About Residential Solar Energy Storage
A Solar photovoltaic system, also known as PV system or solar power system, is a system designed to provide usable solar power by means of photovoltaics (PV). The solar PV systems can be broadly classified in residential, commercial and industrial (C&I), and utility segments. The residential solar PV systems are generally mounted on rooftops to save land space. They are small-scale electricity generation systems, not exceeding 20 kilowatts (kW) capacity. Residential solar power plants can be grid-connected or can be installed as decentralized microgrids. The cost of installing a solar PV system is relatively high in the residential segment due to the economies of scale.
Technavio’s analysts forecast the global residential solar energy storage market to grow at a CAGR of 67.82% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global residential solar energy storage market for 2017-2021. To calculate the market size, the report considers the cumulative installations and excludes aftermarket/ services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Residential Solar Energy Storage Market 2017-2021
Technavio recognizes the following companies as the key players in the global residential solar energy storage market: East Penn Manufacturing, LG Chem, Panasonic, redT energy storage, SAMSUNG SDI, Saft, and sonnen.
Other Prominent Vendors in the market are: A123 Systems, ACME, Adara Power, BYD, Daimler, Enphase Energy, e-On Batteries, E3/DC, Exide Technologies, Fronius International, GESS, GS Yuasa International, HOPPECKE Batterien, IBC SOLAR, KOSTAL Solar Electric, KYOCERA, Nedap, neovoltaic, Primus Power, Redflow, Sharp Electronics, Sinetech, SENEC, SMA Solar Technology, Sony Energy Devices, Tesla, Trojan Battery Company, VARTA, ViZn Energy Systems, and ZEN Energy.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is residential energy storage as virtual power plants. With solar power prices spiraling down, there has been a steady increase in PV adoption, which has led to a continuous increase in the number of installations in the residential and commercial sectors. However, the highly intermittent nature of standalone solar power system is a major concern. Power output from solar PV is dependent on factors such as efficiency of the panel, solar irradiation of the region, and the degree of shading that varies as per the time of day and the amount of cloud covering the region.”
According to the report, one of the major drivers for this market is Reduction in PV and energy storage systems costs. Worldwide, the growing focus of countries in terms of shifting to renewable power generation has led to millions of PV systems to be deployed across the world, to meet the power needs. In countries where feed-in tariffs exist, excess power is sent to the grid in exchange for a small compensation. Energy storage systems are complementing the solar PV systems by storing the excess power for later use, thereby increasing renewable power penetration as well as increasing the use of cheaper and cleaner power.
Further, the report states that one of the major factors hindering the growth of this market is Availability of alternative technologies. One of the biggest challenges energy storage systems face is its competition with well-established power sources, such as diesel generators and upcoming technologies including fuel cells that are cleaner and have higher efficiency.
East Penn Manufacturing, LG Chem, Panasonic, redT energy storage, SAMSUNG SDI, Saft, and sonnen. A123 Systems, ACME, Adara Power, BYD, Daimler, Enphase Energy, e-On Batteries, E3/DC, Exide Technologies, Fronius International, GESS, GS Yuasa International, HOPPECKE Batterien, IBC SOLAR, KOSTAL Solar Electric, KYOCERA, Nedap, neovoltaic, Primus Power, Redflow, Sharp Electronics, Sinetech, SENEC, SMA Solar Technology, Sony Energy Devices, Tesla, Trojan Battery Company, VARTA, ViZn Energy Systems, and ZEN Energy.
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