North America Batteries for Solar Energy Storage Market is Expected to Grow at a CAGR of 17.06%
Boosting
number of renewable & solar energy projects and favourable government
regulatory policies are the factors propelling the market growth in the
forecast period.
According to TechSci Research report, “North America Batteries
for Solar Energy Storage Market - By Country, Competition, Forecast
& Opportunities, 2028F”, North Amеrica
Battеriеs for Solar Enеrgy Storagе markеt is еxpеctеd to rеgistеr a high CAGR
in thе forеcast pеriod. In North Amеrica, govеrnmеnts arе offеring financial
incеntivеs to promotе thе dеvеlopmеnt and usе of rеnеwablе еnеrgy
tеchnology. Solar еnеrgy storagе systеms
could grow lеss еxpеnsivе duе to thеsе incеntivеs, making thеm morе accеssiblе to
companiеs. In rеcеnt yеars, thе fiеld of battеry tеchnology has sееn
major tеchnical improvеmеnts. Thеsе
dеvеlopmеnts havе producеd battеriеs that arе morе еffеctivе and affordablе and
can bе utilisеd to storе solar еnеrgy. Thе dеmand for battеriеs for solar
еnеrgy storagе is bеing drivеn by all of thеsе factors.
The North America Batteries
for Solar Energy Storage Market is divided into Battery Type, Application, Connectivity, and Country. Based on country, market is divided into
United States, Canada, and Mexico. Based on Battery Type, the market is divided
into Lead acid, Lithium-Ion, Nickel Cadmium, and Others. Lithium-Ion Battery Type segmemt dominates the market with
approximately 90% market share. Rechargeable lithium-ion batteries are used
together with solar energy systems to store extra solar energy. Electric
vehicles (EVs) and rechargeable telephones, both often employ lithium-ion
batteries. High energy density, extended lifespan, high efficiency, and low
maintenance are just a few of the characteristics that lithium-ion
batteries provide. Compared to alternative solar energy storage options,
lithium-ion batteries are more space-efficient, lighter, and have lower
self-discharges. The most common applications for it involve energy storage
systems, electric cars, and electronic components. Consequently, the benefits
of lithium-ion batteries over other energy storage batteries and their growing
use in power grid and energy storage systems are the main causes cited for
their widespread acceptance.
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Additionally, people are also
adopting lead acid battery since lead acid batteries are capable of handling a
sudden need for high power. To meet the
growing demand for backup at residential locations, rising rooftop solar
installation has boosted the installation of batteries. Lead acid batteries are
therefore regionally used, and their benefits are driving the segment's
expansion throughout the projection period.
Based on Application, the market
is divided into Residential, Commercial, and Industrial. In 2022, the market
for batteries for solar energy storage was dominated by the industrial sector.
The category is expected to grow over the next few years due to rising demand
for renewable energy storage and strict regulatory compliance with forthcoming
safety standards.
Additionally, it is
anticipated that the residential category would expand quicker throughout the
projection period. Moreover, the first utility-scale battery storage project in
Colombia, with a capacity of 45 MW/45 MWh, was awarded to Canadian Solar Inc..
Key market
players in the North America Batteries for Solar Energy Storage Market include:
- BYD Co. Ltd.
- EnerSys
- Leclanché SA
- LG Electronics Inc
- Samsung SDI Co. Ltd
- E3/DC GmbH
- SimpliPhi Power
- Alpha ESS Co., Ltd
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Based on connectivity, the market
is divided into Off-Grid and On-Grid. With an off-grid system, solar energy can
be saved and stored in batteries for use when the power grid is down. It is
intended to be totally self-sufficient. Off-grid solar plants' biggest feature
is that they can power essential loads while the electrical grid is down. The
solar energy battery storage technologies are mostly used in the residential
sector. Due to its small size and high energy density, lithium-ion solar
batteries are used best for solar energy storage solution for regular household
usage. Additionally, it may utilise more stored energy due to its larger depth
of discharge (DoD). Deep cycle batteries are used in lithium-ion solar
batteries, which results in DoDs of about 95%. Off-grid connectivity for solar
energy storage is therefore most frequently used, which supports the segment's
growth.
“As of May 2019, Thе Unitеd Statеs had about 31.2 GW of ratеd
powеr in еnеrgy storagе, comparеd to 1,
098 GW of thе total installеd gеnеrating capacity that was in usе as of January
2019. Thе Unitеd Statеs is now positionеd as thе rеgion's lеadеr in this
industry duе to advancеmеnts in thе solar photovoltaic markеt and usagе of morе
еffеctivе battеry еnеrgy storagе tеchnologiеs.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting firm.
North America Batteries for Solar Energy Storage
Market Segmented by Battery Type (Lead acid, Lithium-Ion, Nickel Cadmium, and
Others), By Application (Residential, Commercial, and Industrial), By
Connectivity (Off-Grid and On-Grid), By Country, Competition Forecast and
Opportunities, 2028F has
evaluated the future growth potential of North America Batteries for Solar Energy Storage market
and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the North America Batteries for Solar
Energy Storage market.
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