Residential Energy Storage Sector Thrives Amidst Partnerships and Innovations

Vantage Market Research

Mar 15, 2024

Sunrun, a prominent player in the U.S. residential solar and storage sector, has released its 2023 full-year results, showcasing a remarkable deployment of 1.01GW of new solar capacity. This achievement solidifies Sunrun's position as a leading provider of clean energy solutions. Sunrun has entered into a strategic partnership with Lowe's Companies, Inc., one of the largest home improvement retailers in the United States. This collaboration aims to bring solar and storage services to households across the nation, with plans to introduce these offerings in 430 Lowe’s store locations. By making renewable energy solutions more accessible and affordable, Sunrun's innovative subscription model eliminates financial barriers and upfront costs for millions of customers.

Throughout the year, Sunrun has consistently demonstrated impressive performances, with the addition of 219.7MW of solar capacity in the fourth quarter alone, contributing to its total portfolio of installed solar capacity, which now stands at 6.7GW. The rise in solar installations in the US residential sector follows a similar upward trend reported by the US Solar Energy Industries Association (SEIA). SEIA observed a consistent increase in the number of residential solar installations each quarter.

However, due to policy changes affecting residential solar installations in particular as a result of the California's Net Metering Policy change, there are concerns about the outlook for this sector until 2024. In response to the dynamics of the industry, Sunrun has intensified its focus on solar-plus-storage projects, aligning itself with its strategy of becoming a "first company" in the field of storage. In line with the company's commitment to innovation and resilience, there has been a significant increase in the percentage of solar installations incorporated into storage plants. 

Looking ahead, analysts from Vantage Market Research anticipate significant growth in the global unmanned residential energy storage market, projected to reach USD 3918.2 million by 2032, with a notable compound annual growth rate (CAGR) of 17.9%. Leading players in this market include Tesla, Panasonic Holdings Corporation, BYD Company Ltd, and Enphase Energy. Despite the challenges of high initial investments, as well as ageing lithium-ion batteries, this growth is driven by factors such as increasing demand for electric cars and widespread acceptance of solar PV modules.

In conclusion, partnerships, innovations, and strategic investments are shaping the residential energy storage market, paving the way for a sustainable and resilient energy future.

Residential Energy Storage Market Size, Share & Trends Analysis Report by Technology (Lead-acid, Lithium-ion) by Utility (3kW to <6kW, 6kW to <10kW, 10kW to 29kW) by Connectivity Type (On-grid, Off-grid) by Ownership Type (Customer-owned, Utility-owned, Third-party Owned) by Operation Type (Standalone Systems, Solar and Storage System) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2018 - 2023) & Forecast (2024 - 2032)