North America Energy Storage Systems Market
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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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| North America Energy Storage Systems Market size in 2023: | USD 68.9 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 16.1 |
| 2023 Value Projection: | USD 263.5 Billion |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 200 |
| Tables, Charts & Figures: | 306 |
| Segments Covered: | Technology, Application |
| Growth Drivers: |
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| Pitfalls Challenges: |
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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 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.
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.
Market, By Technology
Market, By Application
The above information has been provided for the following countries:
The market size for energy storage systems in North America reached USD 68.9 billion in 2023 and is set to grow at a 16.1% CAGR up to 2032, owing to the continuous integration of clean energy sources.
The electric energy time shift application segment in the North America energy storage systems industry is anticipated to grow at 8.9% CAGR up to 2032, favored by reducing or adjusting energy/electricity usage during peak hours in response to financial incentives.
U.S. energy storage systems industry is expected to exceed USD 240 billion by 2032, attributed to the growing integration of renewable energy sources including solar and wind power.
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 and Samsung SDI Co., Ltd.