LONDON--(BUSINESS WIRE)--The residential solar energy storage market is expected to grow by USD 26.59 billion, progressing at a CAGR of about 37% during the forecast period. Technavio estimates the market to have a negative impact due to the spread of the COVID-19 pandemic. The imposition of lockdown to contain the spread of the novel coronavirus resulted in a partial or complete shutdown of manufacturing activities in the short term. This led to a decline in the demand for solar energy storage equipment. However, the market is expected to recover and post healthy growth as many companies are resuming their operations and things getting back to normal.
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The rising energy costs is one of the major factors propelling the market growth. The rising cost of energy is encouraging many residential end-users to opt for renewable power sources such as solar. This has increased the demand for solar energy storage systems for residential applications, which is driving the growth of the market. However, technical challenges associated with battery technology might hamper market growth.
More details: https://www.technavio.com/report/residential-solar-energy-storage-market-size-industry-analysis
Residential Solar Energy Storage Market: Technology Landscape
Based on the technology, the market saw maximum growth in the lithium-ion batteries segment in 2019. This is due to the various benefits of lithium-ion batteries compared to other battery types. The market growth in the segment will be significant during the forecast period.
Residential Solar Energy Storage Market: Geographic Landscape
By geography, APAC is going to have a lucrative growth during the forecast period. About 51% of the market’s overall growth is expected to originate from APAC. The growth of the market in APAC is driven by the increasing investment in green construction projects and zero energy buildings.
China, Japan, and India are the key markets for residential solar energy storage market in APAC. The growth of the residential solar energy storage market size in this region will be faster than the growth of the market in other regions.
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Companies Covered:
- East Penn Manufacturing Co. Inc.
- Enphase Energy Inc.
- LG Chem Ltd.
- LG Electronics Inc.
- Panasonic Corp.
- redT energy Plc
- Royal Dutch Shell Plc
- Samsung SDI Co. Ltd.
- Sony Corp.
- TOTAL SA
What our reports offer:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2019, 2020, until 2024
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Key Topics Covered:
Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Technology
- Market segments
- Comparison by Technology placement
- Li-ion batteries - Market size and forecast 2019-2024
- Lead-acid batteries - Market size and forecast 2019-2024
- Market opportunity by Technology
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher-priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- East Penn Manufacturing Co. Inc.
- Enphase Energy Inc.
- LG Chem Ltd.
- LG Electronics, Inc.
- Panasonic Corp.
- redT energy Plc
- Royal Dutch Shell Plc
- Samsung SDI Co. Ltd.
- Sony Corp.
- TOTAL SA
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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.
