The U.S. advanced battery energy storage system market size is projected to value at USD 780.5 million by 2024, according to a new report published by Million Insights. The presence of numerous market players coupled with technological advancement is projected to stimulate demand from 2016 to 2024.
The market is anticipated to observe a considerable increase in the upcoming years due to technological advancements in the area of smart grids, home control devices, and smart metering. Additionally, the increasing R&D activities and investments in the distributed energy storage sector are likely to augment the market growth during the projected period.
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The growing concerns of government for declining the dependency on fossil fuels for catering to energy needs and a higher share of clean sources in the energy mix are predicted to boost the market demand for these systems in the grid storage from 2016 to 2024.
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Further key findings from the report suggest:
• The demand from the transportation segment is likely to register a CAGR of around 15% from 2016 to 2024. The need for commercial electric vehicles has been the key driver triggering the growth of these battery systems in the U.S. in recent years.
• The flow battery segment demand was worth USD 15 million in 2015. These batteries are gaining popularity due to higher storage capacity, cost-effective storage, and high safety levels. The U.S. DOE has been emphasizing the use of vanadium flow batteries for use in UPS systems installed in commercial places like hospitals.
• The manufacturers deliver the product through an expanded distribution network. Better technology in different end-use markets needs a shift towards advanced battery technology to fulfill the demand.
• The key players are primarily engaged in supplying the product directly to the end-users. Few of the main strategies adopted by market players include product development for expansion, technological development, and product differentiation for cost reduction and efficient battery storage to consumers.
Million Insights has segmented the U.S. advanced battery energy storage system market on the basis of product and application:
U.S. Advanced Battery Energy Storage System Product Outlook (Installed Capacity, MW; Revenue, USD Million, 2013 – 2024)
• Lithium-ion Battery
• Flow Battery
U.S. Advanced Battery Energy Storage System Application Outlook (Installed Capacity, MW; Revenue, USD Million, 2013 – 2024)
• Grid Storage
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