Lithium Ion Residential Solar Energy Storage Market Size - By Power Rating (≤ 3 kW, 3 kW - 6 kW, > 6 kW), By Regional Outlook & Forecast, 2024 – 2032

Lithium Ion Residential Solar Energy Storage Market Size

Lithium Ion Residential Solar Energy Storage Market was valued at USD 41 billion in 2023 and is estimated to grow at a CAGR of 16.8% between 2024 and 2032. Increasing adoption of renewable energy sources along with the growing demand for efficient energy storage solutions will drive the industry potential.
 

A lithium-ion residential solar energy storage system is a setup that allows homeowners to store the electricity generated by their solar panels for later use. It converts the DC electricity from the solar panels into alternating current (AC) electricity, which can be used by household appliances. The system ensures the safe operation of the lithium-ion battery by monitoring and regulating its performance. It manages charging and discharging cycles to prolong battery life and ensure safety.
 

Lithium Ion Residential Solar Energy Storage Market Trends

Favorable government incentives and policies promoting renewable energy adoption along with shifting focus toward technological advancements and economies of scale in battery production will accelerate the business potential. Ongoing efforts to enhance energy efficiency and conservation among urban and suburban consumers will drive the accelerated deployment of solar energy storage systems in residential areas. Moreover, increasing consumer inclination to reduce their reliance on grid electricity and enhance energy independence will fuel the solar energy storage market.
 

Lithium Ion Residential Solar Energy Storage Market Analysis

 The ≤ 3 kW lithium ion residential solar energy storage industry will exceed over USD 65 billion by 2032. Favorable government policies comprising of incentivization, net metering, and feed-in tariffs, will further stimulate the adoption of solar technologies and boost industry dynamics. Additionally, decreasing technology prices on account of declining battery cost, economies of scale and global competition will enhance the business landscape.
 

The 3 kW - 6 kW rated lithium ion residential solar energy storage market size will witness growth rate of over 16% through 2032. The implementation of green energy initiatives and the strong development of new renewable energy projects, along with decreasing manufacturing and installation costs and the growing consumer emphasis on sustainable storage systems, will positively influence industry growth. These systems allow homeowners to become more self-sufficient and less dependent on the grid.
 

Europe lithium ion residential solar energy storage market is set to surpass USD 90 billion by 2032. Strict government regulations aimed at decarbonization along with the adoption of energy-efficient and clean technologies will enhance the business outlook. Favorable subsidies and decreasing costs of solar systems have made these technologies increasingly attractive to homeowners. Moreover, ongoing regulatory support for feasible solar reforms in line with stringent directives to optimize energy use will propel demand for these systems.
 

Increased consumer awareness along with supportive policies toward the deployment of sustainable energy storage systems will energize the U.S. lithium ion residential solar energy storage market. The industry is fueled by the desire for energy independence and resilience against grid outages, which are increasingly common due to extreme weather events. Additionally, these units provide key advantages including high energy density, long cycle life, enhanced safety, and compatibility with existing systems, which in turn will stimulate a positive business outlook.
 

Lithium Ion Residential Solar Energy Storage Market Share

Siemens Energy is a global powerhouse in electrification, automation, and digitalization, playing a significant role in the renewable energy sector particularly in solar energy storage systems. The company offers comprehensive solutions that integrate advanced battery storage technologies with solar power generation, enhancing the efficiency and reliability of renewable energy supply. Its systems are designed to optimize energy management, reduce dependency on the grid, and ensure a stable and sustainable energy supply. The company’s storage solutions include scalable battery systems, intelligent energy management software, and integrated microgrid solutions.
 

Lithium Ion Residential Solar Energy Storage Market Companies

Eminent players operating in the lithium ion residential solar energy storage industry include:

• ABB
• EnerSys
• Fluence
• Honeywell International
• Huawei Technologies
• Johnson Controls
• Leclanche
• LG Electronics
• Maxwell Technologies
• Primus Power
• Saft
• SAMSUNG SDI
• Schneider Electric
• Siemens Energy
• SolarEdge Technologies
• Tesla
• Toshiba Corporation
• Uniper
   

Lithium Ion Residential Solar Energy Storage Industry News

• In February 2024, LG Electronics has unveiled two versions of its Enblock E storage system featuring a usable energy capacity of 12.4 kWh and 15.5 kWh. Both models, each measuring 451 mm x 330 mm, are designed for easy deployment in compact spaces. The system utilizes lithium iron phosphate (LFP) battery cells produced by LG Energy Solutions, a subsidiary of the company. It is compatible with inverters from leading manufacturers such as Fronius, Kostal, GoodWe, and SMA. The system supports a maximum charge-discharge current of 36.5 A and a maximum charge-discharge power of 6.2 kW, with a roundtrip efficiency exceeding 95%.
   
• In July 2021, Siemens Energy signed an agreement with Zukunftsenergie Nordostbayern GmbH (ZENOB) to develop an energy storage system in Northern Bavaria, Germany. Siemens partnered with Fluence to provide lithium-ion battery systems for this project. Siemens focused on the project management duties including the facilitation of a connection to the local HV grid and the construction of medium-voltage switchgear. The battery system will help in managing a combination of energy resources, mitigating the peak load constraints on the network.
   

This lithium ion residential solar energy storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2021 to 2032, for the following segments:

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Market, By Power Rating

• ≤ 3 kW
• 3 kW - 6 kW
• > 6 kW

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Switzerland
  • Austria
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina