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According to the latest market research report released by Technavio, the global residential solar storage market is expected to grow
at a high rate of nearly 68% CAGR during the forecast period 2018-2021.
According to the report, the reduction in the cost of photovoltaic and energy storage systems is a key factor
triggering the growth of the market.
Lithium-ion batteries and lead-acid batteries are the main types of
energy storage systems.
In 2017, the lithium-ion battery segment accounted for 48% of the global market, and this share is expected to increase to 51%
by 2021.
Residential energy storage is an emerging trend
in residential solar storage space during the forecast period.
As the cost of solar power continues to fall, the adoption rate of photovoltaic power generation continues to increase, and the number of installations in both the residential and commercial sectors is increasing
.
However, the high degree of intermittency of stand-alone solar power systems is a major concern
.
The power output of solar PV depends on factors
such as panel efficiency, solar radiation in the area, and the degree of shade that varies depending on the time of day and the amount of cloudiness covering the area.
Therefore, energy storage is the ideal solution to provide electricity
even in the absence of sunlight.
Regionally, Asia Pacific will become the largest regional market
for residential solar storage in the world during the forecast period.
The lack of transmission and distribution infrastructure in countries such as India and China offers significant growth potential for off-grid systems such as solar and energy storage
combinations.
Moreover, the growth of the market in this region will also be attributed to the availability of good solar resources and government support
in the form of subsidies for energy storage systems.
According to the latest market research report released by Technavio, the global residential solar storage market is expected to grow
at a high rate of nearly 68% CAGR during the forecast period 2018-2021.
According to the report, the reduction in the cost of photovoltaic and energy storage systems is a key factor
triggering the growth of the market.
Lithium-ion batteries and lead-acid batteries are the main types of
energy storage systems.
In 2017, the lithium-ion battery segment accounted for 48% of the global market, and this share is expected to increase to 51%
by 2021.
Residential energy storage is an emerging trend
in residential solar storage space during the forecast period.
As the cost of solar power continues to fall, the adoption rate of photovoltaic power generation continues to increase, and the number of installations in both the residential and commercial sectors is increasing
.
However, the high degree of intermittency of stand-alone solar power systems is a major concern
.
The power output of solar PV depends on factors
such as panel efficiency, solar radiation in the area, and the degree of shade that varies depending on the time of day and the amount of cloudiness covering the area.
Therefore, energy storage is the ideal solution to provide electricity
even in the absence of sunlight.
Regionally, Asia Pacific will become the largest regional market
for residential solar storage in the world during the forecast period.
The lack of transmission and distribution infrastructure in countries such as India and China offers significant growth potential for off-grid systems such as solar and energy storage
combinations.
Moreover, the growth of the market in this region will also be attributed to the availability of good solar resources and government support
in the form of subsidies for energy storage systems.
