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U.S. Energy Storage Market Size

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

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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.

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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.

U.S. Energy Storage Market Report Attributes
Report Attribute	Details
Base Year:	2023
U.S. Energy Storage Market Size in 2023:	USD 68.6 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	15.5%
2032 Value Projection:	USD 249.3 Billion
Historical Data for:	2019 to 2023
No. of Pages:	150
Tables, Charts & Figures:	218
Segments covered:	Technology, Application
Growth Drivers:	Favorable regulatory framework Growth in the renewable energy sector Increasing concerns toward security of supply
Pitfalls & Challenges:	High capital cost of pumped storage plants Safety concerns

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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.