Market Size of United States Energy Storage Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 30.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Energy Storage Market Analysis
The United States energy storage market is expected to register a CAGR of more that 30% during the forecast period of 2022-2027. Despite the COVID-19 pandemic during 2020, the country witness a significant addition in energy storage capacity. Factors such as increasing installations of renewable energy and decling prices for li-ion batteries are expcted to drive the country's energy storage market during the forecast period. However, scarcity of raw materials used for battery maufacturing is likely to hinder the market growth during the forecast period.
- Residential segment due to increasing renewable energy installations at is expected to dominate the market during the forecast period.
- Researchers in the United States have been at the forefront of researching and developing alternate battery chemistries, which are safer and more efficient than current battery chemistries, thus creating several opportunities fot the market in the future.
- Rising renewable energy generation is expected to be a major driving factor for the United States energy storage market during the forecast period.
