U.S. Advanced Battery Energy Storage System Market Size, Share & Trends Analysis Report By Product (Lithium-Ion, Lead-Acid, Sodium Sulfur), By Application, And Segment Forecasts, 2024 - 2030

U.S. Advanced Battery Energy Storage System Market Size, Share & Trends Analysis Report By Product (Lithium-Ion, Lead-Acid, Sodium Sulfur), By Application, And Segment Forecasts, 2024 - 2030

U.S. Advanced Battery Energy Storage System Market Growth & Trends

The U.S. Advanced Battery Energy Storage System market size is anticipated to reach USD 2.36 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 19.6% from 2024 to 2030. Technological advancement and presence of a large number of market players are expected to propel demand over the forecast period.

Advanced battery energy storage systems market is expected to witness a significant rise in demand in the coming future on account of rising technological innovation in the field of smart metering, smart grids, and home control devices. In addition, growing R&D activities and rising investments in the field of distributed energy storage is expected to drive the market growth over the forecast period.

Rising emphasis by the government to reduce the dependency on fossil fuels to achieve energy needs and increase the share of renewable sources in the energy mix is expected to drive the market demand for the product in the grid storage over the forecast period.

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

• Lithium-Ion dominated the market and accounted for a share of 78.9% in 2023. This high percentage can be attributed to the most noticeable difference between LIBs (lithium-ion batteries) and other established technologies is the energy density.
• The grid storage segment dominated the market in 2023 and is expected to grow during the forecast period.
• The manufacturers supply the product through a wide distribution network. There is intense competition among the market players in order to fulfill changing consumer demand. Improving technology in various end-use markets requires a rapid shift in advanced battery technology for meeting demand. Product differentiation also plays a major role in strengthening the position in this market.
• Market players are majorly involved in the direct supply of the product to the end-users. Some of the major strategies being adopted by key players at present include new product development to create product differentiation, expansion, and technological development in order to reduce cost and provide efficient battery storage to the customers.

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