Dublin, Oct. 15, 2024 (GLOBE NEWSWIRE) -- The "US Battery Energy Storage System Market Size and Forecast, Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type, Connection Type, End User, and Country" report has been added to ResearchAndMarkets.com's offering.
The US battery energy storage system market is on the brink of substantial expansion, with anticipated growth from $6.27 billion in 2023 to an impressive $21.21 billion by 2031. This represents a compound annual growth rate (CAGR) of 16.5% over the forecast period from 2023 to 2031.
The US battery energy storage system market is set for transformative growth, spurred on by escalating energy demands, governmental initiatives, and advancements in vehicle electrification strategies. The confluence of these factors offers a trajectory of sustainable progression for the market's future.
The increasing demand for energy, driven by factors such as population growth and urbanization, is significantly influencing the expansion of the US battery energy storage system market. Data from the US Energy Information Administration indicates a surge in electricity consumption, a trend expected to continue through 2050 due to economic advancement and demographic expansion.
In response to global energy fluctuations, the US government encourages the deployment of energy storage solutions. Notable projects such as the Superstition BESS project in Arizona highlight the strategic collaboration between governmental bodies and private enterprises to promote sustainable energy infrastructure.
The market dynamics place manufacturers at the nexus of innovation and economic efficiency. With an onus on research and high energy density battery developments, market participants are poised to benefit from governmental incentives like those put forth in the Inflation Reduction Act, which aims to significantly reduce battery costs.
The electrification of vehicles is a cornerstone in realizing the US's carbon emission reduction targets. The soaring adoption of electric vehicles necessitates an expansive charging infrastructure, further accelerating the demand for battery energy storage systems. This uptake is instrumental in driving the market's expansion and fulfills a critical role in decarbonizing the power and transport sectors.
An in-depth market analysis reveals the roles of key industry players in shaping the trajectory of the US battery energy storage system market. The focus on technological innovation and strategic market initiatives by established entities underscores the competitiveness of the market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 121 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value in 2023 | 6.27 billion |
| Forecasted Market Value by 2031 | 21.21 billion |
| Compound Annual Growth Rate | 16.4% |
| Regions Covered | United States |
Leading Companies in the US Battery Energy Storage System Market Include
- BYD Co. Ltd
- Saft America Inc
- CATL
- Tesla Inc
- Samsung SDI Co Ltd
- Panasonic Holdings Corp
- AES Corp
- NextEra Energy, Inc.
- Ameresco Inc.
- ESS, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/o8ap7e
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