North America Lithium Ion Solar Energy Storage Market Size – By Capacity, By Installation (On-Grid, Off-Grid), By Application (Residential, Commercial & Industrial, Utility), By Country Outlook & Forecast, 2024 – 2032

North America Lithium Ion Solar Energy Storage Market Size

North America Lithium Ion Solar Energy Storage Market was valued at USD 16.5 billion in 2023 and is anticipated to grow at a CAGR of over 12.1% between 2024 and 2032. The widespread integration of renewable energy sources along with restructuring and modernization of current power grids will significantly influence the industry's demand curve.

Lithium-ion solar energy storage involves utilizing these batteries to store electrical energy generated by solar photovoltaic systems. In solar power setups, energy production fluctuates with sunlight availability. These batteries play a vital role by storing surplus energy produced during peak sunlight periods and supplying it when demand or sunlight is diminished. Moreover, ongoing technological advancements and the implementation of cost-competitive strategies within the sector will favor the business scenario.
 

North America Lithium Ion Solar Energy Storage Market Trends

The solar energy storage market will witness a significant growth owing to increasing environmental concerns and stringent regulations aimed at emission reduction. The drive for efficient energy conservation measures will further bolster the business expansion. Moreover, continual enhancements and upgrades to improve cost competitiveness will have a favorable effect on the industry. The uptake of solar energy storage technologies is propelled by the integration of intermittent renewable energy sources and rising electricity demand.
 

North America Lithium Ion Solar Energy Storage Market Analysis

The 501 to 1,000 kW lithium ion solar energy storage market will reach over USD 9.5 billion by 2032, on account of regulatory backing favoring self-consumption and grid operators implementing beneficial incentives to manage grid feed-in effectively. Moreover, the increasing adoption of battery energy storage, propelled by declining costs, is fostering the extensive integration of small-scale photovoltaics, thus boosting the demand for these systems.
 

The residential solar energy storage market size will witness growth rate of over 13.5% through 2032. Implementation of government incentives & policies including tax credits, rebates and net metering programs will energize the industry dynamics. Surging consumer inclination toward self-sufficient and sustainable electricity solutions coupled with rising intensity of weather events and power outages will augment the industry landscape.
 

The U.S. lithium ion solar energy storage market is set to surpass USD 49 billion by 2032. Increasing adoption of renewable energy sources along with paradigm shift toward the adoption of solar-plus-storage systems to reduce electricity bills will fuel the product penetration. Ongoing technological advancements including increased energy density, longer cycle life, and enhanced safety features will escalate the industry potential. Additionally, the integration of solar energy storage systems with smart grid technologies will drive the business growth.
 

North America Lithium Ion Solar Energy Storage Market Share

BYD Company is a multinational conglomerate known for its expertise in various industries, including automobiles, electronics, and renewable energy. The company has made significant strides, leveraging its technological prowess and manufacturing capabilities to offer innovative solutions for residential, commercial and utility-scale application areas. It is renowned for its advanced lithium-ion battery technologies offering high energy density, long cycle life, and safety features.
 

North America Lithium Ion Solar Energy Storage Market Companies

Eminent players operating in the North America lithium ion solar energy storage industry include:

• ABB
• BMW Group
• BYD Company
• ENERSYS
• ESS
• Honeywell International
• Huawei
• Leclanché SA
• LG Electronics
• Maxwell Technologies
• NextEra Energy
• Panasonic
• Primus Power
• SAMSUNG SDI CO.
• Schneider Electric
• Siemens Energy
• Tesla
• Toshiba Corporation
   

North America Lithium Ion Solar Energy Storage Industry News

• In March 2024, Schneider Electric and Hy Stor Energy entered into a memorandum of understanding to bolster the advancement of Mississippi Clean Hydrogen Hub and its wider U.S. development initiative. According to the MOU, Schneider Electric will supply Hy Stor Energy with safety and automation solutions, AI optimization software, AVEVA process operation, predictive operations, weather analysis and digital energy management solutions. Additionally, the company will offer commissioning, operational analytical tools, and support services for these provisions.
   
• In December 2023, Leclanché SA has unveiled plans to implement a pioneering solar and storage project in St. Kitts, boasting 35.7 MW of solar capacity coupled with 43.6 MWh of battery storage. This initiative aims to propel the island towards a sustainable energy future while bolstering the reliability and efficiency of its power grid. Set to begin construction in the second quarter of 2024, the project marks a significant milestone, poised to fulfill 30-35% of the island's yearly electricity needs, curtail diesel usage, and potentially offer cost savings in comparison to the existing diesel power generation infrastructure.
   

This North America lithium ion solar energy storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2019 to 2032, for the following segments:

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Market, By Capacity

• ≤ 50 kW
• 51 to 250 kW
• 251 to 500 kW
• 501 to 1,000 kW
• 1,001 to 2,500 kW
• 2,501 to 5,000 kW
• 5,001 to 10,000 kW
• > 10,000 kW

Market, By Installation

• On-Grid
• Off-Grid

Market, By Application

• Residential
• Commercial & Industrial
• Utility

The above information has been provided for the following countries:

• U.S.
• Canada