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U.S. Advanced Battery Energy Storage System Market Report 2024

U.S. Advanced Battery Energy Storage System Market Analysis Report By Product, By Application And Segment Forecasts From 2016 To 2024

Report ID: MN17619834  |  Published: June 2020  |  No of Pages: 69
Format: Electronic (PDF)  |  Industry: Energy Storage  |  Publisher: Grand View Research

Industry Insights

The U.S. advanced battery energy storage system market size was worth USD 172.5 million in the year 2015. It is anticipated to observe substantial growth from during the projected period due to the alarming need for lowering dependency on fossil fuels and increasing the use of clean particulates in the energy mix. The rising demand for better power quality, grid network utilization, and emergency power supply for control & protection equipment and time-shifting is poised to boost the market growth in the upcoming years.

Lithium-ion batteries are gaining traction as a vital battery energy storage product owing to their improved efficiency, deep discharge cycle, and high energy density. Additionally, growing cost reduction due to higher storage demand and increased deployment for several renewable energy mixes are anticipated to propel the market demand for this system over the projected period.

Advanced battery energy storage system has its usage in sectors like grid storage, telecom, transportation, forklifts, and UPS. The increasing adoption of batteries as an off-grid energy source in the transportation industry where vehicles need a huge volume of energy is expected to surge the system demand during the forecast years.

U.S. advanced battery energy storage system market

The increasing demand for uninterrupted power supply in telecommunications and data centers to increase the productivity of the business is poised to stimulate the market in the near future. The rising adoption of battery storage systems in industries to aid equipment with the power supply during emergencies such as trips and grid failure is anticipated to propel market growth.

Numerous batteries like advanced lead-acid batteries, flow batteries, and lithium-ion are incorporated in the systems. The cost of lithium-ion batteries has been declining in recent years due to higher deployment and application scope which is further anticipated to surge the market growth from 2016 to 2024. Additionally, growing technological advancements in other battery systems like advanced lead-acid and flow batteries are predicted to fuel the market demand for these systems in the upcoming years.

Application Insights

The transportation application segment held the largest share of more than 50% based on revenue in 2015. The use of superior batteries in this sector provides fuel-efficient and cost-effective method to power vehicles. Additionally, the U.S. government spends around USD 1.00 billion each day on foreign oil to power cars, planes, and trucks. The use of advanced battery energy storage systems is expected to provide a cost-effective solution to the issue.

The demand for these systems for grid storage in the U.S. is expected to observe a substantial rise owing to increasing spending on renewable energy sources. The country has been observing the onset of various solar and wind energy projects in recent years which are likely to fuel the demand in the upcoming years. Additionally, there is high potential growth in micro-grid deployment for disaster and military relief in the country.

The need for electric commercial vehicles has been the key driver for product development in the country over the years. Large-scale investment in R&D is done by several institutes to manufacture advanced battery technologies for the transportation industry, thus, stimulating growth. However, the decline in the sales of commercial vehicles in the country is expected to hinder the U.S. advanced battery energy storage system market growth during the forecast years.

Product Insights

The lithium-ion segment held a revenue share exceeding 70% and is expected to register substantial growth from 2016 to 2024. Suitable features such as lightweight and minimal space requirements of these batteries are expected to stimulate the demand in various applications. Moreover, characteristics such as fast charging than other batteries and durability are likely to increase demand in the near future. Additionally, a steady fall in prices of the batteries is likely to increase the use of the product in the coming eight years.

U.S. advanced battery energy storage system market

Flow batteries are becoming popular due to their ability to handle large currents and long-term storage solutions. The increasing investments in R&D for better flow battery chemistry are expected to surge the market demand for the projected period.

Flow battery systems are poised to register a CAGR of around 20% from 2016 to 2024. These batteries are rechargeable with two chemical solvated in liquids and broken down by a membrane. The batteries can be instantly recharged by replacing the electrolyte. Various types of flow batteries such as hybrid, membrane-less, and redox are present in the market. The ability to store energy as an electrolyte has resulted in high rechargeability of flow batteries and is expected to stimulate the growth. Furthermore, large scale developments on the manufacturing of zinc-bromine based and vanadium-based batteries are predicted to positively impact market growth.

U.S. advanced battery energy storage system market share insights

The major participants in the market are General Electric, Exide Technologies, Hitachi Ltd., AES Technologies, EnerSys, and Samsung SDI. The market is highly competitive due to the presence of various players. Established companies have resulted in the need for technological advancements to create innovative products. These companies have been aiming to increase application scope for these systems including transportation, telecom, UPS, and grid storage.

Diversified portfolio to open new avenues and increase the customer base is the strategic moves adopted by industry players. For instance, Europris, in April 2015, made the announcement of its investment on lithium-ion batteries delivered by GNB Industrial Power, a segment of Exide Technologies. EnerSys, in April 2014, announced the launch of Zero Battery Change (ZBC) Solution, which is a power management project customized for lift truck groups.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2013 - 2014

Forecast period

2016 - 2024

Market representation

Revenue in USD million and CAGR from 2016 to 2024

Country Scope           

U.S.

Report coverage

Volume & Revenue forecast, company share, competitive landscape, and growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue and volume growth in U.S. and provides an analysis of latest industry trends in each of the sub-segments from 2013 to 2024. For the purpose of this study, Million Insights has segmented the U.S. Advanced Battery Energy Storage System market on the basis of product, application, and region.

• Product Outlook (Volume in MW; Revenue, USD Million, 2013 - 2024)
    • Lithium-ion Battery
    • Flow Battery
    • Other Batteries

• Application Outlook (Volume in MW; Revenue, USD Million, 2013 - 2024)
    • Transportation
    • Grid Storage
    • Uninterruptible Power Supply (UPS)
    • Telecom
    • Others

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