and the Middle East, and Africa. In the Asia Pacific geographical division, the residential solar energy storage market has been demonstrating commendable performance. The main reason for the promising performance is the proactive role of the government to introduce initiatives that support the adoption of solar energy. The nations belonging to the Asia Pacific region could significantly influence the global residential solar energy storage market growth during the forecasted period.

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