Residential Solar Energy Storage Market size to grow by USD 54.36 Bn; Evolving Opportunities with ABB Ltd. and ACME Cleantech Solutions Pvt. Ltd. -- Technavio
Wednesday, November 16, 2022
NEW YORK, Nov. 8, 2022 /PRNewswire/ -- The "Residential Solar Energy Storage Market by Technology and Geography - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. The report expects the market size to grow by USD 54.36 billion, accelerating at a CAGR of 37.4% during the forecast period. The market is characterized by high capital investments and continuous innovations to improve the efficiency of power plants. The market is competitive, with players competing to gain high market shares. Intense competition, continuous development in technology, frequent changes in government policies, and environmental regulations are challenging market growth. High project costs and the rising competition from alternative decentralized power generation systems make it difficult for new entrants to thrive in the global residential solar energy storage market. Get detailed insights into the vendor landscape, market size, and future growth opportunities. Buy Full Report Now!
Market Driver
The market is driven by a reduction in PV and energy storage system costs. There has been a steady investment in research and development (R&D) by energy storage vendors to develop technology that can reduce the cost of the system. Since 2010, battery costs have dropped by an average of 23% per year, which in turn, has led the storage system cost to drop by an average of 14% per year. Thus, making an average residential energy storage system more affordable. Also, there has been a steady decline in the cost of solar PV panels and battery cost, thereby making them more attractive and accessible for the end-users, especially in the residential sector. All these factors are driving the growth of the market.
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Residential Solar Energy Storage Market Technology Outlook (Revenue, USD Billion, 2021-2026)
-- Li-ion batteries - size and forecast 2021-2026
-- Lead acid batteries - size and forecast 2021-2026
The market growth in the lithium-ion batteries segment will be significant over the forecast period. Lithium ion is the most preferred technology for energy storage applications in the residential sector, as Li-ion batteries are favorable in terms of performance when compared with other battery chemistries. Li-ion batteries offer more enhanced features when compared with lead-acid batteries. Li-ion batteries provide twice the run time, as these batteries provide better energy density, longer battery life, and better power range than lead-acid batteries. The higher energy density and run time make it ideal for residential use, as they consume less physical space. All these factors are driving the growth of the segment.
Residential Solar Energy Storage Market Geography Outlook (Revenue, USD Billion, 2021-2026)
-- APAC - size and forecast 2021-2026
-- North America - size and forecast 2021-2026
-- Europe - size and forecast 2021-2026
-- South America - size and forecast 2021-2026
-- Middle East and Africa - size and forecast 2021-2026
The residential energy storage market in APAC is expected to show significant growth during the forecast period. The region offers immense potential for off-grid systems, such as solar and energy storage combined products, due to the lack of T&D infrastructure in countries such as India and China. In addition, the availability of good solar resources coupled with support from the government in the form of subsidies for energy storage systems will foster the growth of the regional market over the forecast period.
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Key Vendors in the Market
The global residential solar energy storage market is fragmented with the presence of several players. The vendors in the market are adopting several organic and inorganic growth strategies to remain competitive in the market. Technavio identifies the following as the dominant players in the market.
-- ABB Ltd.
-- ACME Cleantech Solutions Pvt. Ltd.
-- Adara Power
-- E.ON UK Plc
-- E3 DC
-- East Penn Manufacturing Co. Inc.
-- Enphase Energy Inc.
-- Invinity Energy Systems plc
-- LG Electronics Inc.
-- Mercedes Benz Group AG
-- Panasonic Holdings Corp.
-- Samsung SDI Co. Ltd.
-- Shell plc
-- SOLARWATT GmbH
-- Sony Group Corp.
-- Tesla Inc.
-- The BYD Motors Inc.
