North America Batteries for Solar Energy Storage Market Segmented by Battery Type (Lead acid, Lithium-Ion, Nickel Cadmium, and Others), By Application (Residential, Commercial, and Industrial), By Connectivity (Off-Grid and On-Grid), By Country, Competition Forecast and Opportunities, 2028F
North America Batteries for Solar Energy Storage market is anticipated to grow robustly in the forecast period, 2024-2028. The main driver of the demand for batteries for solar energy storage is the rise in the number of renewable and solar energy projects. According to statistics from the US Energy Information Administration (EIA), power plant operators and developers aim to add 51 GW worth of new solar and battery storage projects to the US power grid by the end of 2023, accounting for up 60% of the country's additional producing capacity.
Batteries made specifically for solar energy storage can be used to store energy from solar PV panels in a variety of applications. The batteries can be used in solar panel-powered renewable energy projects in home, office, and manufacturing facilities. The batteries improve the systems’ self-reliance, enabling their integration with the grid systems and providing power back-ups among other advantages.
Boosting Number of Renewable and Solar Energy Project
Th? primary driv?r of th? d?mand for batt?ri?s for solar ?n?rgy storag? is th? rising int?r?st rat? of solar and r?n?wabl? ?n?rgy proj?cts. Th? US En?rgy Information Administration (EIA) pr?dicts that 21.5 GW of solar pow?r producing capacity will b? add?d to th? nation's pow?r syst?m by th? ?nd of 2023. Additionally, as of April 2022, th? US Bur?au of Land Manag?m?nt (BLM) built 39 utility-scal? solar proj?cts, totalling mor? than 29 GW of plant capacity, on f?d?ral lands in six w?st?rn stat?s by th? third quart?r of 2025.
Additionally, IRENA (International Renewable Energy Agency) predicts a 40% annual growth in energy storage through 2025. Furthermore, New York State had objectives of 70% renewable energy under the Climate Leadership and Community Protection Act. 3,000 MW of storage will be available by 2030, with 1,500 MW by 2025. Thus, defining goals to generate renewable energy through solar, storage, and battery system are the factors propelling the market growth in the forecast period.
Now a days, Mexican government is promoting renewable and Solar Energy Project, due to which the market of Batteries for Solar Energy Storage is further expected to grow in the forecast period. Also, the main causes of the rising demand for batteries in Mexico and the expansion of the clean energy industry are the country's rising solar energy investment and public knowledge of the benefits of using these sources of energy. According to the PV solar group AMIF, the second half of 2022 saw investments in solar power of up to USD 500 million. Furthermore, the Mexican government built Latin America's biggest PV plant in June 2021, which costed around USD 2 billion. The renewable city movement is being led by Mexico City and planning to install 350 MW of distributed solar power by 2024 and allocate USD17.1 million annually.
Decline in Prices of Lithium-Ion Batteries
Th? mark?t has a good opportunity for growth as a r?sult of th? drop in lithium-ion batt?ry pric?s. According to studi?s by th? Massachus?tts Institut? of T?chnology, furth?r st??p pric? d?clin?s could b? possibl?, which would b? advantag?ous for products lik? laptops, c?ll phon?s, stationary storag?, batt?ry storag?, and ?l?ctric v?hicl?s, all of which n??d to b?com? mor? affordabl? if th? t?chnology is to b? adopt?d wid?ly. Lithium-ion batt?ry pric?s hav? d?cr?as?d mostly as a r?sult of publicly support?d r?s?arch, particularly in th? fi?lds of ch?mistry and mat?rials sci?nc?, which has mad? a significant impact on batt?ry costs. Thus, d?clining pric?s of lithium-ion batt?ri?s hold lucrativ? opportuniti?s for th? batt?ry manufactur?rs, augm?nting th? production capabiliti?s and h?lping th? mark?t grow fast?r.
