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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)
- Report Code : BMIRE00027114
- Pages : 118
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)
● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America batteries for solar energy storage market.
● Highlights key business priorities in order to assist companies to realign their business strategies
● The key findings and recommendations highlight crucial progressive industry trends in the North America batteries for solar energy storage market, thereby allowing players across the value chain to develop effective long-term strategies
● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
● Scrutinize in-depth North America market trends and outlook coupled with the factors driving the batteries for solar energy storage market, as well as those hindering it
● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
The List of Companies – North America Batteries for Solar Energy Storage Market
● BYD Company Ltd
● EnerSys
● LECLANCHE
● LG Electronics
● Samsung SDI Co., Ltd.
● Kokam
● SimpliPhi Power
● Sonnen Group
● Alpha ESS Co., Ltd.
At 18.8% CAGR, the North America Batteries for Solar Energy Storage Market is speculated to be worth US$ 1,876.17 million by 2028, says The Insight Partners
According to The Insight Partners’ research, the North America batteries for solar energy storage market was valued at US$ 665.88 million in 2022 and is expected to reach US$ 1,876.17 million by 2028, registering an annual growth rate of 18.8% from 2022 to 2028. Dropping in prices of lithium-ion batteries and boosting number of renewable and solar energy projects.
The decline in the price of lithium-ion batteries is holding a promising growth opportunity for the market. As per the studies conducted by the Massachusetts Institute of Technology, further steep declines in price could be possible, which could impact beneficially on items such as laptops, cell phones, stationary storage, battery storage, and electric vehicles, which still need to become more affordable for the mass uptake that is envisaged. The downfall in the price of lithium-ion batteries is primarily attributed to public-funded research, primarily in chemistry and materials science, which has contributed the most to the cost reduction of the batteries. Thus, declining prices of lithium-ion batteries hold lucrative opportunities for the battery manufacturers, augmenting the production capabilities and helping the market grow faster.
On the contrary, higher initial investment in battery manufacturing.
Based on battery type, the North America batteries for solar energy storage market is segmented into lead acid, lithium-ion, nickel cadmium, and others. The lithium-ion segment held 93.0% market share in 2022, amassing US$ 619.44 million. It is projected to garner US$ 1,744.11 million by 2028 to expand at 18.8% CAGR during 2022–2028.
Based on application, the North America batteries for solar energy storage market is segmented into residential, commercial, and industrial. The industrial segment held 61.1% market share in 2022, amassing US$ 406.89 million. It is projected to garner US$ 1,080.23 million by 2028 to expand at 17.7% CAGR during 2022–2028.
Based on connectivity, the North America batteries for solar energy storage market is segmented into on-grid and off-grid. The off-grid segment held 73.1% market share in 2022, amassing US$ 486.56 million. It is projected to garner US$ 1,343.83 million by 2028 to expand at 18.4% CAGR during 2022–2028
Based on country, the North America batteries for solar energy storage market has been segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 75.4% market share in 2022. It was assessed at US$ 502.38 million in 2022 and is likely to hit US$ 1,454.05 million by 2028, exhibiting a CAGR of 19.4% during the forecast period.
Key players dominating the North America batteries for solar energy storage market are BYD Company Ltd.; EnerSys; LECLANCHE; LG Electronics; Samsung SDI Co., Ltd.; Kokam; Sonnen Group; and Alpha ESS Co., Ltd. among others.
In 2020, BYD has announced that it is partnering with Canadian Solar Inc. for providing battery technology for the 100 MWac Mustang solar plant in Kings County, California. In 2022, Samsung and Stellantis, automaker and mobility provider has formed joint venture for building electric vehicle battery plant in Kokomo, US. Under this venture they are investing Over $2.5billion.
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