Residential Solar Energy Storage System Market |Secret Factors Behind the Growth

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Residential Solar Energy Storage System: Introduction

• Residential solar energy storage systems are devices that reserve energy for later consumption in residential buildings. The stored electricity is consumed after sundown, during energy demand peaks, or to generate power to match peak demand.
• In a residential solar energy storage system, the reserve energy gets charged by a connected solar system. Moreover, the selection of a right battery for the system is essential to optimize the life and capability of a system, while minimizing maintenance costs and downtime or failure.
• Residential solar energy storage systems enable a smarter and more resilient grid infrastructure through peak demand management. Furthermore, some manufacturers also create independent residential solar energy storage system systems to match power demand at remote locations.
• In residential solar energy storage systems, capacity & power are two topmost important factors that are essential to determine the amount of electricity a solar panel battery can store and can provide at any given moment

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Key Drivers of Global Residential Solar Energy Storage System Market

• Rise in transition toward renewable energy is likely to offer significant opportunities to manufacturers of residential solar energy storage systems, due to the long-term benefits of solar energy. This is expected to drive the global residential solar energy storage system market during the forecast period.
• Developing economies need to offer reliable access to electricity in remote areas. Traditional centralized grids are unable to provide cost-effective basic electricity supply to underserved areas in a reasonable amount of time. Remote and distributed power storage systems have the potential to supply electricity across the world. Hence, deployment of higher numbers of residential solar energy storage systems is expected to boost the market in developing economies across the world during the forecast period.
• Government subsidies for solar power across the world can be leveraged by companies manufacturing residential solar energy storage systems. This is estimated to offer lucrative opportunities to the global residential solar energy storage system market during the forecast period.

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Restraints of Global Residential Solar Energy Storage System Market

• Residential solar energy storage systems are expensive. They have not been deployed successfully yet. This is estimated to restrain the global residential solar energy storage system market during the forecast period.

Major Developments

• In Sept 2020, Social Energy, a U.K.-based residential battery company announced that it bagged a firm frequency response grid services contract. The company also revealed that it would use 80% of its fleet of customer batteries to provide 4MW of FFR capacity throughout the day, helping operators to balance demand. Social Energy uses smart technology that helps reduce the customer’s electricity bill, as homeowners can install solar and battery systems and connect them to Social Energy’s tariff. That is estimated to be 5.8kWh battery, which can help reduce electricity bills by £ 519 (US$ 689) per year in the U.K.

Europe to Hold Major Share of Global Residential Solar Energy Storage System Market

• Based on region, the global residential solar energy storage system market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
• Europe is anticipated to dominate the global residential solar energy storage system market during the forecast period. High investments, especially by governments of countries such as Germany, and technological advancements are projected to drive the market in the region from 2020 to 2030.
• Large amount of energy is consumed by buildings across Europe. This has compelled countries in the region to aim for reduction of carbon emissions by 80% by 2050. This is expected to drive the market in Europe during the forecast period.
• On the other hand, the size of the renewable energy industry in the U.S. in North America is anticipated to double by the end of the forecast period. Renewable energy systems in the country are likely to benefit from multi-year federal tax incentives and several state-level policies that are estimated to promote the use of solar energy in the next few years.
• Asia Pacific is projected to offer significant opportunities to the global residential solar energy storage system market during the forecast period, due to a rise in concerns about air pollution and carbon emissions in India and China. Additionally, government tariffs and policies toward the use of solar technology are expected to propel the residential solar energy storage system market in the region.

COVID-19 Impact Analysis

• The global economy has been hampered by the measures put in place to contain the COVID-19 pandemic. The solar industry is estimated to face immediate challenges due to the COVID-19 pandemic such as difficulty in adhering to the social distancing norms, shortage of manpower, lack of parts & equipment, and discerning expenditure by end-users.
• Currently, the solar industry imports almost 80% of all of its equipment and parts in the value chain from China. The COVID-19 pandemic has adversely affected the manufacturing capacities of China. Most ship container companies have stopped functioning out of ports in China. Major economies such as India have stopped transportation of goods from China.