-- TotalEnergies SE
-- Trojan Battery Co. LLC
-- Wanxiang New Energy LLC
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Residential Solar Energy Storage Market Scope
Report Coverage
Details
Page number 120
Base year 2021
Forecast period
2022-2026
Growth momentum & CAGR Accelerate at a CAGR of 37.4%
Market growth 2022-2026
USD 54.36 billion
Market structure
Fragmented
YoY growth (%) 37.0
Regional analysis
APAC, North America, Europe, South America, and Middle East and Africa
Performing market
contribution APAC at 51%
Key consumer countries
US, Canada, China, Japan, UK, and Germany
Competitive landscape
Leading companies, competitive strategies, consumer engagement scope
Companies profiled ABB Ltd., ACME Cleantech Solutions Pvt. Ltd., Adara Power, E.ON UK Plc, E3 DC , East Penn Manufacturing Co. Inc., Enphase Energy Inc., Invinity
Energy Systems plc, LG Electronics Inc., Mercedes Benz Group AG, Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shell plc, SOLARWATT GmbH,
Sony Group Corp., Tesla Inc., The BYD Motors Inc., TotalEnergies SE, Trojan Battery Co. LLC, and Wanxiang New Energy LLC
Market Dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future
consumer dynamics, and market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of contents:
1 Executive Summary
-- 1.1 Market overview
-- Exhibit 01: Executive Summary - Chart on Market Overview
-- Exhibit 02: Executive Summary - Data Table on Market Overview
-- Exhibit 03: Executive Summary - Chart on Global Market
Characteristics
-- Exhibit 04: Executive Summary - Chart on Market by Geography
-- Exhibit 05: Executive Summary - Chart on Market Segmentation by
Technology
-- Exhibit 06: Executive Summary - Chart on Incremental Growth
-- Exhibit 07: Executive Summary - Data Table on Incremental Growth
-- Exhibit 08: Executive Summary - Chart on Vendor Market Positioning
2 Market Landscape
-- 2.1 Market ecosystem
-- Exhibit 09: Parent market
-- Exhibit 10: Market Characteristics
3 Market Sizing
-- 3.1 Market definition
-- Exhibit 11: Offerings of vendors included in the market definition
-- 3.2 Market segment analysis
-- Exhibit 12: Market segments
-- 3.3 Market size 2021
-- 3.4 Market outlook: Forecast for 2021-2026
-- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($
million)
-- Exhibit 14: Data Table on Global - Market size and forecast
2021-2026 ($ million)
-- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026
(%)
-- Exhibit 16: Data Table on Global Market: Year-over-year growth
2021-2026 (%)
4 Five Forces Analysis
-- 4.1 Five forces summary
-- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
-- 4.2 Bargaining power of buyers
-- Exhibit 18: Chart on Bargaining power of buyers - Impact of key
factors 2021 and 2026
-- 4.3 Bargaining power of suppliers
-- Exhibit 19: Bargaining power of suppliers - Impact of key factors in
2021 and 2026
-- 4.4 Threat of new entrants
-- Exhibit 20: Threat of new entrants - Impact of key factors in 2021
and 2026
-- 4.5 Threat of substitutes
-- Exhibit 21: Threat of substitutes - Impact of key factors in 2021
and 2026
-- 4.6 Threat of rivalry
-- Exhibit 22: Threat of rivalry - Impact of key factors in 2021 and
2026
-- 4.7 Market condition
-- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Technology
-- 5.1 Market segments
-- Exhibit 24: Chart on Technology - Market share 2021-2026 (%)
-- Exhibit 25: Data Table on Technology - Market share 2021-2026 (%)
-- 5.2 Comparison by Technology
-- Exhibit 26: Chart on Comparison by Technology
-- Exhibit 27: Data Table on Comparison by Technology
-- 5.3 Li-ion batteries - Market size and forecast 2021-2026
-- Exhibit 28: Chart on Li-ion batteries - Market size and forecast
2021-2026 ($ million)
-- Exhibit 29: Data Table on Li-ion batteries - Market size and
forecast 2021-2026 ($ million)
-- Exhibit 30: Chart on Li-ion batteries - Year-over-year growth
2021-2026 (%)
-- Exhibit 31: Data Table on Li-ion batteries - Year-over-year growth
2021-2026 (%)
-- 5.4 Lead acid batteries - Market size and forecast 2021-2026
-- Exhibit 32: Chart on Lead acid batteries - Market size and forecast
2021-2026 ($ million)
-- Exhibit 33: Data Table on Lead acid batteries - Market size and
forecast 2021-2026 ($ million)
-- Exhibit 34: Chart on Lead acid batteries - Year-over-year growth
2021-2026 (%)
-- Exhibit 35: Data Table on Lead acid batteries - Year-over-year
growth 2021-2026 (%)
-- 5.5 Market opportunity by Technology
-- Exhibit 36: Market opportunity by Technology ($ million)
6 Customer Landscape
-- 6.1 Customer landscape overview
-- Exhibit 37: Analysis of price sensitivity, lifecycle, customer
purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
-- 7.1 Geographic segmentation
-- Exhibit 38: Chart on Market share by geography 2021-2026 (%)
-- Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
-- 7.2 Geographic comparison
