This market research analysis by Technavio segments the global residential solar energy storage market by battery technology (lead-acid battery, Li-ion battery, and others) and by geography (APAC, EMEA, and the Americas). Leading vendors analyzed in this global market research are BYD, Samsung SDI, C&D Technologies, Exide Technologies, GS Yuasa, LG Chem, Panasonic, and VARTA Microbattery.
Technavio’s market research analysts estimate the global residential solar energy storage market to hold capacity worth 1,400 MY between 2015 and 2019. The increasing global installation of energy storage systems (ESS) is a major factor propelling this market’s growth. The APAC is expected to occupy more than 50% of the total market share by 2019, thanks to the rising demand for energy from the residential sector. Japan is considered to be the fastest growing market for solar PVs owing to the increased focused on renewable power sources following the Fukushima disaster of 2011.
The new market research report from Technavio provides a breakdown and analysis of the residential solar energy storage segments by technology.
“Of late, the market is witnessing rise in solar PV installations and power consumption across the globe. The rise in solar manufacturing capital spending; the emergence of new markets such as Latin America, China, Japan, and India, and stabilization of module prices have boosted growth of solar PV installations. The alarming surge in greenhouse gas (GHG) emission levels have pushed governments to focus on alternative energy sources like solar energy. Also, the manufacturers are developing solar power equipment due to the rising cost of fossil fuels. Currently, the installation of solar power equipment has increased by 75%,” says Navin Rajendra, Lead Analyst, Energy, Technavio Research.
The lead-acid battery segment occupies the largest market share, owing to maximum demand coming from the APAC region. Benefits like its ability to withstand overcharging and its role in eliminating voltage fluctuations by providing a continuous power supply are expected to account for its high market share of more than 78% by 2019.
Global residential solar energy storage market by battery technology
Source: Technavio Research
The major players in the global residential solar energy storage market are BYD, Samsung SDI, C&D Technologies, Exide Technologies, GS Yuasa, LG Chem, Panasonic, and VARTA Microbattery. This market is highly diverse and hosts many international and domestic players as battery providers. Since this market is vulnerable to various technical and financial challenges, it is expected to exhibit inorganic growth during the forecast period.
A more detailed analysis is available in the Technavio report, Global Residential Solar Energy Storage Market 2015-2019.
We can customize reports by other regions and specific segments upon request.
Other Related Reports:
- Global Solar PV Inverter Market: Research Scope 2015-2019
- Solar PV Market in Asia 2015-2019
- Global Battery Energy Storage Market for Renewables 2015-2019
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