North America Battery Storage Service Market Report and Forecast 2024-2032

North America Battery Storage Service Market Report and Forecast 2024-2032

North America Battery Storage Service Market Report and Forecast 2024-2032

Market outlook

According to the report by Expert Market Research (EMR), the North America battery storage service market size reached a value of USD 209.84 million in 2023. Aided by the increasing demand for renewable energy integration and the growing applications of battery storage systems in various sectors, the market is projected to further grow at a CAGR of 13.2% between 2024 and 2032 to reach a value of USD 893.11 billion by 2032.

Battery storage systems are critical components in the modern energy landscape, enabling the storage of electricity for use at times of peak demand, during outages, or when renewable energy generation is low. These systems enhance grid stability, improve energy efficiency, and support the integration of renewable energy sources like solar and wind. The market is experiencing significant growth due to the rising focus on renewable energy, increasing energy storage mandates, and technological advancements in battery storage solutions.

The increasing demand for renewable energy integration is driving the North America battery storage service market growth. With the growing adoption of renewable energy sources, there is a significant need for energy storage systems to manage the intermittency of solar and wind power. Battery storage systems help in storing excess energy generated during peak production periods and releasing it during times of high demand or low production, ensuring a stable and reliable power supply. The rising focus on decarbonisation and the transition towards a sustainable energy future have driven the demand for battery storage services in North America.

The rising trend of electrification and the growing use of electric vehicles (EVs) also play a significant role in the market's growth. As the adoption of electric vehicles increases, there is a growing need for efficient energy storage solutions to support the charging infrastructure and manage the increased electricity demand. Battery storage systems help in balancing the load on the grid, providing backup power, and enabling the efficient use of renewable energy for EV charging. The increasing focus on reducing greenhouse gas emissions and promoting clean transportation has boosted the demand for battery storage services.

The expanding applications of battery storage systems in various sectors significantly contribute to the market's growth. In the residential sector, battery storage systems are used to store energy generated from rooftop solar panels, providing homeowners with a reliable and sustainable power source. The increasing adoption of home energy storage solutions and the rising focus on energy independence have driven the demand for battery storage services in the residential sector, consequently driving up the North America battery storage service market share.

In the commercial and industrial sector, battery storage systems are employed to enhance energy efficiency, reduce energy costs, and provide backup power. Businesses and sectors are increasingly adopting battery storage solutions to manage their energy consumption, optimize energy usage, and ensure uninterrupted power supply during outages. The growing focus on sustainability and the need to comply with energy regulations have driven the adoption of battery storage services in the commercial and industrial sector.

Lithium-ion batteries represent the largest segment, driven by their high energy density, long cycle life, and declining costs. Lead-acid batteries and flow batteries are also significant segments, offering various benefits, including cost-effectiveness and scalability.

As per the North America battery storage service market analysis, the United States holds a significant share in the market, driven by the increasing focus on renewable energy, the presence of leading battery storage manufacturers, and a well-established energy infrastructure in the region. The rising demand for energy storage solutions, coupled with supportive government policies and incentives, has boosted the market growth in the United States. Moreover, the region's strong focus on research and development and the presence of a robust energy sector further support market growth.

Market Segmentation

The market can be divided based on technology, country, service type, deployment, and battery type

Market Breakup by Technology

• Pumped Storage
• Electrochemical Storage
• Electromechanical Storage
• Thermal Storage

Market Breakup by Country

• United States of America
• Canada

Market Breakup by Service Type

• Temperature Monitoring
• Calibration (Charge and Discharge Rate)
• Emergency Services (Damage or Power Outages)
• Preventive Maintenance
• Decommissioning/Recycling
• Others

Market Breakup by Deployment

• Onsite
• Offsite

Market Breakup by Battery Type

• Lithium Ion Battery
• Flow Battery
• Others

Competitive landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in North America battery storage service market. some of the major players explored in the report by expert market research are as follows:

• Glidepath Federal Solutions LLC
• ZGlobal Inc
• Convergent Energy and Power
• General Electric Company
• Stem, Inc.
• Fluence Energy, Inc.
• OCI Solar Power LLC
• CODA Energy Holdings LLC
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.