North America Energy Storage Systems Market Size & Share 2024 - 2032
Market Size by Technology (Pumped Hydro, Electro-Chemical {Lithium Ion Battery, Sodium Sulphur Battery, Lead Acid Battery, Flow Battery, Others}, Electro-Mechanical, Thermal), by Application & Forecast.
Report ID: GMI9070
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Published Date: April 2024
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Report Format: PDF
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Authors:
Ankit Gupta, Vinayak Shukla
North America Energy Storage Systems Market Size
North America Energy Storage Systems Market size was valued at USD 68.9 billion in 2023 and is projected to grow at a CAGR of 16.1% between 2024 and 2032. The continuous integration of clean energy sources, accompanied by their enduring advantages, has revitalized interest in adopting ESS technologies. These elements have heightened willingness and receptiveness to implementing innovative energy storage systems. Financial institutions and policymakers are pivotal in fostering a sustainable ESS ecosystem through fiscal backing, investments, and appropriate policy structures.
North America Energy Storage Systems Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Ongoing advancements in energy storage technologies, such as lithium-ion batteries, flow batteries, and advanced controls, are improving system performance, efficiency, and cost-effectiveness, driving further adoption in North America. For instance, in February 2020, Exide Technologies unveiled its research study challenging traditional battery systems in the U.S. The study assessed the effectiveness of the new Exide EFB battery technology as a replacement for conventional flooded and Absorbed Glass Mat (AGM) batteries.
North America Energy Storage Systems Market Trends
The rising need for revamping and updating the current grid infrastructure is set to propel the energy storage systems industry throughout North America. The escalating demand for dependable grid support systems, alongside the increasing incorporation of clean energy technologies, will drive industry expansion. Continued investments in infrastructure development, coupled with a sharp rise in electricity demand, will additionally bolster business growth. Moreover, ongoing technological advancements aimed at enhancing energy efficiency and the growing capacity additions in renewable energy storage contribute to creating a favorable business environment.
North America Energy Storage Systems Market Analysis
North America energy storage systems industry is categorized into pumped hydro storage, electro-mechanical, electro-chemical, and thermal energy storage based on technology. The electro-chemical technology is set to exceed USD 180 billion by 2032, driven by its constant and reliable power supply. The electrochemical energy storage market is experiencing significant expansion driven by increasing demand for reliable energy storage solutions. Continuous innovation in electrochemical energy storage technologies is leading to improved performance, efficiency, and cost-effectiveness. Supportive government policies and incentives aimed at promoting energy storage deployment and renewable energy integration are driving market growth and investment.
Based on application, the energy storage systems market is categorized into electric energy time shift, frequency regulation, electric supply capacity, renewable capacity firming, black start, and others. The electric energy time shift application is anticipated to grow at a CAGR of over 8.9% by 2032. EETS, or demand response, involves reducing or adjusting energy/electricity usage during peak hours in response to financial incentives such as Time of Use (TOU) tariffs. The power sector recognizes EETS as a valuable strategy, as it results in decreased energy consumption, financial savings, and the ability to defer investments in new power plants and infrastructure.
The U.S. energy storage systems market is expected to reach more than USD 240 billion by 2032. The growing integration of renewable energy sources including solar and wind power is driving the demand for energy storage systems in the U.S. to mitigate intermittency and ensure grid stability. Ongoing advancements in energy storage technologies, such as lithium-ion batteries and flow batteries, are enhancing system efficiency, reliability, and cost-effectiveness, driving adoption in the U.S. market. The need for grid modernization and resilience against extreme weather events and grid disruptions is propelling the adoption of energy storage systems in the U.S., particularly for grid stabilization and peak demand management.
North America Energy Storage Systems Market Share
ABB occupies a prominent position in the North American energy storage systems industry, celebrated for its comprehensive proficiency in crafting and producing various energy storage technologies. These encompass electrochemical and electromechanical systems, among others. With a deep-rooted history in the sector, the company has adeptly delivered myriad solutions customized to suit a broad spectrum of applications.
North America Energy Storage Systems Market Companies
North America Energy Storage Systems Industry News
The North America energy storage systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2021 to 2032, for the following segments:
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Market, By Technology
Market, By Application
The above information has been provided for the following countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →