North America Electro Chemical Energy Storage Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032
Market Report I 2024-10-01 I 110 Pages I Global Market Insights
North America Electro Chemical Energy Storage Market was valued at USD 26.4 billion in 2023 and is projected to grow at an impressive CAGR of 22.2% from 2024 to 2032. This growth is driven by the rising demand for renewable energy and the increasing need for grid stability and efficiency. Innovations in battery technologies, especially lithium-ion and flow batteries, significantly enhance energy storage capacities while simultaneously lowering costs. Additionally, supportive government policies and incentives, such as tax credits and subsidies, are fostering investments in energy storage systems. The growing adoption of electric vehicles (EVs) further fuels the demand for high-capacity batteries, creating a mutually beneficial effect in the market.
A heightened focus on energy resilience and the integration of energy storage solutions into microgrids and commercial applications are also vital factors contributing to market growth. These elements position North America as a pivotal player in the global electrochemical energy storage sector, with a favorable outlook for the future. In terms of technology, the lithium-ion segment is expected to exceed USD 129.4 billion by 2032. This expectation is largely due to lithium-ion batteries' superior energy density, which allows for greater energy storage in a smaller physical size. This characteristic is particularly beneficial in applications with space constraints, making it ideal for use in electric vehicles and compact energy systems.
The shift towards electric mobility among automakers has significantly increased the demand for high-performance batteries, further propelling the growth of this segment. Regarding applications, the electric energy time shift segment is anticipated to grow at a CAGR of 17.8% through 2032. The growth is driven by demand response programs, the integration of renewable energy sources, and the modernization of grid systems. Cost savings for consumers, regulatory support, technological innovations, and corporate sustainability initiatives all contribute to the rising appeal of electric energy time shifting as an effective strategy for managing energy resources.
Report Content
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid
1.4.2.2 Public
Chapter 2 Industry Insights
2.1 Industry ecosystem analysis
2.2 Regulatory landscape
2.3 Industry impact forces
2.3.1 Growth drivers
2.3.2 Industry pitfalls & challenges
2.4 Growth potential analysis
2.5 Porter's analysis
2.5.1 Bargaining power of suppliers
2.5.2 Bargaining power of buyers
2.5.3 Threat of new entrants
2.5.4 Threat of substitutes
2.6 PESTEL analysis
Chapter 3 Competitive landscape, 2024
3.1 Strategic dashboard
3.2 Innovation & sustainability landscape
Chapter 4 Market Size and Forecast, By Technology, 2021 - 2032 (USD Million, MW)
4.1 Key trends
4.2 Lithium-Ion
4.3 Sodium sulphur
4.4 Lead acid
4.5 Flow battery
4.6 Others
Chapter 5 Market Size and Forecast, By Application, 2021 - 2032 (USD Million, MW)
5.1 Key trends
5.2 Electric energy time shift
5.3 Electric supply capacity
5.4 Black start
5.5 Renewable capacity firming
5.6 Frequency regulation
5.7 Others
Chapter 6 Market Size and Forecast, By Country, 2021 - 2032 (USD Million, MW)
6.1 Key trends
6.2 U.S.
6.3 Canada
Chapter 7 Company Profiles
7.1 A123 Systems
7.2 ABB
7.3 BYD Company.
7.4 Duracell
7.5 Durapower Group
7.6 Exide Technologies
7.7 Furukawa Battery
7.8 General Electric
7.9 Hitachi Energy
7.10 Invinity Energy Systems
7.11 Jena Batteries
7.12 Johnson Controls
7.13 LG Energy Solutions
7.14 Lockheed Martin
7.15 Panasonic
7.16 Samsung SDI
7.17 SCHMID Group
7.18 Siemens
7.19 Tesla
7.20 Toshiba
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