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.
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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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Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Technology
Customer landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
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