LONDON--(BUSINESS WIRE)--The global residential solar energy storage market is poised to grow by USD 26.59 billion during 2020-2024, progressing at a CAGR of about 37% during the forecast period. Request free sample pages
Read the 120-page report with TOC on "Residential Solar Energy Storage Market Analysis Report by Type (Li-ion batteries and lead acid batteries), Geographic Segmentation (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024".
The market is driven by the rising energy costs. In addition, the increasing spends on green construction and zero energy homes are anticipated to boost the growth of the residential solar energy storage market.
The global demand for electricity is increasing due to urbanization and growing population across the world. This is compelling utilities to generate more power from the existing infrastructure by running the plants at full capacity, leading to increasing investments on T&D equipment by utilities/power companies. The increasing need for power generation is also leading to the addition of newer power resources and increase in commodity prices. Consequently, the power prices have gradual increased over time. To control this rise in energy expenditure and control the rise in energy bills, people are adopting energy conservation measures. This is leading to the adoption of solar PV technology as solar energy storage solutions. Thus, the rising energy costs are expected to drive market growth during the forecast period.
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Major Five Residential Solar Energy Storage Market Companies:
East Penn Manufacturing Co. Inc.
East Penn Manufacturing Co. Inc. operates the business under various segments such as Transportation, Motive power, Reserve power, and Wire, cable, and battery accessories. The company offers solar and wind solutions through its subsidiary, Ecoult.
Enphase Energy Inc.
Enphase Energy Inc. designs, develops, manufactures, and provides solar energy storage solutions for the solar photovoltaic industry segment. The company also offers Enphase Encharge storage systems, which is a solar energy storage system.
LG Chem Ltd.
LG Chem Ltd. operates under various business segments, namely Basic materials & Chemicals, Energy solutions, IT & Electronic material and Advanced materials, Life sciences, and Common and others. The company offers ESS batteries, automotive batteries, mobile batteries, and more.
LG Electronics Inc.
LG Electronics Inc. offers products through the following business segments: Home appliance and Air solutions, Mobile communications, Home entertainment, Vehicle components, and Others. The company offers D007KEEN26 and A005KEEN261 models of ESS.
Panasonic Corp. offers products through the following business segments: Appliances, Eco Solutions, Connected Solutions, and Automotive and Industrial Systems. The company offers a battery storage system, EverVolt, which is used for storing electric energy generated from solar panels.
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Residential Solar Energy Storage Market Type Outlook (Revenue, USD Billion, 2020-2024)
- Li-ion batteries
- Lead acid batteries
Residential Solar Energy Storage Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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