U.S. Energy Storage Market is set to exceed an annual deployment of 3,000 MW by 2024 Major participants include EDF Renewable Energy, Fluence Energy, GE Power, Invenergy, LG Chem, Tesla, ABB, Johnson Controls, SolarEdge and EnerVault amongst others
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Taking into account the technological aspects of the market, lithium ion energy storage batteries are gaining tremendous traction of late. In fact, if reports are to be believed, the lithium ion segment accounted for more than 90% of the U.S. energy storage industry share in 2017, owing to the favorable characteristics of batteries including light weight, improved charging rates, high storage capacity, and relatively long service life. According to reliable reports, in 2017, the U.S. energy storage market was pegged at USD 400 million and is further expected to garner hefty proceeds with the rising deployment of renewable energy projects in the region.
Given the bright growth prospects and the expanding renewable energy industry in the region, prominent energy storage companies are expected to make the most of the opportunity to strengthen their footprints in the U.S. market. Recently for instance, C&D Technologies, Inc., announced that it has entered an agreement to buy Trojan Battery Company LLC., to expand its energy storage battery portfolio and cater to the escalating regional demand. According to sources, the Pennsylvania-based C&D company – Blue Bell, will be offering lead-acid batteries & battery systems that are used to store and transmit electrical power, while Trojan will be supplying deep-cycle batteries for stationary and motive applications.
The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
• Definition and scope of research
• Market dynamics, growth drivers and industry pitfalls
• Regulatory and political guidelines for the industry
• Demographics and statistical data
In yet another significant instance, Sunnova, the U.S.’s major residential solar storage service provider reported that it was expanding its offerings to the Lone Star State, as it delivers SunSafe solar-plus-battery storage to homeowners in its home state of Texas. It has been reported that Sunnova’s solar plus battery storage offers the Texan homemakers with an extra layer of energy reliability and freedom that utilities can’t provide. It has been reported that Sunnova’s SunSafe™ offering in region includes a tailored solar plus battery storage technology system designed to replace energy that is normally consumed from the electric grid every day.
Taking into account the geographical expanse, Texas has been the epicenter for transformative and renewable energy technologies for years. The growing deployment of renewable projects, energy storage systems demand will be playing a critical role in helping the region to gain energy independence. With such a rapid growth of renewable energy projects in the region, it has been observed that Texas will turn out to be a profitable investment hub spot for several U.S. energy storage market players.
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Speaking along similar lines, it is also prudent to mention that the share of renewable energy mix in California is also emerging at a rapid pace, in turn supporting the robust growth of the U.S. energy storage industry. In addition to the growing number of projects, another vital factor influencing positive industry outlook is the legislative body’s mandatory imposition on fossil fuels, in a bid to achieve GHG emission targets. Further elaborating on the competitive scenario, the U.S. energy storage industry players are also looking out of the United States to merge with potential contenders.
Recently for instance, the OPG (Ontario Power Generation) has announced that it is joining forces with a U.S. energy-storage company Stem Inc., to provide battery-based energy storage system to reduce electricity cost for the industrial customers in the region. Stem, for the record is a leading company operating in pairing lithium-ion batteries with high-performing software. The software is powered by Artificial Intelligence that stores electricity on site when power rates are the lowest.
The systems then deploy the stored electricity to minimize customer’s reliance in the electricity grid during peak consumption hours and when the prices are highest. According to reports, Stem and OPG will be marketing these systems to industrial clients. The deal, according to industry experts will significantly help Stem to foray into the Canada energy storage market after completing projects in the U.S. and Japan.
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Chapter 3 U.S. Energy Storage Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 – 2024 (USD Million)
3.3 Industry ecosystem analysis
3.4 Regulatory landscape
Chapter 4 U.S. Energy Storage Market, By Deployment
4.1 U.S. Energy storage market share by deployment, 2017 & 2024
Chapter 5 U.S. Energy Storage Market, By Technology
5.1 U.S. Energy storage market share by technology, 2017 & 2024
5.3 Lead acid
5.4 Sodium Chemistry
5.5 Flow vanadium
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