Report : North America Batteries for Solar Energy Storage Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Battery Type (Lead acid, Lithium-Ion, Nickel Cadmium, and Others), Application (Residential, Commercial, and Industrial), and Connectivity (Off-Grid and On-Grid)
At 18.8% CAGR, the North America Batteries for Solar Energy Storage Market is speculated to be worth US$ 1,876.17 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America batteries for solar energy storage market was valued at US$ 665.88 million in 2022 and is expected to reach US$ 1,876.17 million by 2028, registering an annual growth rate of 18.8% from 2022 to 2028. Dropping in prices of lithium-ion batteries and boosting number of renewable and solar energy projects.
The decline in the price of lithium-ion batteries is holding a promising growth opportunity for the market. As per the studies conducted by the Massachusetts Institute of Technology, further steep declines in price could be possible, which could impact beneficially on items such as laptops, cell phones, stationary storage, battery storage, and electric vehicles, which still need to become more affordable for the mass uptake that is envisaged. The downfall in the price of lithium-ion batteries is primarily attributed to public-funded research, primarily in chemistry and materials science, which has contributed the most to the cost reduction of the batteries. Thus, declining prices of lithium-ion batteries hold lucrative opportunities for the battery manufacturers, augmenting the production capabilities and helping the market grow faster.
On the contrary, higher initial investment in battery manufacturing.
- Based on battery type, the North America batteries for solar energy storage market is segmented into lead acid, lithium-ion, nickel cadmium, and others. The lithium-ion segment held 93.0% market share in 2022, amassing US$ 619.44 million. It is projected to garner US$ 1,744.11 million by 2028 to expand at 18.8% CAGR during 2022–2028.
- Based on application, the North America batteries for solar energy storage market is segmented into residential, commercial, and industrial. The industrial segment held 61.1% market share in 2022, amassing US$ 406.89 million. It is projected to garner US$ 1,080.23 million by 2028 to expand at 17.7% CAGR during 2022–2028.
- Based on connectivity, the North America batteries for solar energy storage market is segmented into on-grid and off-grid. The off-grid segment held 73.1% market share in 2022, amassing US$ 486.56 million. It is projected to garner US$ 1,343.83 million by 2028 to expand at 18.4% CAGR during 2022–2028
- Based on country, the North America batteries for solar energy storage market has been segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 75.4% market share in 2022. It was assessed at US$ 502.38 million in 2022 and is likely to hit US$ 1,454.05 million by 2028, exhibiting a CAGR of 19.4% during the forecast period.
Key players dominating the North America batteries for solar energy storage market are BYD Company Ltd.; EnerSys; LECLANCHE; LG Electronics; Samsung SDI Co., Ltd.; Kokam; Sonnen Group; and Alpha ESS Co., Ltd. among others.
- In 2020, BYD has announced that it is partnering with Canadian Solar Inc. for providing battery technology for the 100 MWac Mustang solar plant in Kings County, California.
- In 2022, Samsung and Stellantis, automaker and mobility provider has formed joint venture for building electric vehicle battery plant in Kokomo, US. Under this venture they are investing Over $2.5billion.
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