-- Exhibit 40: Chart on Geographic comparison
-- Exhibit 41: Data Table on Geographic comparison
-- 7.3 APAC - Market size and forecast 2021-2026
-- Exhibit 42: Chart on APAC - Market size and forecast 2021-2026 ($
million)
-- Exhibit 43: Data Table on APAC - Market size and forecast 2021-2026
($ million)
-- Exhibit 44: Chart on APAC - Year-over-year growth 2021-2026 (%)
-- Exhibit 45: Data Table on APAC - Year-over-year growth 2021-2026 (%)
-- 7.4 North America - Market size and forecast 2021-2026
-- Exhibit 46: Chart on North America - Market size and forecast
2021-2026 ($ million)
-- Exhibit 47: Data Table on North America - Market size and forecast
2021-2026 ($ million)
-- Exhibit 48: Chart on North America - Year-over-year growth 2021-2026
(%)
-- Exhibit 49: Data Table on North America - Year-over-year growth
2021-2026 (%)
-- 7.5 Europe - Market size and forecast 2021-2026
-- Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($
million)
-- Exhibit 51: Data Table on Europe - Market size and forecast
2021-2026 ($ million)
-- Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
-- Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026
(%)
-- 7.6 South America - Market size and forecast 2021-2026
-- Exhibit 54: Chart on South America - Market size and forecast
2021-2026 ($ million)
-- Exhibit 55: Data Table on South America - Market size and forecast
2021-2026 ($ million)
-- Exhibit 56: Chart on South America - Year-over-year growth 2021-2026
(%)
-- Exhibit 57: Data Table on South America - Year-over-year growth
2021-2026 (%)
-- 7.7 Middle East and Africa - Market size and forecast 2021-2026
-- Exhibit 58: Chart on Middle East and Africa - Market size and
forecast 2021-2026 ($ million)
-- Exhibit 59: Data Table on Middle East and Africa - Market size and
forecast 2021-2026 ($ million)
-- Exhibit 60: Chart on Middle East and Africa - Year-over-year growth
2021-2026 (%)
-- Exhibit 61: Data Table on Middle East and Africa - Year-over-year
growth 2021-2026 (%)
-- 7.8 China - Market size and forecast 2021-2026
-- Exhibit 62: Chart on China - Market size and forecast 2021-2026 ($
million)
-- Exhibit 63: Data Table on China - Market size and forecast 2021-2026
($ million)
-- Exhibit 64: Chart on China - Year-over-year growth 2021-2026 (%)
-- Exhibit 65: Data Table on China - Year-over-year growth 2021-2026
(%)
-- 7.9 US - Market size and forecast 2021-2026
-- Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($
million)
-- Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($
million)
-- Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
-- Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
-- 7.10 Japan - Market size and forecast 2021-2026
-- Exhibit 70: Chart on Japan - Market size and forecast 2021-2026 ($
million)
-- Exhibit 71: Data Table on Japan - Market size and forecast 2021-2026
($ million)
-- Exhibit 72: Chart on Japan - Year-over-year growth 2021-2026 (%)
-- Exhibit 73: Data Table on Japan - Year-over-year growth 2021-2026
(%)
-- 7.11 Canada - Market size and forecast 2021-2026
-- Exhibit 74: Chart on Canada - Market size and forecast 2021-2026 ($
million)
-- Exhibit 75: Data Table on Canada - Market size and forecast
2021-2026 ($ million)
-- Exhibit 76: Chart on Canada - Year-over-year growth 2021-2026 (%)
-- Exhibit 77: Data Table on Canada - Year-over-year growth 2021-2026
(%)
-- 7.12 UK - Market size and forecast 2021-2026
-- Exhibit 78: Chart on UK - Market size and forecast 2021-2026 ($
million)
-- Exhibit 79: Data Table on UK - Market size and forecast 2021-2026 ($
million)
-- Exhibit 80: Chart on UK - Year-over-year growth 2021-2026 (%)
-- Exhibit 81: Data Table on UK - Year-over-year growth 2021-2026 (%)
-- 7.13 Germany - Market size and forecast 2021-2026
-- Exhibit 82: Chart on Germany - Market size and forecast 2021-2026 ($
million)
-- Exhibit 83: Data Table on Germany - Market size and forecast
2021-2026 ($ million)
-- Exhibit 84: Chart on Germany - Year-over-year growth 2021-2026 (%)
-- Exhibit 85: Data Table on Germany - Year-over-year growth 2021-2026
(%)
-- 7.14 Market opportunity by geography
-- Exhibit 86: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
-- 8.1 Market drivers
-- 8.2 Market challenges
-- 8.3 Impact of drivers and challenges
-- Exhibit 87: Impact of drivers and challenges in 2021 and 2026
-- 8.4 Market trends
9 Vendor Landscape
-- 9.1 Overview
-- 9.2 Vendor landscape
-- Exhibit 88: Overview on Criticality of inputs and Factors of
differentiation
-- 9.3 Landscape disruption
-- Exhibit 89: Overview on factors of disruption
-- 9.4 Industry risks
-- Exhibit 90: Impact of key risks on business
10 Vendor Analysis
-- 10.1 Vendors covered
-- Exhibit 91: Vendors covered
-- 10.2 Market positioning of vendors
-- Exhibit 92: Matrix on vendor position and classification
-- 10.3 East Penn Manufacturing Co. Inc.
