The U.S. battery energy storage system market size is expected to reach USD 1.8 billion by 2027, expanding at a CAGR of 23.9%, according to a new report by Grand View Research, Inc. Rising deployment of renewable energy sources such as solar and wind are resulting in increased adoption of storage systems owing to the grid reliability offered by the technology. It provides constant power supply to the grid and compensates for intermittent nature of renewable power supply.
The
systems are widely used in industries including medical, marine,
telecommunication, production, energy, and information technology. With
increasing requirement of efficient grid management, constant load management,
and continuous power supply, the market is expected to witness significant growth
over the forecast period.
The
manufacturers supply batteries both through direct supply and third-party
supply agreements to the manufacturers in the industry. The manufacturers
assemble different batteries depending on the requirements of the end-use
industries. The system manages the power quality, aids time shifting, and
improves grid efficiency.
Industry
participants are focusing on largely commercializing flywheel storage as it is
more economical than batteries. The main reasons for this are the long service
life and low maintenance costs of the flywheel compared, which compensates for
the higher purchase costs at the beginning of the installation. While flywheel
storage normally has the same lifespan as the UPS technology, batteries have to
be replaced several times during the lifespan of a UPS.
Full Research Report On U.S. Battery Energy Storage System Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/us-battery-energy-storage-system-market
U.S. Battery
Energy Storage System Market Report Highlights
- The data
center application segment grabbed the largest revenue share of the market
and was valued at USD 130.4 million in 2019 owing to the growing
requirement of continuous power supply at these facilities
- Flywheel
battery is expected to be the fastest growing product segment with a CAGR
of 27.7%. The flywheel technology offers several advantages including
higher efficiency and a longer life as compared to a Lithium-ion based
technology
- Lithium-ion
battery is likely to be the second fastest growing segment, escalating at
a CAGR of 22.9% over the forecast period owing to its high energy density
and high safety level
- Partnership
with local governments, technological collaborations, and research and
development activities focusing on smart grid deployment are some of the
strategic initiatives taken up by leading companies.
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/us-battery-energy-storage-system-market/request/rs1
U.S. Battery
Energy Storage System Market Segmentation
Grand View Research has
segmented the U.S. battery energy storage system market on the basis of product
and application:
U.S. Battery
Energy Storage System Application Outlook (Revenue, USD Million, 2016 - 2027)
- Telecommunication
- Data Center
- Medical
- Industrial
- Marine
- Others
U.S. Battery
Energy Storage System Product Outlook (Revenue, USD Million, 2016 - 2027)
- Flywheel
- Lead acid
- Lithium-ion
- Others
List of Key
players of U.S. Battery Energy Storage System Market
- General Electric
- Hitachi Ltd.
- Exide Technologies
- EnerSys
- NGK Insulators Ltd.
- The AES Corporation
- Samsung SDI Co. Ltd.
- Altairnano
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment