Residential Solar Energy Storage Global Market Report 2023
Samsung SDI Co. Ltd., Tesla Inc., LG Chem Ltd., ABB, General Electric Company, Panasonic Holdings Corporation, AEG Power Solutions, eSolar Inc., Abengoa SA, Alpha Technologies, Acciona S.A., SunPower Corporation, NRG Energy Inc.
New York, March 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Residential Solar Energy Storage Global Market Report 2023" - https://www.reportlinker.com/p06319463/?utm_source=GNW
, Boston Power Inc., and EnerSys Corporation are major players in the residential solar energy storage market.
The global residential solar energy storage market grew from $6.15 billion in 2022 to $7.5 billion in 2023 at a compound annual growth rate (CAGR) of 22.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The residential solar energy storage market is expected to grow to $16.04 billion in 2027 at a CAGR of 20.9%.
The residential solar energy storage market consists of sales of hybrid residential solar energy storage systems, AC-coupled residential solar energy storage systems, and off-grid residential solar energy storage systems .Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Residential solar energy storage refers to solar energy systems that are available in multiple shapes and sizes and are used across residential areas. It is used for converting sunlight into electrical energy, which can generate electricity or be stored in batteries or thermal storage used in home settings.
Asia-Pacific was the largest region in the residential solar energy storage market in 2022. The regions covered in this residential solar energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The residential solar energy storage market consists of the sale of residential solar energy storage products by entities (organizations, sole traders, and partnerships) that are used for converting sunlight into electrical energy, which can generate electricity or be stored in batteries or thermal storage used in home settings. Residential solar energy storage refers to solar energy systems that are available in multiple shapes and sizes and are used across residential areas.
The main types of residential solar energy storage are standalone systems and solar plus storage.A standalone system refers to any application or software that does not need to be bundled with other software or applications, nor does it require anything else to function.
The power ratings are 3-6 kW and 6-10 kW.The technologies involved are lead-acid and lithium-ion.
The connectivity is on-grid and off-grid. The ownership is a customer, utility, and third-party.
Increasing demand for sustainable electricity generation is expected to propel the residential solar energy storage market going forward.Sustainable electricity refers to energy that is clean and renewable energy sources that can renew themselves and is inexhaustible in nature.
The increasing demand for sustainable electricity generation will compel the residential solar energy storage market to come up with products to serve their customers in a better way.For instance, in 2020, according to the global energy review by the International Energy Agency, a Paris-based intergovernmental organisation, renewable energy use increased by 3%.
Furthermore, in 2020, according to the Center for Climate and Energy Solutions, a US environmental non-profit organisation, renewable energy was the fastest-growing energy source in the United States with an increase of 42%. Therefore, the increasing demand for sustainable electricity generation is driving the growth of the residential solar energy storage market.
Advanced technologies are a key trend gaining popularity in the residential solar energy storage market.Major companies operating in the residential solar energy storage market are focused on developing new technological solutions to strengthen their position.
For instance, in January 2022, Sungrow, a Chinese solar inverter and energy storage company that serves commercial, residential, and utility customers, launched their new 1+X modular inverter.This new inverter is the most innovative central inverter solution that uses cutting-edge technologies focused on three-level modularization.
This three-level modularization makes the inverter more flexible and convenient to use. This new technology has been showcased by Sungrow for residential, commercial, industrial, and utility solar applications.
In October 2020, Sunrun, a US-based company that provides residential solar panels and home batteries, acquired Vivint Solar for an undisclosed amount.This acquisition provides Sunrun with global solar assets of more than three gigawatts of solar energy and more than 500,000 new customers across the globe.
Sunrun believes that with Vivint Solar they will be able to provide affordable, reliable, and clean electricity to millions of homeowners. Vivint Solar is a US-based residential solar energy company that designs, installs, and maintains photovoltaic systems.
The countries covered in the residential solar energy storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The residential solar energy storage market research report is one of a series of new reports that provides residential solar energy storage market statistics, including residential solar energy storage industry global market size, regional shares, competitors with a residential solar energy storage market share, detailed residential solar energy storage market segments, market trends and opportunities, and any further data you may need to thrive in the residential solar energy storage industry. This residential solar energy storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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