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Lithium Ion Residential Solar Energy Storage Market Trends

Report ID: GMI9629
Published Date: May 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of lithium-ion residential solar energy storage was reached USD 41 billion in 2023 and is projected to expand at 16.8% CAGR from 2024 to 2032, due to the growing adoption of renewable energy sources along with the need for efficient energy storage solutions.

The ? 3 kW power rating segment in the lithium-ion residential solar energy storage industry is projected to exceed USD 65 billion by 2032, owing to the presence of government policies comprising incentivization, net metering, and feed-in tariffs.

Europe lithium-ion residential solar energy storage industry size is estimated to record over USD 90 billion by 2032, led by the strict government regulations aimed at decarbonization along with the adoption of energy-efficient and clean technologies.

ABB, EnerSys, Fluence, Honeywell International, Huawei Technologies, Johnson Controls, Leclanch