Published April 21, 2023
The United States Battery Energy Storage System (BESS) market was experiencing significant growth, with an increasing number of projects being announced and commissioned across the country. The growth of the BESS market in the US was driven by several factors, including the need to integrate renewable energy sources into the grid, the increasing demand for energy storage solutions to improve grid stability and reliability, and the declining costs of battery technologies.
The US BESS market was expected to grow at a compound annual growth rate of 20% between 2019 and 2024, reaching a total capacity of 7.3 gigawatts by 2024. The report also noted that the market was becoming more competitive, with new players entering the market and established players expanding their offerings. The report identified California as the largest market for BESS in the US, due to the state’s ambitious renewable energy targets and the high penetration of solar PV systems. Other states, such as Hawaii, Arizona, and New York, were also identified as key growth markets for BESS.
Overall, the outlook for the US BESS market was positive, with strong growth expected in the coming years as the need for energy storage solutions continues to increase. However, the market is also likely to face challenges such as regulatory hurdles and competition from other energy storage technologies.
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Key findings of the Distributed Energy Storage System market study:
- The report provides a present market outlook on Distributed Energy Storage System. Additionally, the Distributed Energy Storage System market share is anticipated to grow with a CAGR of 9.6% in the forecast period.
- Regional breakdown of the Distributed Energy Storage System market based on predefined taxonomy.
- Innovative manufacturing processes implemented by Distributed Energy Storage System vendors in detail.
- Region-wise and country-wise fragmentation of the Distributed Energy Storage System market to grasp the revenue, and growth outlook in these areas.
- Changing preferences among consumers across various regions and countries.
- Factors (Positive and Negative) impacting the growth of the global Distributed Energy Storage System market.
- Distributed Energy Storage System price, market share, and Trends forecast for assessment period 2022-2032
Why are Lithium-ion Batteries The Most Popular Type?
Lithium-ion batteries are the most popular type of battery due to several reasons:
- High Energy Density: Lithium-ion batteries have a high energy density, which means they can store a lot of energy in a relatively small and lightweight package. This makes them ideal for use in portable electronics, such as smartphones and laptops.
- Long Lifespan: Lithium-ion batteries have a longer lifespan compared to other types of batteries, such as nickel-cadmium or lead-acid batteries. They can be recharged hundreds of times without significant degradation in performance.
- Low Self-Discharge: Lithium-ion batteries have a low self-discharge rate, which means they can retain their charge for a long time even when not in use. This makes them ideal for backup power and emergency applications.
- No Memory Effect: Unlike some other types of batteries, such as nickel-cadmium batteries, lithium-ion batteries do not suffer from memory effect. This means they can be recharged at any time without needing to fully discharge first.
- High Power Density: Lithium-ion batteries have a high power density, which means they can deliver a lot of power in a short amount of time. This makes them ideal for use in electric vehicles and other high-performance applications.
- Low Maintenance: Lithium-ion batteries require little to no maintenance, unlike other types of batteries that may require regular topping up of electrolytes or replacement of damaged cells.
Overall, the combination of high energy density, long lifespan, low self-discharge, no memory effect, high power density, and low maintenance make lithium-ion batteries the most popular type of battery for a wide range of applications.
Competitive landscape analysis
The report offers in-depth insights into competition prevailing in the market. It profiles companies in terms of tier 1, tier 2, and tier 3. Growth prospects for companies belonging to each of these tiers are studied in detail.
The survey also includes company share analysis to evaluate share held by these companies, respectively. It also underscores some of the winning strategies adopted by the market players. The impact of government regulations on strategies adopted by the market players are evaluated in details.
What insights does the Distributed Energy Storage System report provide to the readers?
- Distributed Energy Storage System fragmentation on the basis of product type, end use, and region.
- Comprehensive assessment of upstream starting materials, downstream demand, and present market landscape.
- Collaborations, R&D projects, acquisitions, and product launches of each Distributed Energy Storage System
- Various regulations imposed by the governments on the consumption of Distributed Energy Storage System in detail.
Segmentation of Distributed Energy Storage System Industry Research
- By Energy Source :
- Electricity Grids
- Renewable Power Sources
- By Battery Type :
- By Capacity :
- By End User :
- Education Institutes
- Government & Public Sector
- IT and Telecommunications
- Retail & e-Commerce
- Transportation and Logistics
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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