Rising Awareness of Renewable Energy and Favourable Government Regulatory Policies
In ord?r to s?cur? sustainabl? ?n?rgy with r?duc?d carbon dioxid? ?missions, r?n?wabl? ?n?rgy sourc?s ar? r?quir?d. P?opl? hav? b??n ?ncourag?d to utiliz? mor? solar, wind, biomass, trash, and hydro?l?ctric ?n?rgy, in r?spons? to th? incr?as?d awar?n?ss of th? d?sir? to sav? ?n?rgy. Syst?ms for storing solar ?n?rgy ar? us?d to stor? ?n?rgy to b? utiliz?d at night or wh?n ?n?rgy d?mand is at th? high?st l?v?l. Th?r?for?, as an alt?rnativ? to traditional ?n?rgy sourc?s, both d?v?lop?d and ?m?rging countri?s ar? vigorously supporting and impl?m?nting solar ?n?rgy. Solar ?n?rgy consumption has incr?as?d as a r?sult of consum?rs' incr?asing awar?n?ss of r?n?wabl? ?n?rgy sourc?s. According to information provid?d by th? Int?rnational R?n?wabl? En?rgy Ag?ncy (IRENA), th? install?d capacity of solar ?n?rgy produc?d by PV modul?s is ?xp?ct?d to continu? to ris? in th? y?ars to com?, which will boost th? d?mand for storag? options.
Due to the expansion of supportive government policies, tax breaks for the production of solar energy, and large investments from major companies, the North America batteries for solar energy storage market is anticipated to grow. One of the most important federal policy tools for promoting the expansion of solar energy in the US is the solar Investment Tax Credit (ITC). the ITC offers a tax credit of 26% in 2021.
High Initial Investment in Battery Manufacturing Process
One of the most popular forms of energy storage in the solar business is the battery, which includes lithium-ion, flow, and lead-acid batteries. Due to a rise in the viability of electric vehicles and commercial energy storage capacity, the boom in battery production has resulted in an 85% drop in the price of batteries. Preparing the electrodes, assembling the cells, and activating the battery electrochemistry, are the main steps in the manufacture of batteries. 48% of the total cost of production was accounted for by electrode coating, drying, cell formation, and aging. The most important aspects that must be considered during the production process are those large capital investments and costly processes. Due to this large investment in the process, the market players will face problems. Due to its desirable characteristics, such as their light weight, high energy density, and efficiency, up to ten times longer life, and the ability to offer 80% of rated capacity after 2,000 cycles, batteries used in solar energy storage are often more expensive than other battery types. These elements make the initial investment in battery manufacture pricey, which restrains market expansion.
Market Segmentation
The North America Batteries for Solar Energy Storage Market is divided into Battery Type
Application, Connectivity, and Country. Based on Battery Type, the market is divided into Lead acid, Lithium-Ion, Nickel Cadmium, and Others. Based on Application, the market is divided into Residential, Commercial, and Industrial. Based on Connectivity, the market is divided into Off-Grid and On-Grid.
Market player
Major players operating in the North America Batteries for Solar Energy Storage Market are BYD Co. Ltd., EnerSys, Leclanchй SA, LG Electronics Inc, Samsung SDI Co., Ltd, E3/DC GmbH, SimpliPhi Power, Alpha ESS Co., Ltd.
Report Scope:
In this report, North America Batteries for Solar Energy Storage Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in the North America Batteries for Solar Energy Storage Market.
Available Customizations:
North America Batteries for Solar Energy Storage Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
Batteries made specifically for solar energy storage can be used to store energy from solar PV panels in a variety of applications. The batteries can be used in solar panel-powered renewable energy projects in home, office, and manufacturing facilities. The batteries improve the systems’ self-reliance, enabling their integration with the grid systems and providing power back-ups among other advantages.
Boosting Number of Renewable and Solar Energy Project
Th? primary driv?r of th? d?mand for batt?ri?s for solar ?n?rgy storag? is th? rising int?r?st rat? of solar and r?n?wabl? ?n?rgy proj?cts. Th? US En?rgy Information Administration (EIA) pr?dicts that 21.5 GW of solar pow?r producing capacity will b? add?d to th? nation's pow?r syst?m by th? ?nd of 2023. Additionally, as of April 2022, th? US Bur?au of Land Manag?m?nt (BLM) built 39 utility-scal? solar proj?cts, totalling mor? than 29 GW of plant capacity, on f?d?ral lands in six w?st?rn stat?s by th? third quart?r of 2025.
Additionally, IRENA (International Renewable Energy Agency) predicts a 40% annual growth in energy storage through 2025. Furthermore, New York State had objectives of 70% renewable energy under the Climate Leadership and Community Protection Act. 3,000 MW of storage will be available by 2030, with 1,500 MW by 2025. Thus, defining goals to generate renewable energy through solar, storage, and battery system are the factors propelling the market growth in the forecast period.
