The batteries for solar energy storage market in North America is expected to grow from US$ 665.88 million in 2022 to US$ 1,876.17 million by 2028; it is estimated to grow at a CAGR of 18.8% from 2022 to 2028.
The increase in the number of renewable and solar energy projects is the key factor fueling the demand for batteries for solar energy storage. As per the US Energy Information Administration (EIA) data, power plant developers and operators are expected to add 51 GW of new solar and battery storage projects to the US power grid from 2022 to 2023, which will account to 60% of new generating capacity. Further, according to the US Energy Information Administration (EIA) forecast, 21.5 GW of solar generating capacity will be added to the country’s power grid in 2022. Further, in April 2022, The US Bureau of Land Management (BLM) planned to construct 39 utility-scale solar projects, which sums up more than 29 GW of plant capacity, on federal lands in six western states by the third quarter of 2025. The increasing investment trend in the renewable industry is further propelling the market growth. As per the US Energy Storage Monitor report, 345 MW of new energy storage systems were brought in operation in the second quarter of 2021. For instance, in August 2021, Reliance Industries Ltd planned to invest US$ 50 million in American renewable energy storage company Ambri Inc. to develop cheap alternatives to lithium-ion batteries. Similarly, in September 2021, EDF Renewables North America and Clean Power Alliance signed a 15-year Power Purchase Agreement (PPA) for the Solar-plus-Storage project. The project consists of a 300 MW solar project coupled with a 600 MWh battery energy storage system. In June 2022, the New York State Energy Research and Development Authority (NYSERDA) awarded EDF Renewable North America a 1 GW solar and battery storage contract as part of its 2021 solicitation for large-scale renewable energy certificates. The US energy storage developers had planned a capacity of 9 GW in 2022. Thus, such upcoming investment prospects, along with an increasing number of solar energy projects, are augmenting the demand for battery storage for solar energy..
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America batteries for solar energy storage market at a substantial CAGR during the forecast period.
North America Batteries for solar energy storage market Segmentation
The North America batteries for solar energy storage market is segmented on the basis of battery type, application, connectivity, and country. Based on battery type, the market is segmented into lead acid, lithium-ion, nickel cadmium, and others. In 2022, the lithium-ion segment held a larger share of the market. And others segment is expected to register a higher CAGR during the forecast period. Based on application, the North America batteries for solar energy storage market is segmented into residential, commercial, and industrial. The industrial segment held the largest market share in 2022 and commercial is expected to register the highest CAGR in the market during the forecast period. Based on connectivity, the North America batteries for solar energy storage market is segmented into on-grid and off-grid. The on-grid segment held the largest market share in 2022 and the off-grid segment is expected to register the highest CAGR in the market during the forecast period. Based on country, the North America batteries for solar energy storage market is segmented into the US, Canada, and Mexico. In 2022, the US held a larger market share. On the other side, and it is also expected to register a higher CAGR during the forecast period.
BYD Company Ltd.; EnerSys; LECLANCHE; LG Electronics; Samsung SDI Co., Ltd.; Kokam; E3/DC GmbH; SimpliPhi Power; and Alpha ESS Co., Ltd. are among the leading companies in the North America batteries for solar energy storage market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 665.88 Million |
| Market Size by 2028 | US$ 1,876.17 Million |
| CAGR (2022 - 2028) | 18.8% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Battery Type
|
|
Regions and Countries Covered
|
|
| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
|
The North America Batteries for Solar Energy Storage Market is valued at US$ 665.88 Million in 2022, it is projected to reach US$ 1,876.17 Million by 2028.
As per our report North America Batteries for Solar Energy Storage Market, the market size is valued at US$ 665.88 Million in 2022, projecting it to reach US$ 1,876.17 Million by 2028. This translates to a CAGR of approximately 18.8% during the forecast period.
The North America Batteries for Solar Energy Storage Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Batteries for Solar Energy Storage Market report:
The North America Batteries for Solar Energy Storage Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Batteries for Solar Energy Storage Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Batteries for Solar Energy Storage Market value chain can benefit from the information contained in a comprehensive market report.
Please tell us your area of interest
(Market Segments/ Regions and Countries/ Companies)
E 1803, Panchshil Towers,
Wagholi, Haveli,
Pune - 412207,
Maharashtra, India
US:+1 646 791 7070
sales@businessmarketinsights.com
Get Free Sample For North America Batteries for Solar Energy Storage Market
