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North America Batteries for Solar Energy Storage Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Battery Type (Lead acid, Lithium-Ion, Nickel Cadmium, and Others), Application (Residential, Commercial, and Industrial), and Connectivity (Off-Grid and On-Grid)
Market Report I 2022-10-12 I 118 Pages I The Insight Partners
The batteries for solar energy storage market in North America is expected to grow from US$ 665.88 million in 2022 to US$ 1,876.17 million by 2028; it is estimated to grow at a CAGR of 18.8% from 2022 to 2028.
The increase in the number of renewable and solar energy projects is the key factor fueling the demand for batteries for solar energy storage. As per the US Energy Information Administration (EIA) data, power plant developers and operators are expected to add 51 GW of new solar and battery storage projects to the US power grid from 2022 to 2023, which will account to 60% of new generating capacity. Further, according to the US Energy Information Administration (EIA) forecast, 21.5 GW of solar generating capacity will be added to the country's power grid in 2022. Further, in April 2022, The US Bureau of Land Management (BLM) planned to construct 39 utility-scale solar projects, which sums up more than 29 GW of plant capacity, on federal lands in six western states by the third quarter of 2025. The increasing investment trend in the renewable industry is further propelling the market growth. As per the US Energy Storage Monitor report, 345 MW of new energy storage systems were brought in operation in the second quarter of 2021. For instance, in August 2021, Reliance Industries Ltd planned to invest US$ 50 million in American renewable energy storage company Ambri Inc. to develop cheap alternatives to lithium-ion batteries. Similarly, in September 2021, EDF Renewables North America and Clean Power Alliance signed a 15-year Power Purchase Agreement (PPA) for the Solar-plus-Storage project. The project consists of a 300 MW solar project coupled with a 600 MWh battery energy storage system. In June 2022, the New York State Energy Research and Development Authority (NYSERDA) awarded EDF Renewable North America a 1 GW solar and battery storage contract as part of its 2021 solicitation for large-scale renewable energy certificates. The US energy storage developers had planned a capacity of 9 GW in 2022. Thus, such upcoming investment prospects, along with an increasing number of solar energy projects, are augmenting the demand for battery storage for solar energy..
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America batteries for solar energy storage market at a substantial CAGR during the forecast period.
North America Batteries for solar energy storage market Revenue and Forecast to 2028 (US$ Million)
North America Batteries for solar energy storage market Segmentation
The North America batteries for solar energy storage market is segmented on the basis of battery type, application, connectivity, and country. Based on battery type, the market is segmented into lead acid, lithium-ion, nickel cadmium, and others. In 2022, the lithium-ion segment held a larger share of the market. And others segment is expected to register a higher CAGR during the forecast period. Based on application, the North America batteries for solar energy storage market is segmented into residential, commercial, and industrial. The industrial segment held the largest market share in 2022 and commercial is expected to register the highest CAGR in the market during the forecast period. Based on connectivity, the North America batteries for solar energy storage market is segmented into on-grid and off-grid. The on-grid segment held the largest market share in 2022 and the off-grid segment is expected to register the highest CAGR in the market during the forecast period. Based on country, the North America batteries for solar energy storage market is segmented into the US, Canada, and Mexico. In 2022, the US held a larger market share. On the other side, and it is also expected to register a higher CAGR during the forecast period.
BYD Company Ltd.; EnerSys; LECLANCHE; LG Electronics; Samsung SDI Co., Ltd.; Kokam; E3/DC GmbH; SimpliPhi Power; and Alpha ESS Co., Ltd. are among the leading companies in the North America batteries for solar energy storage market.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Batteries for Solar Energy Storage Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Batteries for Solar Energy Storage Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Boosting Number of Renewable and Solar Energy Projects
5.2 Market Restraints
5.2.1 Higher Initial Investment in Battery Manufacturing
5.3 Market Opportunities
5.3.1 Decline in Prices of Lithium-Ion Batteries
5.4 Future Trends
5.4.1 Raising Awareness About Renewable Energy and Supportive Government Incentives and Regulatory Policies
5.5 Impact Analysis of Drivers and Restraints
6. North America Batteries for Solar Energy Storage - Market Analysis
6.1 North America Batteries for Solar Energy Storage Market Overview
6.2 North America Batteries for Solar Energy Storage Market Revenue Forecast and Analysis
7. North America Batteries for Solar Energy Storage Market Analysis - by Battery Type
7.1 Overview
7.2 North America Batteries for Solar Energy Storage Market Breakdown, by Battery Type
7.3 Lead Acid
7.3.1 Overview
7.3.2 Lead Acid: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
7.4 Lithium-Ion
7.4.1 Overview
7.4.2 Lithium-Ion: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
7.5 Nickel Cadmium
7.5.1 Overview
7.5.2 Nickel Cadmium: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
8. North America Battery for Solar Energy Storage Market Analysis - by Application
8.1 Overview
8.2 North America Batteries for Solar Energy Storage Market Breakdown, by Application
