North America Energy Storage Systems Market Size - By Technology (Pumped Hydro, Electro-Chemical {Lithium Ion Battery, Sodium Sulphur Battery, Lead Acid Battery, Flow Battery, Others}, Electro-Mechanical, Thermal), By Application & Forecast, 2024 – 2032

North America Energy Storage Systems Market Size

North America Energy Storage Systems Market size was valued at USD 68.9 billion in 2023 and is projected to grow at a CAGR of 16.1% between 2024 and 2032. The continuous integration of clean energy sources, accompanied by their enduring advantages, has revitalized interest in adopting ESS technologies. These elements have heightened willingness and receptiveness to implementing innovative energy storage systems. Financial institutions and policymakers are pivotal in fostering a sustainable ESS ecosystem through fiscal backing, investments, and appropriate policy structures.
 

Ongoing advancements in energy storage technologies, such as lithium-ion batteries, flow batteries, and advanced controls, are improving system performance, efficiency, and cost-effectiveness, driving further adoption in North America. For instance, in February 2020, Exide Technologies unveiled its research study challenging traditional battery systems in the U.S. The study assessed the effectiveness of the new Exide EFB battery technology as a replacement for conventional flooded and Absorbed Glass Mat (AGM) batteries.
 

North America Energy Storage Systems Market Trends

The rising need for revamping and updating the current grid infrastructure is set to propel the energy storage systems industry throughout North America. The escalating demand for dependable grid support systems, alongside the increasing incorporation of clean energy technologies, will drive industry expansion. Continued investments in infrastructure development, coupled with a sharp rise in electricity demand, will additionally bolster business growth. Moreover, ongoing technological advancements aimed at enhancing energy efficiency and the growing capacity additions in renewable energy storage contribute to creating a favorable business environment.
 

North America Energy Storage Systems Market Analysis

North America energy storage systems industry is categorized into pumped hydro storage, electro-mechanical, electro-chemical, and thermal energy storage based on technology. The electro-chemical technology is set to exceed USD 180 billion by 2032, driven by its constant and reliable power supply. The electrochemical energy storage market is experiencing significant expansion driven by increasing demand for reliable energy storage solutions. Continuous innovation in electrochemical energy storage technologies is leading to improved performance, efficiency, and cost-effectiveness. Supportive government policies and incentives aimed at promoting energy storage deployment and renewable energy integration are driving market growth and investment.
 

Based on application, the energy storage systems market is categorized into electric energy time shift, frequency regulation, electric supply capacity, renewable capacity firming, black start, and others. The electric energy time shift application is anticipated to grow at a CAGR of over 8.9% by 2032. EETS, or demand response, involves reducing or adjusting energy/electricity usage during peak hours in response to financial incentives such as Time of Use (TOU) tariffs. The power sector recognizes EETS as a valuable strategy, as it results in decreased energy consumption, financial savings, and the ability to defer investments in new power plants and infrastructure.
 

The U.S. energy storage systems market is expected to reach more than USD 240 billion by 2032. The growing integration of renewable energy sources including solar and wind power is driving the demand for energy storage systems in the U.S. to mitigate intermittency and ensure grid stability. Ongoing advancements in energy storage technologies, such as lithium-ion batteries and flow batteries, are enhancing system efficiency, reliability, and cost-effectiveness, driving adoption in the U.S. market. The need for grid modernization and resilience against extreme weather events and grid disruptions is propelling the adoption of energy storage systems in the U.S., particularly for grid stabilization and peak demand management.
 

North America Energy Storage Systems Market Share

ABB occupies a prominent position in the North American energy storage systems industry, celebrated for its comprehensive proficiency in crafting and producing various energy storage technologies. These encompass electrochemical and electromechanical systems, among others. With a deep-rooted history in the sector, the company has adeptly delivered myriad solutions customized to suit a broad spectrum of applications.
 

North America Energy Storage Systems Market Companies

• ABB
• Abengoa S.A.
• Burns & McDonnell
• BYD Company Ltd.
• CALMAC
• Durapower Group
• Exide Technologies
• General Electric
• Hitachi Energy Ltd.
• Johnson Controls
• LG Energy Solution
• McDermott
• Narada Power Source Co. Ltd
• Panasonic Corporation
• Samsung SDI Co., Ltd
• SCHMID Group
• Siemens
• Sinohydro Corporation
• Toshiba Corporation
• Voith GmbH & Co. KGaA
   

North America Energy Storage Systems Industry News

• In April 2022, Pacific Gas & Electric Co. (PG&E) has chosen Tesla's Megapack battery energy storage system for installation at the Moss Landing electric substation in Monterey County. This battery energy storage system is certified and activated by the California Independent System Operator. It will facilitate the integration of renewable energy sources such as wind and solar, thereby furthering California's reliance on its power supply.
   
• In June 2022, LG and Open Solar have joined forces in the U.S. solar market to enhance the customer experience and collaborate with a leading solar software provider. This partnership offers enhanced support to LG solar installers transitioning to remote sales and digital processes. It includes system installation, design, and sales quotes provided free of charge to solar professionals. LG is effectively providing innovative tools to assist installers in better managing their businesses during challenging times, offering a toolkit for growth.
   

The North America energy storage systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2021 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

The above information has been provided for the following countries:

• U.S.
• Canada