Now a days, Mexican government is promoting renewable and Solar Energy Project, due to which the market of Batteries for Solar Energy Storage is further expected to grow in the forecast period. Also, the main causes of the rising demand for batteries in Mexico and the expansion of the clean energy industry are the country's rising solar energy investment and public knowledge of the benefits of using these sources of energy. According to the PV solar group AMIF, the second half of 2022 saw investments in solar power of up to USD 500 million. Furthermore, the Mexican government built Latin America's biggest PV plant in June 2021, which costed around USD 2 billion. The renewable city movement is being led by Mexico City and planning to install 350 MW of distributed solar power by 2024 and allocate USD17.1 million annually.
Decline in Prices of Lithium-Ion Batteries
Th? mark?t has a good opportunity for growth as a r?sult of th? drop in lithium-ion batt?ry pric?s. According to studi?s by th? Massachus?tts Institut? of T?chnology, furth?r st??p pric? d?clin?s could b? possibl?, which would b? advantag?ous for products lik? laptops, c?ll phon?s, stationary storag?, batt?ry storag?, and ?l?ctric v?hicl?s, all of which n??d to b?com? mor? affordabl? if th? t?chnology is to b? adopt?d wid?ly. Lithium-ion batt?ry pric?s hav? d?cr?as?d mostly as a r?sult of publicly support?d r?s?arch, particularly in th? fi?lds of ch?mistry and mat?rials sci?nc?, which has mad? a significant impact on batt?ry costs. Thus, d?clining pric?s of lithium-ion batt?ri?s hold lucrativ? opportuniti?s for th? batt?ry manufactur?rs, augm?nting th? production capabiliti?s and h?lping th? mark?t grow fast?r.
Rising Awareness of Renewable Energy and Favourable Government Regulatory Policies
In ord?r to s?cur? sustainabl? ?n?rgy with r?duc?d carbon dioxid? ?missions, r?n?wabl? ?n?rgy sourc?s ar? r?quir?d. P?opl? hav? b??n ?ncourag?d to utiliz? mor? solar, wind, biomass, trash, and hydro?l?ctric ?n?rgy, in r?spons? to th? incr?as?d awar?n?ss of th? d?sir? to sav? ?n?rgy. Syst?ms for storing solar ?n?rgy ar? us?d to stor? ?n?rgy to b? utiliz?d at night or wh?n ?n?rgy d?mand is at th? high?st l?v?l. Th?r?for?, as an alt?rnativ? to traditional ?n?rgy sourc?s, both d?v?lop?d and ?m?rging countri?s ar? vigorously supporting and impl?m?nting solar ?n?rgy. Solar ?n?rgy consumption has incr?as?d as a r?sult of consum?rs' incr?asing awar?n?ss of r?n?wabl? ?n?rgy sourc?s. According to information provid?d by th? Int?rnational R?n?wabl? En?rgy Ag?ncy (IRENA), th? install?d capacity of solar ?n?rgy produc?d by PV modul?s is ?xp?ct?d to continu? to ris? in th? y?ars to com?, which will boost th? d?mand for storag? options.
Due to the expansion of supportive government policies, tax breaks for the production of solar energy, and large investments from major companies, the North America batteries for solar energy storage market is anticipated to grow. One of the most important federal policy tools for promoting the expansion of solar energy in the US is the solar Investment Tax Credit (ITC). the ITC offers a tax credit of 26% in 2021.
High Initial Investment in Battery Manufacturing Process
One of the most popular forms of energy storage in the solar business is the battery, which includes lithium-ion, flow, and lead-acid batteries. Due to a rise in the viability of electric vehicles and commercial energy storage capacity, the boom in battery production has resulted in an 85% drop in the price of batteries. Preparing the electrodes, assembling the cells, and activating the battery electrochemistry, are the main steps in the manufacture of batteries. 48% of the total cost of production was accounted for by electrode coating, drying, cell formation, and aging. The most important aspects that must be considered during the production process are those large capital investments and costly processes. Due to this large investment in the process, the market players will face problems. Due to its desirable characteristics, such as their light weight, high energy density, and efficiency, up to ten times longer life, and the ability to offer 80% of rated capacity after 2,000 cycles, batteries used in solar energy storage are often more expensive than other battery types. These elements make the initial investment in battery manufacture pricey, which restrains market expansion.
Market Segmentation
The North America Batteries for Solar Energy Storage Market is divided into Battery Type
Application, Connectivity, and Country. Based on Battery Type, the market is divided into Lead acid, Lithium-Ion, Nickel Cadmium, and Others. Based on Application, the market is divided into Residential, Commercial, and Industrial. Based on Connectivity, the market is divided into Off-Grid and On-Grid.
