Scope of the Study
Solar energy storage is a system or device that is used to store energy collected from sunlight. There are various solar power generation technologies such as photovoltaics (PV), concentrating solar power (CSP), and solar heating and cooling (SHC) systems and out of these, Photovoltaics (PV) has mostly used. Continuously increasing the prices for energy, high utilization of energy on a daily basis and rising environmental concern across the globe are the factors for driving the residential solar energy storage market. Additionally, increasing zero energy homes and spending on green construction is supplementing the growth of the market. However, unpredictable weather condition and high-cost batteries and requirement of power-conversion devices that increases overall cost are the factors that have been limiting the growth of the market. Moreover, increasing tax benefits from various regional governments and decreasing the cost of the solar energy storage system can be considered as an opportunity for the market.
The market study is being classified and major geographies with country level break-up. According to AMA, the Global Residential Solar Energy Storage market is expected to see growth rate of 67.89%
East Penn Manufacturing (United States), LG Chem (South Korea), Panasonic (Japan), redT energy plc (United Kingdom), Samsung SDI Co (South Korea), Saft Groupe S.A. (France), Abengoa Solar S.A. (Spain), Wuxi Suntech Power Co. Ltd. (China), Bright source Energy Inc. (United States) and Esolar Inc. (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Sunpower Corporation (United States), Canadian Solar Inc. (Canada) and Tata Power Solar (India).
The Manufacturers having a strong hold in the market are East Penn Manufacturing, LG Chem, Panasonic, redT energy plc, Samsung SDI Co and Saft Groupe S.A. Research Analyst at AMA predicts that North American, Asian and European Manufacturers will contribute to the maximum growth of Global Residential Solar Energy Storage market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Residential Solar Energy Storage market by Type, Application and Region.
On the basis of geography, the market of Residential Solar Energy Storage has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology , the sub-segment i.e. Photovoltaics (PV) will boost the Residential Solar Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by House Type , the sub-segment i.e. Collective House will boost the Residential Solar Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Solar Cell Type, the sub-segment i.e. Monocrystalline Solar Panels will boost the Residential Solar Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Battery Type, the sub-segment i.e. Li-ion Battery will boost the Residential Solar Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Generation , the sub-segment i.e. First Generation will boost the Residential Solar Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Continuously Increasing the Prices of Energy
- High Utilization of Energy across the Globe
- Rising Environment Concern leads to Adoption of Solar Energy across the World
- Increasing Zero Energy Homes and Spending On Green Construction
- Unpredictable Weather Condition
- Decreasing Cost of PV and energy storage systems
- Increasing Government Incentives and Reduction in Taxes for Solar Energy
- High-Cost Batteries and Requirement of power-conversion devices that Increases Overall Cost
In April 2019, A South Australian Company has developed the world’s first thermal energy device. The new device has similar functions like lead-acid batteries and lithium-ion but has higher storage capacity. Additionally, thermal energy device is a recyclable with a storage capacity 12 times more than lead-acid batteries. This new development can create new opportunities for the solar energy storage market.
It has been observed that many regional governments have been promoting solar energy due to environmental concern. For instance, in the United States, federal solar tax credit or investment tax credit (ITC) is considered as one of the best financial incentives for solar energy.
Key Target Audience
Solar Energy Storage System Manufacturers, Solar Energy Storage System Suppliers and Distributors, Investors, Government Associations, NGOs and Others
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