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The residential solar energy storage market is poised to grow by $26.59 bn during 2020-2024, progressing at a CAGR of about 37% during the forecast period says the report of Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. East Penn Manufacturing Co. Inc., Enphase Energy Inc., LG Chem Ltd., LG Electronics Inc., Panasonic Corp., redT energy Plc, Royal Dutch Shell Plc, Samsung SDI Co. Ltd., Sony Corp., and TOTAL SA are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The rising energy costs has been instrumental in driving the growth of the market. However, technical challenges associated with battery technology might hamper market growth.