New York, Nov. 08, 2021 (GLOBE NEWSWIRE) — Residential Solar Energy Storage Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Residential Solar Energy Storage Market Research Report, by Battery Type, Installation and Region – Forecast till 2030” the market is projected to be worth USD 27.45 billion by 2030, registering a CAGR of 24.52% during the forecast period (2022 – 2030), The market was valued at USD 7.17 billion in 2021.
List of the Companies Profiled in the Residential Solar Energy Storage Industry Research Report are:
- LG Chem
- Samsung SDI Co. Ltd
- General Electric
- AEG Power Solutions
- NextEra Energy Inc.
- BrightSource Energy Inc.
- Evergreen Solar
- Alpha Technologies
- SunPower Corporation
- Among others.
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Market Research Future’s Review on Residential Solar Energy Storage Market
Several Factors to Boost Market Growth
A solar energy storage system is a battery system that can be charged by a solar system connected to it, such as a photovoltaic (PV) system. A residential solar energy storage device can be used to store solar energy generated by solar panels. Many residents have been looking for innovative ways to connect their systems to a battery source in order to use the battery at night or during a power outage.
Several factors, such as increased demand for electricity generation from renewable energy sources such as solar energy, operate as market drivers, accelerating global expansion. The active participation of the government and the implementation of new initiatives also play a significant role in improving the global performance of the residential solar energy storage industry. Homeowners have been seeking sustainable electricity generation mechanisms, which have contributed significantly to the growth of the residential solar energy storage market.
Businesses operating in the worldwide residential solar energy storage market environment face numerous opportunities, such as the growing demand for sustainable electricity generating and storage methods. Similarly, as awareness of residential solar energy storage equipment has grown, many homeowners have been looking for effective and usable storage alternatives that may assist them in making the best use of solar energy for electricity generation. There is also an opportunity for important industry players to integrate new digital technologies into their energy storage systems in order to enhance their share of the residential solar energy storage market.
Browse In-depth Market Research Report (188 pages) on Residential Solar Energy
The Worldwide Market to Expand Amid COVID-19 Pandemic
The worldwide residential solar energy storage market and its performance have been significantly impacted by the Covid 19 pandemic. The pandemic has increased overall market demand. People have been looking for residential solar energy storage options to reduce their reliance on fossil-fuel-generated electricity. Market participants have been adopting cutting-edge digital technologies to improve market performance.
The worldwide residential solar energy storage industry has been segmented into battery type and installation.
By battery type, the worldwide residential solar energy storage market has been segmented into lead-acid, lithium-ion, sodium-sulfur, and others based on the battery type. During the anticipated period, the lead-acid segment is expected to perform exceptionally well. The rise in residential solar equipment installation is the primary element that might contribute to market expansion and favorably impact the residential solar energy storage market size. Due to the equipment’s low cost and excellent efficiency, the lithium-ion segment of the residential solar energy storage market may also experience rapid expansion.
By installation, the worldwide residential solar energy storage market landscape has been divided into roof-top and ground-mounted based on the installation. In the past, the roof-top segment has performed well in a worldwide market setting. During the anticipated period, the specific segment is likely to have an impact on the residential solar energy storage market growth. The key reason for the market segment’s outstanding performance is that the equipment does not require more room in the household setting.
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APAC to Dominate the Global Market
The residential solar energy storage industry has performed admirably in the Asia Pacific geographical division. The primary reason for the promising performance is the government’s proactive engagement in introducing policies that encourage the use of solar energy. During the anticipated period, the Asia Pacific region’s nations might have a substantial impact on the worldwide residential solar energy storage market growth.
Segmentation of Market covered in the research:
Residential Solar Energy Storage Market Research Report: Information by Battery Type (Lead Acid, Lithium-ion, Sodium Sulphur and others), Installation (Roof-Top and Ground Mounted) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2030
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