Residential Solar Energy Storage Global Market Report 2024

Residential solar energy storage involves solar energy systems of various sizes and configurations that are deployed in residential areas. These systems convert sunlight into electrical energy, which can be utilized for immediate electricity generation or stored in batteries or thermal storage units for later use within home settings.

The residential solar energy storage market encompasses the sale of products designed for converting sunlight into electrical energy. These products may include solar panels, inverters, and energy storage solutions such as batteries or thermal storage devices. These systems are tailored for residential use and are available in multiple shapes and sizes to suit different households and energy needs.

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.

The residential solar energy storage market size has grown exponentially in recent years. It will grow from $7.53 billion in 2023 to $9.12 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth observed in the historical period can be attributed to several factors, including the expansion of residential solar installations, a decline in the costs of solar panels, government incentives and tax credits promoting solar adoption, a growing interest in energy independence and cost savings, and increasing environmental awareness.

The residential solar energy storage market size is expected to see rapid growth in the next few years. It will grow to $18.73 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The anticipated growth in the forecast period can be attributed to factors such as increased focus on energy management and optimization, the expansion of rooftop solar and community solar projects, integration with electric vehicle charging infrastructure, smart grid integration and demand response mechanisms, and the use of energy storage for critical infrastructure resilience. Key trends expected in the forecast period include the adoption of hybrid solar and storage systems, plug-and-play storage solutions for easier integration, the emergence of energy-as-a-service models, the implementation of peer-to-peer energy trading platforms, and an increased utilization of solid-state batteries in residential solar energy storage systems.

The residential solar energy storage market is anticipated to experience growth, primarily driven by the increasing demand for sustainable electricity generation. Sustainable electricity involves clean and renewable energy sources that can replenish themselves, meeting the rising global demand for eco-friendly power. In 2022, the International Energy Agency (IEA) forecasted nearly a 75% increase, or almost 2,400 GW, in global renewable capacity by 2027. This surge is comparable to China's entire installed power capacity, highlighting the momentum behind the demand for sustainable electricity and driving the residential solar energy storage market.

The market is further fueled by the growing consumer demand for various electric-based devices. Electric devices, powered primarily by electricity, have become integral to households. As the reliance on these devices increases, there is a growing need for reliable and sustainable power sources. Residential solar energy storage systems, capable of storing excess energy generated by rooftop solar panels for later use, present an effective solution. For instance, in May 2023, Japan witnessed a significant production of electronic equipment, reaching $52,365 million (¥771,457 million). Consumer electronics production specifically increased from $1,714,724 million (¥25,268 million) in May 2022 to $2,178,430 million (¥32,099 million) in May 2023, emphasizing the growing consumer demand for electric-based devices and propelling the residential solar energy storage market.

A key trend in the residential solar energy storage market is the adoption of advanced technologies. Major companies in the sector are actively engaged in developing innovative technological solutions to strengthen their market positions. In January 2022, Sungrow, a Chinese solar inverter and energy storage company, introduced the 1+X modular inverter. Leveraging cutting-edge technologies with a focus on three-level modularization, this inverter offers flexibility and convenience, catering to residential, commercial, industrial, and utility solar applications.

Companies are launching new residential solar energy storage solutions to stay competitive and enhance their product offerings. Leclanché, a Switzerland-based provider of energy storage solutions, introduced LeBlock in May 2021 - a modular and scalable battery energy storage system (BESS). This system interconnects battery storage units, reducing complexity and environmental footprint while lowering the cost of stationary energy storage system installations.

In October 2021, SunPower Corp, a US-based solar technology and energy services provider, acquired Blue Raven Solar for $165 million. This strategic move allowed SunPower Corp to expand its reach and offer efficient solar technology to a broader homeowner base. Blue Raven Solar, a US-based company, specializes in providing solar energy solutions to homeowners across America.

Major companies operating in the residential solar energy storage market include Samsung SDI Co. Ltd., Tesla Inc., LG Chem Ltd., ABB Ltd., General Electric Company, Panasonic Holdings Corporation, AEG Power Solutions, eSolar Inc., Abengoa SA, Alpha Technologies, Acciona S.A., SunPower Corporation, NRG Energy Inc., Boston Power Inc., EnerSys, Enphase Energy Inc., Sonnen GmbH, Generac Holdings Inc., Blue Planet Energy, Pika Energy Inc., Lilypad Energy LLC, Sunverge Energy Inc., Eguana Technologies Inc., OutBack Power, KACO new energy GmbH, SMA Solar Technology AG, SolarEdge Technologies Pvt. Ltd., Fronius International GmbH, Delta Electronics Inc., Sungrow Power Supply Co. Ltd., Sharp Corporation, Canadian Solar Inc., JinkoSolar Holdings Co. Ltd., Trina Solar Co. Ltd., Hanwha Q Cells Co. Ltd., LONGi Green Energy Technology Co. Ltd.

Asia-Pacific was the largest region in the residential solar energy storage market in 2023. The regions covered in this residential solar energy storage market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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 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.

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.


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