New York, Aug. 29, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “North America Battery Energy Storage System Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)” – https://www.reportlinker.com/p06487551/?utm_source=GNW
However, the high initial investment required to establish a battery energy storage system is expected to hinder the growth of the market studied.The lithium-ion battery segment is expected to be the fastest-growing segment for the battery energy storage system market in the region.
The commercial sector is more sensitive to barriers than the residential sector, and thus the reliability and cost reduction of the battery energy storage system is expected to provoke acceptance by the commercial and industrial sectors and thereby create opportunities for growth of the market during the forecast period.
The United States is expected to witness significant demand over the forecast period due to its rapid developments in the past few years.In addition, rapid cost reduction owing to increased deployment and rising storage demand for variable renewable energy integration is expected to drive the market demand for the North America battery energy storage system market over the forecast period.
Moreover, the growing use of batteries as an off-grid source of energy in the telecommunication and transportation sector where vehicles use a large amount of energy is likely to fuel the demand for advanced battery storage system over the forecast period.
Lithium-ion battery storage systems are in huge demand in North America since lithium-ion batteries are being used as the advanced and widely available solutions used for the storage of energy from renewable energy sources in the region.
Declining lithium-ion battery prices and improving technology are expected to further increase the demand in the market.
Therefore the growth in the energy storage is mainly expected to have a direct impact on the growth of lithium-ion battery market in the country during the forecast period.Electrical Energy Storage (EES) refers to the process of converting electrical energy into a stored form that can later be converted back into electrical energy when needed. Batteries are one of the most common forms of electrical energy storage, ubiquitous in most peoples’ lives.
In 2018, the United States has become a regional leader in lithium-ion battery energy storage systems, in an effort to manage its energy reserves more efficiently now that renewable energy sources are on the rise.
As of May 2019, the United States had over 31.2 GW of rated power in energy storage compared to 1,098 GW of the total in-service installed generation capacity as of January 2019.
Developments in the solar photovoltaic market, alongside implementation of more efficient battery energy storage systems, are positioning the United States as a regional leader in this field.3 months of analyst support
Read the full report: https://www.reportlinker.com/p06487551/?utm_source=GNWReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
(GlobeNewsWire)