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U.S. Energy Storage Market Worth Over USD 4 billion by 2024 Top Key Players GE Power, Invenergy, LG Chem, Tesla and ABB
The U.S. residential energy storage market is set to witness exponential growth on account of supportive legislative framework aimed at maximizing renewable energy integration
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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.
Lithium ion energy storage market will witness growth on account of continued downturn in battery costs driven by enhanced manufacturing capacity. Li-ion batteries are utilized in a wide array of energy-storage applications, including residential systems with rooftop photovoltaic arrays and grid ancillary services amongst others. High charge/discharge efficiency and appreciable energy density are some of the key features that will continue to boost the technology adoption over the conventional counterparts.
The major players operating in the market-
East Penn Manufacturing,
ON, EDF Renewable Energy,
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The U.S. utility energy storage market size will exceed USD 1.5 billion by 2024. Strengthening need to build a disruption-proof grid with the implementation of increased efficiency, resilience, and sustainability will favor the industry growth. Growing concerns over climate change and aging grid infrastructure will further favor the business scenario.
Increasing share of renewables in the national grid facilitated by several fiscal incentives and ventures will stimulate the U.S. energy storage market size. The share of renewable in the California energy mix has been growing exponentially, thereby supporting the industry growth. In addition, legislative mandate to increase renewable generation to achieve emissions reductions targets will positively influence the industry outlook.
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