The US residential energy storage market will surge at 33%+ CAGR up to 2024, according to a new report issued by Global Market Insights.
The US 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.
The industry growth is further stimulated by growing implementation of time-of-use rates by utilities coupled with reduction in net metering compensation.
Growing regulatory focus toward minimising carbon emissions while increasing the share of renewables on the grid will drive the US 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.
Growing significance of grid stability, with the implementation of sustainability, resilience, and efficiency will positively influence the industry growth. Aging grid infrastructure and rising concerns over climate change will further fuel the business growth.
The US lithium ion energy storage market is set to grow on account of constantly declining technology costs primarily driven by economies of scale in manufacturing. Li-ion batteries find use across numerous applications comprising frequency regulation, residential solar storage and E-V charging stations amongst others.
High energy density and appreciable coulombic efficiency are some of the primary features that will persistently fuel the product deployment over its available conventional alternatives.
Increasing share of renewables in the national grid facilitated by several fiscal incentives and ventures will stimulate the US 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.