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U.S. Energy Storage Market - By Technology (Pumped Hydro, Electro-Chemical, Electro-Mechanical, Thermal), By Application (Electric Energy Time Shift, Electric Supply Capacity, Black Start, Renewable Capacity Firming, Frequency Regulation) & Forecast, 2024 – 2032

  • Report ID: GMI2952
  • Published Date: May 2023
  • Report Format: PDF

U.S. Energy Storage Market Size

U.S. Energy Storage Market size surpassed USD 68.6 billion in 2023 and is anticipated to grow at 15.5% CAGR from 2024 to 2032.
 

U.S. Energy Storage Market

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The energy storage market across the U.S. is expected to experience significant growth on account of the increasing demand for refurbishment and modernization of the existing grid network. This is driven by a growing need for a reliable grid support mechanism, as well as an increasing integration of clean energy technologies. Ongoing infrastructural investments and a significant increase in demand for electricity will further augment business growth. Additionally, technological innovations aimed at improving energy efficiency, coupled with a rising renewable storage capacity, have created a positive business landscape for the industry.
 

COVID-19 Impact

The industry has witnessed the minimal impact of COVID- 19 pandemic. On one hand, the pandemic has caused disruptions to global supply chains and construction activities, leading to delays in the development and deployment of energy storage projects, which has resulted in a slowdown of the U.S. energy storage market. However, the pandemic has also increased the demand for reliable and resilient energy systems. This has led to an increased focus on energy storage solutions that can help stabilize the grid and ensure continuity of power supply, particularly in the U.S. with high levels of renewable energy generation.
 

U.S. Energy Storage Market Trends

The decreasing costs of renewable sources such as solar and wind energy are expected to drive investments and increase the share of renewables in the U.S. energy mix. Energy storage systems are ideal for managing the variability of renewable energy output and controlling rapid ramping up and down of solar and wind power generation. Although renewable energy capacity installations and investments have remained relatively small over the past decade, the industry is expected to experience significant growth by 2032, as various large-scale projects are currently under development. Ongoing investments towards increasing the share of clean energy sources in the electricity mix will also have a positive impact on U.S energy storage market dynamics.
 

U.S. Energy Storage Market Analysis

U.S. Energy Storage Market Size, By Technology,

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The pumped hydro storage technology type held a majority of market value of  USD 38.5 billion in 2022. The sector has experienced a significant increase in investments due to the ongoing capacity addition and expansion worldwide. This expansion has been driven by emerging markets, where PHS plays a crucial role in providing energy security, water services, and promoting economic development and regional cooperation. While the industry has made significant progress in adopting sustainable practices and gaining acceptance from external stakeholders such as financial communities and NGOs, it still faces criticism from certain stakeholders regarding negative experiences and a lack of recognition of sustainable projects developed in recent years.
 

U.S. Energy Storage Market Revenue Share, By Application,

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The electric energy time shift application captured 55% share of the U.S energy storage market in 2022. Electric Energy Time Shift (EETS) or demand response refers to the practice of reducing or shifting energy consumption during peak hours in response to Time of Use (TOU) tariffs or other financial incentives. The power industry views EETS as an important resource that can result in lower energy consumption, cost savings, and the ability to delay investments in new power plants and delivery systems. In addition, growing need for power system resilience on account of increased electricity outages or power failures has stimulated the demand for energy storage systems.
 

The U.S. held industry share of over 13% of the global energy storage systems market in 2022. Regulatory bodies have been crucial in driving investments in the energy and electric infrastructure and have continued to invest in the development, demonstration, and research of energy storage technologies. Additionally, they have been developing new analytics and modeling capabilities to evolve with technological needs and policies. Ongoing investments in grid energy storage, smart grid development, and advanced technologies will optimize power delivery, enhance resilience, and positively influence the growth of the industry.
 

U.S. Energy Storage Market Share

Some of the major players operating in the U.S. energy storage market are:

  • Tesla
  • General Electric
  • Exide Technologies
  • BYD Company Ltd
  • Toshiba Corporation
  • Samsung SDI Co., Ltd
  •  Panasonic Corporation
  •  LG Energy Solution
  •  Siemens
  •  Lockheed Martin Corporation
  •  SCHMID Group
  •  Invinity Energy Systems 
  • ABB
  • Johnson Controls
  •  McDermott
  •  CALMAC
  •  Abengoa S.A
  •  Burns & McDonnell
  • Voith GmbH & Co
  •  KGaA

These players focus on mergers and strategic partnerships for market expansion. Furthermore, these players are increasingly investing in research & development activities, which enable them to introduce innovative services and garner maximum industry revenue.
 

U.S. Energy Storage Industry News:

  • In September 2022, LG Energy Storage system introduced a Home 8 ESS next generation which provides all-in-one solution. It enables homeowners to manage energy and provide backup power to reduce dependence on the electric grid. The Home 8 combines an upgraded inverter and battery in a single unit and wall supports to provide an organized & streamlined installation.
     
  • In November 2021, Panasonic Corporation launched EverVolt 2.0, an updated version of the previously launched EverVolt battery storage system. The new battery system offers a wide range of advantages & features including larger available sizes, different lithium-ion battery chemistry, and an outdoor rating. Furthermore, three EverVolt 2.0 battery systems can be stacked up to provide 76.9kWh usable capacity, further favoring their demand in energy storage systems.
     

This market research report on U.S. energy storage includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in MW and USD Million from 2019 to 2032, for the following segments:

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Market, By Technology

  • Pumped Hydro
  • Electro-Chemical
    • Lithium-Ion
    • Sodium Sulphur
    • Lead Acid
    • Flow Battery
    • Others
  • Electro-Mechanical
    • Flywheel
    • CAES
  • Thermal Energy Storage
    • Water
    • Molten Salt
    • PCM
    • Others

Market, By Application

  • Electric Time Energy Shift
  • Electric Supply Capacity
  • Black Start
  • Renewable Capacity Firming
  • Frequency Regulation
  • Others

 

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of energy storage in United States exceeded USD 68.6 billion in 2023 and will record around 15.5% CAGR from 2024 to 2032, explains GMI report.

Pumped hydro storage segment size surpassed USD 38.5 billion in 2022 and will expand by 2032 driven by an increase in investments due to the ongoing capacity addition and expansion in the U.S.

The U.S. energy storage sector recorded 13% growth in 2022 as regulatory bodies have been crucial in driving investments in the energy and electric infrastructure.

Tesla, General Electric, Exide Technologies, BYD Company Ltd., Toshiba Corporation, Samsung SDI Co., Ltd, Panasonic Corporation, LG Energy Solution, Siemens, Lockheed Martin Corporation, SCHMID Group, Invinity Energy Systems, CALMAC, Abengoa S.A., Burns & McDonnell, and Voith GmbH & Co. KGaA.

U.S. Energy Storage Market Scope

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  • Base Year: 2023
  • Companies covered: 19
  • Tables & Figures: 218
  • Countries covered: 1
  • Pages: 150
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