North America Lithium Ion Solar Energy Storage Market
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North America Lithium Ion Solar Energy Storage Market was valued at USD 16.5 billion in 2023 and is anticipated to grow at a CAGR of over 12.1% between 2024 and 2032. The widespread integration of renewable energy sources along with restructuring and modernization of current power grids will significantly influence the industry's demand curve.
Lithium-ion solar energy storage involves utilizing these batteries to store electrical energy generated by solar photovoltaic systems. In solar power setups, energy production fluctuates with sunlight availability. These batteries play a vital role by storing surplus energy produced during peak sunlight periods and supplying it when demand or sunlight is diminished. Moreover, ongoing technological advancements and the implementation of cost-competitive strategies within the sector will favor the business scenario.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| North America Lithium Ion Solar Energy Storage Market size in 2023: | USD 16.5 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 12.1 |
| 2023 Value Projection: | USD 52.1 Billion |
| Historical Data for: | 2019 - 2023 |
| No of Pages: | 100 |
| Tables, Charts & Figures: | 190 |
| Segments Covered: | Capacity, Installation, Application & Country |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The solar energy storage market will witness a significant growth owing to increasing environmental concerns and stringent regulations aimed at emission reduction. The drive for efficient energy conservation measures will further bolster the business expansion. Moreover, continual enhancements and upgrades to improve cost competitiveness will have a favorable effect on the industry. The uptake of solar energy storage technologies is propelled by the integration of intermittent renewable energy sources and rising electricity demand.
The 501 to 1,000 kW lithium ion solar energy storage market will reach over USD 9.5 billion by 2032, on account of regulatory backing favoring self-consumption and grid operators implementing beneficial incentives to manage grid feed-in effectively. Moreover, the increasing adoption of battery energy storage, propelled by declining costs, is fostering the extensive integration of small-scale photovoltaics, thus boosting the demand for these systems.
The residential solar energy storage market size will witness growth rate of over 13.5% through 2032. Implementation of government incentives & policies including tax credits, rebates and net metering programs will energize the industry dynamics. Surging consumer inclination toward self-sufficient and sustainable electricity solutions coupled with rising intensity of weather events and power outages will augment the industry landscape.
The U.S. lithium ion solar energy storage market is set to surpass USD 49 billion by 2032. Increasing adoption of renewable energy sources along with paradigm shift toward the adoption of solar-plus-storage systems to reduce electricity bills will fuel the product penetration. Ongoing technological advancements including increased energy density, longer cycle life, and enhanced safety features will escalate the industry potential. Additionally, the integration of solar energy storage systems with smart grid technologies will drive the business growth.
BYD Company is a multinational conglomerate known for its expertise in various industries, including automobiles, electronics, and renewable energy. The company has made significant strides, leveraging its technological prowess and manufacturing capabilities to offer innovative solutions for residential, commercial and utility-scale application areas. It is renowned for its advanced lithium-ion battery technologies offering high energy density, long cycle life, and safety features.
Eminent players operating in the North America lithium ion solar energy storage industry include:
Market, By Capacity
Market, By Installation
Market, By Application
The above information has been provided for the following countries:
ABB, BMW Group, BYD Company, ENERSYS, ESS, Honeywell International, Huawei, Leclanch
The U.S. lithium-ion solar energy storage industry showcased strong growth in 2023 and is set to surpass USD 49 billion by 2032, driven by the increasing adoption of renewable energy sources.
The residential application segment in the North America lithium-ion solar energy storage industry is set to grow at 13.5% CAGR up to 2032, driven by the implementation of favorable government incentives & policies.
The market size of North America lithium-ion solar energy storage was reached USD 16.5 billion in 2023 and is set to grow at 12.1% CAGR till 2032, driven by the widespread integration of renewable energy sources.