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U.S. Energy Storage Market Size

Report ID: GMI2952
Published Date: Dec 2024
Report Format: PDF

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U.S. Energy Storage Market Size

U.S. energy storage market was assessed at USD 78.9 billion in 2024 and is envisioned to witness a CAGR of 13.4% between 2025 and 2034.

U.S. Energy Storage Market

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The U.S. energy storage industry has experienced rapid growth, driven by increased renewable energy integration and grid modernization efforts. The surge in solar and wind projects has amplified the demand for storage solutions to address intermittency challenges. Federal incentives like the Investment Tax Credit (ITC) for standalone storage and state-level policies have further catalyzed adoption. Key markets such as California, Texas, and New York lead deployment, leveraging supportive regulatory frameworks.

U.S. Energy Storage Market Report Attributes
Report Attribute	Details
Base Year:	2024
U.S. Energy Storage Market Size in 2024:	USD 78.9 Billion
Forecast Period:	2025 – 2034
Forecast Period 2025 – 2034 CAGR:	13.4%
2025 – 2034 Value Projection:	USD 305.5 Billion
Historical Data for:	2021 – 2024
No. of Pages:	80
Tables, Charts & Figures:	20
Segments covered:	Technology and 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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Advancements in energy storage technologies, particularly lithium-ion batteries, dominate the U.S. market. These batteries offer high efficiency, scalability, and declining costs, making them the preferred choice for utility, residential, and commercial applications. Emerging technologies like solid-state batteries, flow batteries, and hydrogen-based systems are also gaining traction, promising enhanced performance and longer lifespans.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The U.S. market for energy storage was valued at USD 78.9 billion in 2024 and is projected to reach USD 305.5 billion by 2034, driven by a CAGR of 13.4% during the forecast period, supported by renewable energy integration and grid modernization efforts.

The electro-chemical segment is expected to surpass USD 231.4 billion by 2034, driven by the widespread adoption of lithium-ion batteries and advancements in manufacturing technologies.

The electric energy time shift segment is anticipated to grow at a CAGR exceeding 7.5% by 2034, fueled by the need to balance supply and demand in grids with variable renewable energy sources.

Key players in the industry include ABB, Abengoa, BYD Company, Burns & McDonnell, CALMAC, Exide Technologies, General Electric, Invinity Energy Systems, Johnson Controls, Lockheed Martin, LG Energy Solution, McDermott, Panasonic, SCHMID Group, Samsung SDI, Siemens, Tesla, Toshiba, and Voith.