United States (USA) Energy Storage System Market Overview, 2029

From the invention of the first energy storage system by Thomas Edison to the rapid growth of today's market, the United States energy storage system industry has come a long way. Today, the United States energy storage market is characterized by a strong emphasis on sustainability and environmental stewardship. This focus is not only reflected in the growing use of renewable energy sources to charge energy storage systems but also in the development of innovative technologies such as flow batteries and thermal energy storage. Renewable energy sources such as solar and wind power are becoming increasingly important in the United States energy mix. Energy storage systems are essential for integrating these intermittent sources of power into the grid, as they can store excess energy produced during periods of high generation and release it during periods of low generation. This helps to ensure that renewable energy is available when it is needed, reducing the need for fossil fuel-based backup power. Many players in the market are committed to creating energy storage solutions that are not only cost-effective and reliable but also environmentally friendly. The United States government has played a crucial role in supporting the development of the energy storage system market through a range of policy initiatives and funding programs. One of the most notable initiatives is the Advanced Research Projects Agency-Energy (ARPA-E), which was established in 2009 to support the development of transformative energy technologies. ARPA-E has provided funding for a range of energy storage projects, including batteries, flow batteries, and thermal energy storage. In addition to ARPA-E, the United States government has also provided funding for energy storage research and development through agencies such as the Department of Energy (DOE) and the National Science Foundation (NSF). The DOE's Office of Energy Efficiency and Renewable Energy (EERE) has provided funding for a range of energy storage projects, including the development of advanced batteries, grid-scale energy storage systems, and electric vehicle charging infrastructure. According to the research report "USA Energy Storage System Market Overview, 2029," published by Bonafide Research, the United States of America Energy Storage System market is anticipated to grow at more than 12 .5% CAGR from 2024 to 2029. The need for grid resilience and reliability is a key driver of the United States energy storage system market. Energy storage systems can provide backup power during grid outages, reducing the impact of power outages on homes, businesses, and critical infrastructure. They can also help to manage grid congestion and reduce the need for expensive grid upgrades. Another trend in the United States energy storage system market is the growth of the residential energy storage market. With the increasing adoption of solar energy systems, homeowners are looking for ways to store excess energy produced by their solar panels. Energy storage systems allow homeowners to use their stored energy during peak demand periods, reducing their reliance on the grid and lowering their energy bills. The United States energy storage system market faces several challenges while growing. One of the primary challenges is the high upfront cost of energy storage systems. While the cost of energy storage systems has been decreasing in recent years, it remains a significant barrier to widespread adoption. To address these challenges, the United States government and various states have implemented policies and initiatives to support the growth of the energy storage market. In 2018, New York released its Energy Storage Roadmap, which outlined a plan to deploy 3,000 megawatts of energy storage by 2030. The roadmap identified several key applications for energy storage, including grid resilience, renewable energy integration, and peak demand reduction.

In the landscape of energy storage systems within the United States, each type holds its unique significance, Batteries emerge as the predominant mode of energy storage, valued for their versatility and effectiveness. Among these, lithium-ion batteries stand out for their exceptional energy density and prolonged lifespan. The nation's proactive engagement in lithium-ion battery technology is evident in the bustling research centers and manufacturing facilities spread throughout its landscape. From industry giants like Tesla to agile startups, a diverse array of entities has rallied behind the pursuit of battery innovation. With the surge of electric vehicles and the proliferation of grid-scale storage projects, batteries take center stage in America's energy revolution. Pumped-storage hydroelectricity (PSH) holds a venerable position in the nation's energy portfolio. With its capacity to store surplus energy during periods of abundance and release it during peak demand, PSH systems have long been pillars of grid stability. While the initiation of new PSH ventures has slowed in recent times, existing installations remain crucial components of the nation's energy infrastructure. States blessed with abundant hydroelectric resources, such as California and Washington, have led the charge in PSH development and deployment. Their steadfast commitment underscores the enduring importance of hydroelectric storage in the American energy landscape. Thermal energy storage (TES) emerges as a discreet yet promising contender in the nation's energy narrative, leveraging heat storage mechanisms to unlock latent potential. Fueled by materials like molten salt, TES systems harness thermal energy for subsequent conversion into electricity or heating as needed. States boasting ample solar irradiance, including California and Arizona, have emerged as pioneers in TES exploration, harnessing the symbiosis between concentrated solar power (CSP) plants and thermal storage. As the quest for sustainable energy solutions gains traction, TES emerges as a viable avenue for meeting diverse energy requirements. The United States energy storage system market is a dynamic and rapidly evolving industry, with two main segments based on application: residential and commercial and industrial. The residential segment is experiencing significant growth, driven by the increasing adoption of solar energy systems and the desire for energy independence. Energy storage systems for residential use are typically smaller scale and are often used in conjunction with solar PV systems to store excess energy for later use, reducing reliance on the grid. The commercial and industrial segment, on the other hand, is currently the leading segment in terms of size and revenue. Energy storage systems in commercial and industrial settings are larger scale and can be used for a variety of purposes, including peak shaving, load balancing, and backup power. This segment is expected to continue to grow as businesses and industries look for ways to reduce energy costs and improve grid resilience and reliability. While both segments of the energy storage system market are poised for significant growth, they face different drivers and challenges. The residential segment is driven primarily by the increasing adoption of solar energy systems and the desire for energy independence. The high upfront cost of energy storage systems remains a significant barrier to widespread adoption. In contrast, the commercial and industrial segment is driven by the need for grid resilience and reliability, as well as the need to reduce energy costs. One of the most trending technologies in the energy storage market currently is the advancement of lithium-ion batteries. Lithium-ion batteries have become increasingly prominent due to their high energy density, long cycle life, and versatility across various applications. The ongoing trend in lithium-ion battery technology revolves around three key areas: energy density improvement, cost reduction, and safety enhancement. There is a concerted effort to improve the energy density of lithium-ion batteries, allowing them to store more energy in the same physical footprint. This trend is driven by the growing demand for electric vehicles (EVs) with longer driving ranges and grid-scale energy storage projects requiring higher energy storage capacities. Researchers and manufacturers are exploring novel electrode materials, such as silicon-based anodes and high-nickel cathodes, to increase energy density while maintaining battery stability and longevity. The cost reduction remains a primary focus in lithium-ion battery development. While the cost of lithium-ion batteries has significantly decreased over the years, further reductions are essential to make energy storage more economically viable, especially for large-scale applications. Innovations in manufacturing processes, material sourcing, and economies of scale are driving down costs. The recycling and reuse strategies are being explored to lower the overall lifecycle costs of lithium-ion batteries.

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Manmayi Raval

Research Consultant

Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Emergency Medical Equipment market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product Type • Emergency Resuscitation Equipment • Diagnostic Medical Equipment • Personal Protective Equipment • Patient Handling Equipment • Other Equipment

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By Application Type • Trauma Injuries • Cardiac Care • Respiratory Care • Oncology • Others By End User • Hospitals • Specialty Clinics • Ambulatory Surgical Centers • Others The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Emergency Medical Equipment industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.