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U.S. Energy Storage Market Analysis

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

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U.S. Energy Storage Market Analysis

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

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.

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.