U.S. Energy Storage Market size to exceed $4bn by 2024
Published Date: August 23, 2019 Authors: Ankit Gupta, Aditya Singh Bais
U.S. Energy Storage Market is anticipated to exceed USD 4 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Ongoing investments toward smart-grid infrastructure development along with rapidly growing ancillary service industry will positively influence the U.S. energy storage system market growth. Soaring electricity prices coupled with shifting consumer preference to adopt technologies that possess effective load management features will further augment the business growth.
Lithium ion chemistry-based energy storage is set to witness growth over 31% by 2024. Recent advancements in storage material along with the growing penetration of clean energy sources for electricity generation will positively influence the product adoption. Rapidly declining costs for lithium ion driven by the expanding EV industry will increase the economic viability of these systems over the forecast period. Furthermore, grid integration of large-scale renewable energy along with growing motivation toward self-sufficiency will augment the industry landscape.
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U.S. energy storage market will witness gains on account of growing implementation of energy efficiency standards & norms along with ongoing efforts to minimize carbon footprint. Increasing investments toward the upgradation & development of existing and new power system infrastructure will stimulate the technology adoption. High efficiency, reliable operation and extensive energy savings are some of the key underlying features favoring product deployment over the forecast period.
Browse key industry insights spread across 140 pages with 34 market data tables & 29 figures & charts from the report, “U.S. Energy Storage Market Size By Deployment (Residential, Non-Residential, Utility), By Technology (Lithium Ion, Lead Acid, Sodium Chemistry, Flow Vanadium, Flow Zinc, Others), Industry Analysis Report, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018–2024” in detail along with the table of contents:
U.S. energy storage market from residential application is anticipated to witness gains on account of changing consumer preferences toward energy independency coupled with shifting focus toward the development of distributed resources. Rising deployment of microgrids across multiple residential communities will fuel the demand for such systems by 2024. In addition, growing concern for securing reliable power supply for critical appliances including heating & cooling systems will further augment the industry share.
Easy availability of lead, high efficiency and low storage costs are few eminent features favoring the installation storage systems based on lead-acid chemistry. Increasing investments toward the adoption of sustainable technologies along with growing efforts to optimize the power consumption pattern across the key industries will enhance the industry outlook. In addition, less complex operation and low dependency on battery management system for effective operation are few indispensable parameters driving the technology installation.
U.S. energy storage market from sodium-based chemistries is set to witness strong gains on account of their ability to facilitate ancillary services and stabilize the RE output. Growing government support & inclination toward the adoption of sustainable grid technologies coupled with increasing research & development activities aimed toward improving the power storage capacity will stimulate product demand. Rapid response and efficient charge carriage are some of the prominent features influencing the deployment of these systems.
Notable industry applicants functioning across the market include Duke Energy, E.ON, Fluence Energy, ABB, East Penn Manufacturing, Tesla, GE Power, Invenergy, LG Chem, EDF Renewable Energy, Johnson Controls, GE Power, SolarEdge, EnerVault, amongst others.
U.S. energy storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD from 2013 to 2024, for the following segments:
- Lithium Ion
- Lead Acid
- Sodium Chemistry
- Flow Vanadium
- Flow Zinc