North America Batteries for Solar Energy Storage Market – 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.
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.
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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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