U.S. Battery Energy Storage System Market Future Directions Driven by Policy Changes
The U.S. battery energy storage system market size is expected to reach USD 4.4 billion by 2030, expanding at a CAGR of 30.5%, according to a new report by Grand View Research, Inc. Rising deployment of renewable energy sources such as solar and wind are resulting in increased adoption of storage systems owing to the grid reliability offered by the technology. It provides constant power supply to the grid and compensates for intermittent nature of renewable power supply.
The systems are widely used in industries including medical, marine, telecommunication, production, energy, and information technology. With increasing requirement of efficient grid management, constant load management, and continuous power supply, the market is expected to witness significant growth over the forecast period.
The manufacturers supply batteries both through direct supply and third-party supply agreements to the manufacturers in the industry. The manufacturers assemble different batteries depending on the requirements of the end-use industries. The system manages the power quality, aids time shifting, and improves grid efficiency.
Gather more insights about the market drivers, restrains and growth of the U.S. Battery Energy Storage System Market
Industry participants are focusing on largely commercializing flywheel storage as it is more economical than batteries. The main reasons for this are the long service life and low maintenance costs of the flywheel compared, which compensates for the higher purchase costs at the beginning of the installation. While flywheel storage normally has the same lifespan as the UPS technology, batteries have to be replaced several times during the lifespan of a UPS.
U.S. Battery Energy Storage System Market Report Highlights
- The grid storage segment accounted for the largest revenue share of more than 44.0% in 2023. This is attributed to the increasing need for reliable energy storage solutions to support the integration of renewable energy sources.
- Flywheel battery is expected to witness a significant CAGR of 34.1%. The flywheel technology offers several advantages including higher efficiency and a longer life as compared to a Lithium-ion based technology
- The lithium-ion battery segment accounted for a revenue share of 54.9% in 2023 owing to its high energy density and high safety level
- Partnership with local governments, technological collaborations, and research and development activities focusing on smart grid deployment are some of the strategic initiatives taken up by leading companies
Key Companies & Market Share Insights
The market is consolidated in nature and is dominated by numerous key players. Key companies are adopting various organic and inorganic growth strategies with an aim to enhance their product offerings in order to gain market share. Battery manufacturers supply batteries both through direct supply and third-party supply agreements to battery energy storage system manufacturers. Manufacturers assemble different batteries depending on the requirements of end-use industries. With increasing requirements for efficient grid management, constant load management, and continuous power supply, the market is expected to witness significant growth over the forecast period.
List of Key players of U.S. Battery Energy Storage System Market
- General Electric
- Hitachi Ltd.
- GS YuasaBeckett Energy Systems
- Exide Technologies
- Samsung SDI
- Enersys
- AES Energy Storage
- Imergy Power Systems Inc.
- Altair Nanotechnologies Inc.
Order a free sample PDF of the U.S. Battery Energy Storage System Market Intelligence Study, published by Grand View Research.
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Russian
Romaian