Global Residential Solar Energy Storage global market 2024, Forecast To 2033

The residential solar energy storage market has witnessed exponential growth, increasing from $7.53 billion in 2023 to $9.12 billion in 2024, indicating a compound annual growth rate (CAGR) of 21.1% in the historic period. This growth is attributed to the rise in residential solar installations, declining solar panel costs, government incentives and tax credits, energy independence, and cost savings, coupled with growing environmental awareness. Expecting continued rapid growth in the next few years, the market is projected to reach $18.73 billion in 2028 at a substantial CAGR of 19.7%. Key trends in this period include hybrid solar and storage systems, plug-and-play storage solutions, energy-as-a-service models, peer-to-peer energy trading, and the increased use of solid-state batteries.