Selbyville, Delaware, Oct. 15, 2018 (GLOBE NEWSWIRE) --

U.S. Energy Storage Market size is expected to surpass USD 4 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Growing regulatory focus toward minimizing carbon emissions while increasing the share of renewables on the grid will drive the U.S. energy storage market size. Key states including California, Massachusetts, New York, and Oregon have adopted legally defined energy storage capacity to be integrated into the electric grid. In December 2017, the New York government introduced a new law mandating a state-wide energy storage deployment target of 1,500MW by 2025.

The U.S. residential energy storage market will witness robust expansion on account of increasing penetration of solar PV levels along with introduction of supportive policies and energy storage subsidies. California and Hawaii constitute the sizeable proportion of the overall residential energy storage sector in the country with fresh participation anticipated from Arizona and Massachusetts in the near term. The industry growth is further stimulated by growing implementation of time-of-use rates by utilities coupled with reduction in net metering compensation.

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Lithium ion energy storage market will witness growth on account of continued downturn in battery costs driven by enhanced manufacturing capacity. Li-ion batteries are utilized in a wide array of energy-storage applications, including residential systems with rooftop photovoltaic arrays and grid ancillary services amongst others. High charge/discharge efficiency and appreciable energy density are some of the key features that will continue to boost the technology adoption over the conventional counterparts.

The U.S. utility energy storage market size will exceed USD 1.5 billion by 2024. Strengthening need to build a disruption-proof grid with the implementation of increased efficiency, resilience, and sustainability will favor the industry growth. Growing concerns over climate change and aging grid infrastructure will further favor the business scenario.

Browse key industry insights spread across 140 pages with 34 market data tables & 29 figures & charts from the report, “U.S. Energy Storage Market Size By Deployment (Residential, Non-Residential, Utility), By Technology (Lithium Ion, Lead Acid, Sodium Chemistry, Flow Vanadium, Flow Zinc, Others), Industry Analysis Report, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018– 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/us-energy-storage-market

Increasing share of renewables in the national grid facilitated by several fiscal incentives and ventures will stimulate the U.S. energy storage market size. The share of renewable in the California energy mix has been growing exponentially, thereby supporting the industry growth. In addition, legislative mandate to increase renewable generation to achieve emissions reductions targets will positively influence the industry outlook.

Key industry participants active in the U.S. energy storage market comprise Duke Energy, East Penn Manufacturing, E.ON, EDF Renewable Energy, GE Power, EnerVault, LG Chem, Fluence Energy, Invenergy, Johnson Controls, Tesla, SolarEdge, and ABB amongst others.

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Hybrid Solar Wind Energy Storage Market, 2017 – 2024

Hybrid Solar Wind Energy Storage Market size for 2016 was over USD 1 billion and the cumulative capacity is set to exceed 1 GW by 2024. Increasing demand for reliable and uninterrupted power supply will drive the hybrid solar wind energy storage market size.

https://www.gminsights.com/industry-analysis/hybrid-solar-wind-energy-storage-market

Stationary Battery Storage Market Size Report, 2018 – 2030

Stationary Battery Storage Market size in 2017 was valued over USD 4 billion and is set to witness gains over 17% by 2030. Favourable regulatory framework toward the expansion of electrical infrastructure with an objective to establish an efficient grid network across emerging economies will drive the global stationary battery storage market.

https://www.gminsights.com/industry-analysis/stationary-battery-storage-market


About Global Market Insights 

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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