Market player
Major players operating in the North America Batteries for Solar Energy Storage Market are BYD Co. Ltd., EnerSys, Leclanchй SA, LG Electronics Inc, Samsung SDI Co., Ltd, E3/DC GmbH, SimpliPhi Power, Alpha ESS Co., Ltd.
Report Scope:
In this report, North America Batteries for Solar Energy Storage Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- North America Batteries for Solar Energy Storage Market, By Battery Type:
- Lead acid
- Lithium-Ion
- Nickel Cadmium
- Others
- North America Batteries for Solar Energy Storage Market, By Application:
- Residential
- Commercial
- Industrial
- North America Batteries for Solar Energy Storage Market, By Connectivity:
- Off -Grid
- On-Grid
- North America Batteries for Solar Energy Storage Market, By Country:
- United States
- Canada
- Mexico
Company Profiles: Detailed analysis of the major companies present in the North America Batteries for Solar Energy Storage Market.
Available Customizations:
North America Batteries for Solar Energy Storage Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
1. PRODUCT OVERVIEW
1.1. Market Definition
1.2. Scope of the Market
1.3. Markets Covered
1.4. Years Considered for Study
1.5. Key Market Segmentations
2. RESEARCH METHODOLOGY
2.1. Baseline Methodology
2.2. Key Industry Partners
2.3. Major Association and Secondary Sources
2.4. Forecasting Methodology
2.5. Data Triangulation & Validation
2.6. Assumptions and Limitations
3. EXECUTIVE SUMMARY
4. VOICE OF CUSTOMERS
5. NORTH AMERICA BATTERIES FOR SOLAR ENERGY STORAGE MARKET OUTLOOK
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Battery Type (Lead acid, Lithium-Ion, Nickel Cadmium, and Others),
