The global residential solar storage market will grow at a compound annual rate of 37% from 2020 to 2024

Technavio, an international market research institution, recently released the 2020-2024 global residential solar storage market report that the global residential solar storage market is expected to grow by $26.
59 billion by 2024, with a compound annual growth rate of 37%.

The report argues that the increase in green building spending and the increase in zero-energy houses are the main reasons
driving the growth of the global residential solar storage market in the coming years.

In addition, rising energy costs will also drive the growth
of this market.
Rising energy costs have led to energy-saving measures to control increased energy bills
.
Residential systems with solar energy and energy storage can protect themselves from grid blackouts and achieve energy independence
.

Asia Pacific was the world's largest regional market for residential solar storage in 2019, and the availability of high-quality solar resources in the region, coupled with government support in the form of subsidies for energy storage systems, is expected to greatly influence the growth of
the regional residential solar energy storage market during the forecast period.

Overall, 51% of global market growth by 2024 will come from the Asia-Pacific region
.
China, Japan, and India are the major markets
for residential solar storage in the Asia-Pacific region.
The residential solar storage market in this region will grow faster than the market growth
in other regions.

From the perspective of storage battery type, compared to lead-acid batteries, lithium-ion batteries have more enhanced features, such as long operating time, high energy density, long battery life, and optimized
power range.
Thus, the market growth in this segment will be faster than the market growth in the lead-acid battery segment during the forecast period
.