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U.S. Energy Storage Market Trends

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

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U.S. Energy Storage Market Trends

Utility-scale energy storage projects are pivotal in transforming the U.S. grid. Large-scale installations are increasingly deployed to provide grid stability, frequency regulation, and peak load management. These projects support renewable energy integration, allowing utilities to store excess power during off-peak hours and dispatch it during high demand. Developers are expanding multi-gigawatt-hour installations, driven by declining costs and regulatory mandates. States like California and Arizona are leading utility-scale deployments, with storage becoming an essential component of their clean energy strategies. Residential and commercial energy storage markets in the U.S. are gaining momentum, fueled by rising electricity costs, power outage concerns, and increasing consumer awareness.

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.