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

The market is segmented by Type (Batteries, Pumped-Storage Hydroelectricity (PSH), Thermal Energy Storage (TES), and Other Energy Storage Systems), Application (Residential and Commercial & Industrial), and Geography (United States, Canada, and Rest of North America)

Noth America Energy Storage Market Size

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North America Energy Storage Market - Market Summary
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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

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*Disclaimer: Major Players sorted in no particular order

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Noth 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.

Noth America Energy Storage Market Trends

This section covers the major market trends shaping the Noth America Energy Storage Market according to our research experts:

Pumped-storage hydroelectricity (PHS) Segment to Dominate the Market

  • Pumped hydropower storage projects accounted for around more than half of the installed energy storage capacity in the region, driven majorly by the United States, as of 2020.
  • Bulk storage, such as pumped storage hydropower, can significantly reduce the need for conventional reserve generation capacity, support the development and optimal integration of renewable energy resources, and reduce the amount of new transmission required to support the regional goal of 20-33% renewable generation by the end of 2020 in Untied States. This, in turn, is expected to increase the installation of pumped hydro storage.
  • The growing concerns regarding energy security, increasing integration of renewable energy technologies, and increasing investments toward deployment of grid networks are expected to further drive the demand for PHS across North America.
  • Canada's power sector is dominated by renewable sources, especially hydropower accounting for more than half of the generation. States, such as Ontario, witnessed robust and diverse supply mix, further driving the PHS market in the region.
  • Therefore, the above mentioned factors are expected to drive the PHS market during the forecast period in North America region.
North America Energy Storage Market - Pumped Storage Installed Capacity

United States to Dominate the Market

  • The United States is expected to be the largest market for energy storage in North America with an increasing demand for uninterrupted energy demand within the country.
  • The country's power generation is dominated by coal and gas-fired power plants, and it is witnessing a shift from coal-based power generation to cleaner sources of energy. In 2018, nearly 50% of the new utility-scale power generation capacity was from renewables, especially wind and solar
  • As of March 2019, the total utility-scale battery storage power capacity planned to come online through 2023 was 1,623 MW. In the United States, 16 operating battery storage sites have an installed power capacity of 20 MW or greater. Out of the 899 MW of installed operating battery storage reported by the states, as of March 2019, California, Illinois, and Texas accounted for a little less than half of that storage capacity.
  • In the first quarter of 2019, 60 MW of utility-scale battery storage power capacity came online, and an additional 108 MW of installed capacity was expected to become operational. Out of these planned 2019 installations, the largest is the Top Gun Energy Storage facility in California, with 30 MW of installed capacity.
  • Moreover, the energy storage systems are used to store the power produced by wind turbines. Hence, with the increasing new installations in wind energy, the requirement for energy storage systems is expected to grow parallelly.
North America Energy Storage Market - Untied States New Installed Capacity of Energy Storage Share

Noth America Energy Storage Industry Overview

The North America energy storage market is fragmented. Some of the key players are GS Yuasa Corporation, Contemporary Amperex Technology Co. Limited, BYD Co. Ltd, LG Chem Ltd, and Samsung SDI Co. Ltd.

Noth America Energy Storage Market Leaders

  1. GS Yuasa Corporation

  2. Contemporary Amperex Technology Co. Limited

  3. BYD Co. Ltd

  4. LG Chem Ltd

  5. Samsung SDI Co. Ltd

*Disclaimer: Major Players sorted in no particular order

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Noth America Energy Storage Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast, in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Batteries

      2. 5.1.2 Pumped-Storage Hydroelectricity (PSH)

      3. 5.1.3 Thermal Energy Storage (TES)

      4. 5.1.4 Other Energy Storage Systems

    2. 5.2 Application

      1. 5.2.1 Residential

      2. 5.2.2 Commercial & Indsutrial

    3. 5.3 Geography

      1. 5.3.1 United States

      2. 5.3.2 Canada

      3. 5.3.3 Rest of North America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 GS Yuasa Corporation

      2. 6.3.2 Contemporary Amperex Technology Co. Limited

      3. 6.3.3 UNIENERGY TECHNOLOGIES LLC

      4. 6.3.4 BYD Co. Ltd

      5. 6.3.5 Clarios (Formerly Johnson Controls International PLC)

      6. 6.3.6 LG Chem Ltd

      7. 6.3.7 NGK Insulators Ltd

      8. 6.3.8 Samsung SDI Co. Ltd

      9. 6.3.9 Tesla Inc.

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Noth 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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Noth America Energy Storage Market Research 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.

The report covers the North America Energy Storage Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the North America Energy Storage Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

North America Energy Storage Industry Report

Statistics for the 2024 North America Energy Storage market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Energy Storage analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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