5.2.2. By Application (Residential, Commercial, and Industrial)
5.2.3. By Connectivity (Off-Grid and On-Grid)
5.2.4. By Country (United States, Canada, Mexico)
5.3. By Company (2022)
5.4. Market Map
6. UNITED STATES BATTERIES FOR SOLAR ENERGY STORAGE MARKET OUTLOOK
6.1. United States Economic Profile
6.2. Market Size & Forecast
6.2.1. By Value
6.3. Market Share & Forecast
6.3.1. By Battery Type
6.3.2. By Application
6.3.3. By Connectivity
7. CANADA BATTERIES FOR SOLAR ENERGY STORAGE MARKET OUTLOOK
7.1. Canada Economic Profile
7.2. Market Size & Forecast
7.2.1. By Value
7.3. Market Share & Forecast
7.3.1. By Battery Type
7.3.2. By Application
7.3.3. By Connectivity
8. MEXICO BATTERIES FOR SOLAR ENERGY STORAGE MARKET OUTLOOK
8.1. Mexico Economic Profile
8.2. Market Size & Forecast
8.2.1. By Value
8.3. Market Share & Forecast
8.3.1. By Battery Type
8.3.2. By Application
8.3.3. By Connectivity
9. MARKET DYNAMICS
9.1. Drivers
9.2. Challenges
10. MARKET TRENDS & DEVELOPMENTS
11. POLICY & REGULATORY LANDSCAPE
12. COMPANY PROFILES
12.1. BYD Co. Ltd.
12.1.1. Business Overview
12.1.2. Key Revenue and Financials (If Available)
12.1.3. Recent Developments
12.1.4. Key Personnel
12.1.5. Key Product/Services
12.2. EnerSys
12.2.1. Business Overview
12.2.2. Key Revenue and Financials (If Available)
12.2.3. Recent Developments
12.2.4. Key Personnel
12.2.5. Key Product/Services
12.3. Leclanchй SA
12.3.1. Business Overview
12.3.2. Key Revenue and Financials (If Available)
12.3.3. Recent Developments
12.3.4. Key Personnel
12.3.5. Key Product/Services
12.4. LG Electronics Inc.
12.4.1. Business Overview
12.4.2. Key Revenue and Financials (If Available)
12.4.3. Recent Developments
12.4.4. Key Personnel
12.4.5. Key Product/Services
12.5. Samsung SDI Co., Ltd.
12.5.1. Business Overview
12.5.2. Key Revenue and Financials (If Available)
12.5.3. Recent Developments
12.5.4. Key Personnel
12.5.5. Key Product/Services
12.6. E3/DC GmbH
12.6.1. Business Overview
12.6.2. Key Revenue and Financials (If Available)
12.6.3. Recent Developments
12.6.4. Key Personnel
12.6.5. Key Product/Services
12.7. SimpliPhi Power
12.7.1. Business Overview
12.7.2. Key Revenue and Financials (If Available)
12.7.3. Recent Developments
12.7.4. Key Personnel
12.7.5. Key Product/Services
12.8. Alpha ESS Co., Ltd
12.8.1. Business Overview
12.8.2. Key Revenue and Financials (If Available)
12.8.3. Recent Developments
12.8.4. Key Personnel
12.8.5. Key Product/Services
13. STRATEGIC RECOMMENDATIONS
About Us & Disclaimer
1.1. Market Definition
1.2. Scope of the Market
1.3. Markets Covered
1.4. Years Considered for Study
1.5. Key Market Segmentations
2. RESEARCH METHODOLOGY
2.1. Baseline Methodology
2.2. Key Industry Partners
2.3. Major Association and Secondary Sources
2.4. Forecasting Methodology
2.5. Data Triangulation & Validation
2.6. Assumptions and Limitations
3. EXECUTIVE SUMMARY
4. VOICE OF CUSTOMERS
5. NORTH AMERICA BATTERIES FOR SOLAR ENERGY STORAGE MARKET OUTLOOK
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Battery Type (Lead acid, Lithium-Ion, Nickel Cadmium, and Others),
5.2.2. By Application (Residential, Commercial, and Industrial)
5.2.3. By Connectivity (Off-Grid and On-Grid)
5.2.4. By Country (United States, Canada, Mexico)
5.3. By Company (2022)
5.4. Market Map
6. UNITED STATES BATTERIES FOR SOLAR ENERGY STORAGE MARKET OUTLOOK
6.1. United States Economic Profile
6.2. Market Size & Forecast
6.2.1. By Value
6.3. Market Share & Forecast
6.3.1. By Battery Type
6.3.2. By Application
6.3.3. By Connectivity
7. CANADA BATTERIES FOR SOLAR ENERGY STORAGE MARKET OUTLOOK
7.1. Canada Economic Profile
7.2. Market Size & Forecast
7.2.1. By Value
7.3. Market Share & Forecast
7.3.1. By Battery Type
7.3.2. By Application
7.3.3. By Connectivity
8. MEXICO BATTERIES FOR SOLAR ENERGY STORAGE MARKET OUTLOOK
8.1. Mexico Economic Profile
8.2. Market Size & Forecast
8.2.1. By Value
8.3. Market Share & Forecast
8.3.1. By Battery Type
8.3.2. By Application
8.3.3. By Connectivity
9. MARKET DYNAMICS
9.1. Drivers
9.2. Challenges
10. MARKET TRENDS & DEVELOPMENTS
11. POLICY & REGULATORY LANDSCAPE
12. COMPANY PROFILES
12.1. BYD Co. Ltd.
12.1.1. Business Overview
12.1.2. Key Revenue and Financials (If Available)
12.1.3. Recent Developments
12.1.4. Key Personnel
12.1.5. Key Product/Services
12.2. EnerSys
12.2.1. Business Overview
12.2.2. Key Revenue and Financials (If Available)
12.2.3. Recent Developments
12.2.4. Key Personnel
12.2.5. Key Product/Services
12.3. Leclanchй SA
12.3.1. Business Overview
12.3.2. Key Revenue and Financials (If Available)
12.3.3. Recent Developments
12.3.4. Key Personnel
12.3.5. Key Product/Services
12.4. LG Electronics Inc.
12.4.1. Business Overview
12.4.2. Key Revenue and Financials (If Available)
12.4.3. Recent Developments
12.4.4. Key Personnel
12.4.5. Key Product/Services
12.5. Samsung SDI Co., Ltd.
12.5.1. Business Overview
12.5.2. Key Revenue and Financials (If Available)
12.5.3. Recent Developments
12.5.4. Key Personnel
12.5.5. Key Product/Services
12.6. E3/DC GmbH
12.6.1. Business Overview
12.6.2. Key Revenue and Financials (If Available)
12.6.3. Recent Developments
12.6.4. Key Personnel
12.6.5. Key Product/Services
12.7. SimpliPhi Power
12.7.1. Business Overview
12.7.2. Key Revenue and Financials (If Available)
12.7.3. Recent Developments
12.7.4. Key Personnel
12.7.5. Key Product/Services
12.8. Alpha ESS Co., Ltd
12.8.1. Business Overview
12.8.2. Key Revenue and Financials (If Available)
12.8.3. Recent Developments
12.8.4. Key Personnel
12.8.5. Key Product/Services
13. STRATEGIC RECOMMENDATIONS
About Us & Disclaimer
