Residential Solar Energy Storage Market to exhibit a stellar CAGR of 14% | Market Research Future (MRFR)
Key industry participants in the global Residential Solar Energy Storage Market are ABB, LG Chem, Samsung SDI Co., Ltd, General Electric, Tesla, AEG Power Solutions, NextEra Energy, Inc., Abengoa, BrightSource Energy, Inc., Acciona, Evergreen Solar, Alpha Technologies, SunPower Corporation, and Solarwatt., among others.
Residential solar energy storage equipment can harness the sun’s light and store it in the form of solar energy with the assistance of solar panels. The global residential solar energy storage market size can reach USD 100 million by 2026, according to the latest report by Market Research Future (MRFR). It can exhibit a stellar CAGR of 14% over the forecast period (2020-2026). The demand for solar energy generation and initiatives by governments for eliminating dependence on fossil fuels can drive the market growth.
Sustainable electricity generation for combating the levels of carbon monoxide globally is one of the major drivers of the market. Depletion of fossil fuel reserves and environmental concerns can drive the demand for residential solar energy storage options. Non-electrified locations in rural outskirts are likely to leverage on surplus of sunlight in their region by installing solar panels. The use of these panels for gaining access to electricity can bode well for the market. Government schemes for illuminating villages and bridging them to urban areas can work in favor of battery storage manufacturers.
Improvements in module efficiency as well as the dip in its prices are likely to drive the demand in the residential solar energy storage market. Efforts for maximizing electricity generation can drive this trend. Integration of new features in a solar energy grid and rise of solar storage contractors can signal the huge potential of the market in the coming years.