-- Exhibit 93: East Penn Manufacturing Co. Inc. - Overview
-- Exhibit 94: East Penn Manufacturing Co. Inc. - Product / Service
-- Exhibit 95: East Penn Manufacturing Co. Inc. - Key news
-- Exhibit 96: East Penn Manufacturing Co. Inc. - Key offerings
-- 10.4 Enphase Energy Inc.
-- Exhibit 97: Enphase Energy Inc. - Overview
-- Exhibit 98: Enphase Energy Inc. - Business segments
-- Exhibit 99: Enphase Energy Inc. - Key offerings
-- Exhibit 100: Enphase Energy Inc. - Segment focus
-- 10.5 Invinity Energy Systems plc
-- Exhibit 101: Invinity Energy Systems plc - Overview
-- Exhibit 102: Invinity Energy Systems plc - Product / Service
-- Exhibit 103: Invinity Energy Systems plc - Key offerings
-- 10.6 LG Electronics Inc.
-- Exhibit 104: LG Electronics Inc. - Overview
-- Exhibit 105: LG Electronics Inc. - Business segments
-- Exhibit 106: LG Electronics Inc. - Key news
-- Exhibit 107: LG Electronics Inc. - Key offerings
-- Exhibit 108: LG Electronics Inc. - Segment focus
-- 10.7 Panasonic Holdings Corp.
-- Exhibit 109: Panasonic Holdings Corp. - Overview
-- Exhibit 110: Panasonic Holdings Corp. - Business segments
-- Exhibit 111: Panasonic Holdings Corp. - Key news
-- Exhibit 112: Panasonic Holdings Corp. - Key offerings
-- Exhibit 113: Panasonic Holdings Corp. - Segment focus
-- 10.8 Samsung SDI Co. Ltd.
-- Exhibit 114: Samsung SDI Co. Ltd. - Overview
-- Exhibit 115: Samsung SDI Co. Ltd. - Business segments
-- Exhibit 116: Samsung SDI Co. Ltd. - Key offerings
-- Exhibit 117: Samsung SDI Co. Ltd. - Segment focus
-- 10.9 Shell plc
-- Exhibit 118: Shell plc - Overview
-- Exhibit 119: Shell plc - Business segments
-- Exhibit 120: Shell plc - Key news
-- Exhibit 121: Shell plc - Key offerings
-- Exhibit 122: Shell plc - Segment focus
-- 10.10 SOLARWATT GmbH
-- Exhibit 123: SOLARWATT GmbH - Overview
-- Exhibit 124: SOLARWATT GmbH - Product / Service
-- Exhibit 125: SOLARWATT GmbH - Key offerings
-- 10.11 Sony Group Corp.
-- Exhibit 126: Sony Group Corp. - Overview
-- Exhibit 127: Sony Group Corp. - Business segments
-- Exhibit 128: Sony Group Corp. - Key news
-- Exhibit 129: Sony Group Corp. - Key offerings
-- Exhibit 130: Sony Group Corp. - Segment focus
-- 10.12 TotalEnergies SE
-- Exhibit 131: TotalEnergies SE - Overview
-- Exhibit 132: TotalEnergies SE - Business segments
-- Exhibit 133: TotalEnergies SE - Key news
-- Exhibit 134: TotalEnergies SE - Key offerings
-- Exhibit 135: TotalEnergies SE - Segment focus
11 Appendix
-- 11.1 Scope of the report
-- 11.2 Inclusions and exclusions checklist
-- Exhibit 136: Inclusions checklist
-- Exhibit 137: Exclusions checklist
-- 11.3 Currency conversion rates for US$
-- Exhibit 138: Currency conversion rates for US$
-- 11.4 Research methodology
-- Exhibit 139: Research methodology
-- Exhibit 140: Validation techniques employed for market sizing
-- Exhibit 141: Information sources
-- 11.5 List of abbreviations
-- Exhibit 142: List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/
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