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U.S. Energy Storage Market Trends

Report ID: GMI2952
Published Date: May 2023
Report Format: PDF

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U.S. Energy Storage Market Trends

The decreasing costs of renewable sources such as solar and wind energy are expected to drive investments and increase the share of renewables in the U.S. energy mix. Energy storage systems are ideal for managing the variability of renewable energy output and controlling rapid ramping up and down of solar and wind power generation. Although renewable energy capacity installations and investments have remained relatively small over the past decade, the industry is expected to experience significant growth by 2032, as various large-scale projects are currently under development. Ongoing investments towards increasing the share of clean energy sources in the electricity mix will also have a positive impact on U.S energy storage market dynamics.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of energy storage in United States exceeded USD 68.6 billion in 2023 and will record around 15.5% CAGR from 2024 to 2032, explains GMI report.

Pumped hydro storage segment size surpassed USD 38.5 billion in 2022 and will expand by 2032 driven by an increase in investments due to the ongoing capacity addition and expansion in the U.S.

The U.S. energy storage sector recorded 13% growth in 2022 as regulatory bodies have been crucial in driving investments in the energy and electric infrastructure.

Tesla, General Electric, Exide Technologies, BYD Company Ltd., Toshiba Corporation, Samsung SDI Co., Ltd, Panasonic Corporation, LG Energy Solution, Siemens, Lockheed Martin Corporation, SCHMID Group, Invinity Energy Systems, CALMAC, Abengoa S.A., Burns & McDonnell, and Voith GmbH & Co. KGaA.