North America Energy Storage Market Size (2024 - 2029)

The North America energy storage market is poised for significant expansion, driven by factors such as the decreasing costs of lithium-ion batteries and the rising demand for uninterrupted power supply. The growth of the renewable energy sector further underscores the need for enhanced energy storage solutions. Despite challenges like the supply-demand imbalance of essential raw materials, the market is expected to thrive, with pumped-storage hydroelectricity leading due to its capacity to store large energy volumes. Compressed air energy storage also presents a promising opportunity for market growth, given its high efficiency potential. The United States is anticipated to maintain its dominance in the market, fueled by increasing energy demands across various sectors.

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Market Size of North America Energy Storage Industry

North America Energy Storage Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 46.35 %
Market Concentration Low

Major Players

North America Energy Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Energy Storage Market Analysis

The North America energy storage market is expected to grow at a CAGR of approximately 46.35% during the forecast period. Factors such as the declining prices of lithium-ion battery with increased application range and improved adoption and increased demand for uninterrupted power supply are expected to drive the North America energy storage market. Moreover, the growing renewable energy sector which demands higher need for energy storage is expected to promulgate the market. However, demand supply mismatch of raw materials such as shortage of minerals required to lithium-ion battery is expected to restrain the growth of the energy storage market in the region.

Pumped-storage hydroelectricity (PSH) segment is expected to be the largest market during the forecast period in North America, owing to its ability to store large amount of energy as compared to other energy storage options and existing installed base.

The Compressed air energy storage (CAES) can achieve an efficiency of 70-80%. Achieving such high efficiency can help CAES in becoming a mainstream energy storage technology, in turn, allowing this technology to explore significant untapped potentials and creating opportunities for the market players.

In North America, United States was the largest market in 2019 and is further expected to be the dominate during the forecast period marked by increasing energy demand from residential as well as industrial and commercial sector.

North America Energy Storage Industry Segmentation

The North America energy storage market report include:

Type
Batteries
Pumped-Storage Hydroelectricity (PSH)
Thermal Energy Storage (TES)
Other Energy Storage Systems
Application
Residential
Commercial & Indsutrial
Geography
United States
Canada
Rest of North America
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North America Energy Storage Market Size Summary

The North America energy storage market is poised for significant growth, driven by factors such as the decreasing costs of lithium-ion batteries and their expanding application range. The increasing demand for uninterrupted power supply and the burgeoning renewable energy sector are key contributors to this growth. However, challenges such as the supply-demand mismatch of raw materials, particularly minerals needed for lithium-ion batteries, may hinder market expansion. The pumped-storage hydroelectricity (PSH) segment is anticipated to dominate the market due to its capacity to store large amounts of energy and its established presence. Additionally, compressed air energy storage (CAES) is gaining traction due to its high efficiency, presenting new opportunities for market players.

The United States is expected to lead the energy storage market in North America, fueled by rising energy demands across residential, industrial, and commercial sectors. The country's transition from coal-based power generation to cleaner energy sources, alongside the integration of renewable technologies, is driving the market forward. Pumped hydropower storage projects, which account for a significant portion of the region's installed energy storage capacity, are supported by the need to reduce conventional reserve generation and enhance renewable energy integration. Canada's power sector, dominated by renewable sources like hydropower, further bolsters the market. The fragmented nature of the market sees key players such as GS Yuasa Corporation, Contemporary Amperex Technology Co. Limited, BYD Co. Ltd, LG Chem Ltd, and Samsung SDI Co. Ltd actively participating in this evolving landscape.

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North America Energy Storage Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast, in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Batteries

      2. 2.1.2 Pumped-Storage Hydroelectricity (PSH)

      3. 2.1.3 Thermal Energy Storage (TES)

      4. 2.1.4 Other Energy Storage Systems

    2. 2.2 Application

      1. 2.2.1 Residential

      2. 2.2.2 Commercial & Indsutrial

    3. 2.3 Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Rest of North America

North America Energy Storage Market Size FAQs

The North America Energy Storage Market is projected to register a CAGR of 46.35% during the forecast period (2024-2029)

GS Yuasa Corporation, Contemporary Amperex Technology Co. Limited, BYD Co. Ltd, LG Chem Ltd and Samsung SDI Co. Ltd are the major companies operating in the North America Energy Storage Market.

Energy Storage Market in North America Report Snapshots

Energy Storage Market in North America Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)