8.3 Residential
8.3.1 Overview
8.3.2 Residential: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
8.4 Commercial
8.4.1 Overview
8.4.2 Commercial: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
8.5 Industrial
8.5.1 Overview
8.5.2 Industrial: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
9. North America Battery for Solar Energy Storage Market Analysis - by Connectivity
9.1 Overview
9.2 North America Batteries for Solar Energy Storage Market Breakdown, by Connectivity
9.3 Off-Grid
9.3.1 Overview
9.3.2 Off-Grid: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
9.4 On-Grid
9.4.1 Overview
9.4.2 On-Grid: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
10. North America Batteries for Solar Energy Storage Market - Country Analysis
10.1 Overview
10.1.1 North America Batteries for Solar Energy Storage Market Breakdown, by Country
10.1.1.1 US Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028
10.1.1.1.1 US Batteries for Solar Energy Storage Market Breakdown, by Battery Type
10.1.1.1.2 US Batteries for Solar Energy Storage Market Breakdown, by Application
10.1.1.1.3 US Batteries for Solar Energy Storage Market Breakdown, by Connectivity
10.1.1.2 Canada Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028
10.1.1.2.1 Canada Batteries for Solar Energy Storage Market Breakdown, by Battery Type
10.1.1.2.2 Canada Batteries for Solar Energy Storage Market Breakdown, by Application
10.1.1.2.3 Canada Batteries for Solar Energy Storage Market Breakdown, by Connectivity
10.1.1.3 Mexico Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028
10.1.1.3.1 Mexico Batteries for Solar Energy Storage Market Breakdown, by Battery Type
10.1.1.3.2 Mexico Batteries for Solar Energy Storage Market Breakdown, by Application
10.1.1.3.3 Mexico Batteries for Solar Energy Storage Market Breakdown, by Connectivity
11. Industry Landscape
11.1 Market Initiative
11.2 Merger and Acquisition
11.3 New Development
12. Company Profiles
12.1 BYD Company Ltd
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 EnerSys
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 LECLANCHE
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 LG Electronics
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Samsung SDI Co., Ltd.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Kokam
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 SimpliPhi Power
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Sonnen Group
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Alpha ESS Co., Ltd.
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. North America Batteries for Solar Energy Storage Market Revenue Forecast and Forecast to 2028 (US$ Million)
Table 2. North America Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 - By Country (US$ million)
Table 3. US Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 - by Battery Type (US$ million)
Table 4. US Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 - by Application (US$ million)
Table 5. US Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 - by Connectivity (US$ million)
Table 6. Canada Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 - by Battery Type (US$ million)
Table 7. Canada Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 - by Application (US$ million)
Table 8. Canada Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 - by Connectivity (US$ million)
Table 9. Mexico Batteries for Solar Energy Storage Market Breakdown, by Battery Type
Table 10. Mexico Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 - by Application (US$ million)
Table 11. Mexico Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 - by Connectivity (US$ million)
Table 12. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Batteries for Solar Energy Storage Market Segmentation
Figure 2. North America Batteries for Solar Energy Storage Market Segmentation - By Country
Figure 3. North America Batteries for Solar Energy Storage Market Overview
Figure 4. North America Batteries for Solar Energy Storage Market, by Battery type
Figure 5. North America Batteries for Solar Energy Storage Market, by Country
Figure 6. North America: PEST Analysis
Figure 7. North America Batteries for Solar Energy Storage Market- Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. North America Batteries for Solar Energy Storage Market: Impact Analysis of Drivers and Restraints
Figure 10. North America Batteries for Solar Energy Storage Market Revenue Forecast and Analysis (US$ Million)
Figure 11. North America Batteries for Solar Energy Storage Market Breakdown, by Battery Type, 2021 & 2028 (%)
Figure 12. Lead Acid: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. Lithium-Ion: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. Nickel Cadmium: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. Others: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. North America Batteries for Solar Energy Storage Market Breakdown, by Application, 2021 & 2028 (%)
Figure 17. Residential: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Commercial: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Industrial: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. North America Batteries for Solar Energy Storage Market Breakdown, by Connectivity, 2021 & 2028 (%)
Figure 21. Off-Grid: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. On-Grid: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. Geographic Overview of North America Batteries for Solar Energy Storage Market
Figure 24. North America Batteries for Solar Energy Storage Market Breakdown, by Country, 2021 & 2028 (%)
Figure 25. US Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 (US$ million)
Figure 26. Canada Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 (US$ million)
Figure 27. Mexico Batteries for Solar Energy Storage Market, Revenue and Forecast to 2028 (US$ million)
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