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Energy Storage Market size in US worth $4000 million by 2024

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Major players operating in the U.S. energy storage industry include ABB, SolarEdge, Tesla, EDF Renewable Energy, Duke Energy, E.ON, East Penn Manufacturing, LG Chem, Johnson Controls, Invenergy, GE Power, Fluence Energy, and EnerVault amongst others.

— Utility energy storage market is projected to surpass USD 1500 million by 2024. Growing significance of grid stability, with the implementation of sustainability, resilience, and efficiency will positively influence the industry growth. Aging grid infrastructure and rising concerns over climate change will further fuel the business growth.

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U.S. lithium-ion energy storage market is set to grow on account of constantly declining technology costs primarily driven by economies of scale in manufacturing. Li-ion batteries find use across numerous applications comprising frequency regulation, residential solar storage and E-V charging stations amongst others. High energy density and appreciable coulombic efficiency are some of the primary features that will persistently fuel the product deployment over its available conventional alternatives.

The U.S. Energy Storage Market is set to surpass USD 4000 million by 2024, as reported in the latest study by Global Market Insights, Inc. Growing regulatory focus toward minimizing carbon emissions while increasing the share of renewables on the grid will drive the U.S. energy storage market size. Key states including California, Massachusetts, New York, and Oregon have adopted legally defined energy storage capacity to be integrated into the electric grid. In December 2017, the New York government introduced a new law mandating a state-wide energy storage deployment target of 1,500MW by 2025.

Growing integration of intermittent energy from renewable sources into the national grid will elevate the necessity of adoption of energy storage systems essential for grid stability, which in turn will augment the U.S. energy storage market.

The U.S. residential energy storage market will witness robust expansion on account of increasing penetration of solar PV levels along with introduction of supportive policies and energy storage subsidies. California and Hawaii constitute the sizeable proportion of the overall residential energy storage sector in the country with fresh participation anticipated from Arizona and Massachusetts in the near term. The industry growth is further stimulated by growing implementation of time-of-use rates by utilities coupled with reduction in net metering compensation.

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Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/us-energy-storage-market

Source URL: https://marketersmedia.com/energy-storage-market-size-in-us-worth-4000-million-by-2024/513001

Source: MarketersMedia

Release ID: 513001

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