Market Size of North America Energy Storage Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
