US Energy Storage Market 2024-2030

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    US ENERGY STORAGE MARKET

     

    KEY FINDINGS

    1. In 2022, the US installed a record 4.8 gigawatts of energy storage capacity, up 80% from the previous year. 
    2. The cost of lithium-ion batteries, which are the most common type of battery used in energy storage systems, has fallen by more than 90% since 2010. 
    3. SEP 2023: – Biden-Harris Administration Announces $325 Million For Long-Duration Energy Storage Projects to Increase Grid Resilience and Protect America’s Communities DOE Funding for 15 Projects Will Help Advance Energy Storage Technologies, Enhance Clean Energy Adoption, and Reduce Impacts on the Grid from Climate Change-Fueled Extreme Weather Events 
    4. The US energy storage market is still in its early stages of development, but it is growing rapidly. The market is expected to play a major role in the transition to a clean energy future 
    5. The top 5 major players involved in the US energy storage market are: 
    • Tesla 
    • AES Energy Storage 
    • Fluence 
    • LG Chem 
    • BYD 

    US ENERGY STORAGE MARKET – INTRODUCTION

     

    In recent years, there has been an increase in interest in distributed generation (DG).

     

    This is primarily due to the numerous benefits of DGs, such as reduced electricity generation failure in the distribution network, reduced voltage variations, increased reliability, improved power quality, lower energy costs, and, inevitably, greater customer satisfaction.

     

    One of the most suitable solutions in this neighborhood is to use an energy storage system (ESS).

     

    Energy storage systems equipped on the new fuel energy production side can function and, in several mechanisms, each of which is self-sufficient of the others and is not inevitably extremely versatile.

     

    Energy storage can reduce grid operational costs while also saving money for electricity customers who implement grid storage in their households and workplaces.

     

    Throughout outages, energy storage can also provide backup generators.

     

    infographic: US Energy Storage Market, US Energy Storage Market Size, US Energy Storage Market Trends, US Energy Storage Market Forecast, US Energy Storage Market Risks, US Energy Storage Market Report, US Energy Storage Market Share

     

    The very same principle that pertains to backup generators for a single device (for example, a smoke alert system that protrudes into a residence but has battery backup) can indeed be upscaled to a rest of the building or perhaps even the entire grid.

     

    Storage allows the grid to be more flexible, ensuring that consumers have uninterrupted power whenever and wherever they need it.

     

    This adaptability is essential for both trustworthiness and adaptability. As the expense of outages continues to increase, so does the value of improved quality and perseverance.

     

    US ENERGY STORAGE MARKET DYNAMICS

     

    Sr. No. Timeline Company Updates
    1 December 2021 Apollo and NextEra Energy Apollo made a first close on $816 million in a convertible equity portfolio financing agreement with NextEra Energy Partners LP in a 2.5 GW contracted renewable energy generation portfolio.
    2 October 2021 NextEra Energy NextEra Energy Partners signed an agreement with a subsidiary of NextEra Energy Resources for the acquisition of a 50% interest in a contracted renewable projects portfolio, with more than 2.5GW capacity, for nearly $849m.
    3 July 2021 Malta Inc., & Siemens Energy Malta Inc., partnered with Siemens Energy to co-develop the commercial design of innovative new turbomachinery components for Malta’s long-duration energy storage system.
    4 April 2021 Spruce Power& sonnen Inc. Spruce Power entered a supply and partnership agreement with sonnen Inc. focused on providing Spruce’s existing 50,000 residential solar customers with access to upgrade their home systems with safe, long-lasting battery solutions, improving their resiliency, energy independence and energy efficiency.

     

    Energy storage could indeed ease the transmission of changeable or unreliable assets like wind and solar by storing surplus power whenever the wind blows and the sun shines and trying to deliver something when the opposite is the case.

     

    Energy storage allows energy to be secured for later use, when and how it will be needed the most. This improves the electric grid’s efficiencies and capabilities, including that of the potential to reduce greenhouse gas (GHG) emissions.

     

    Storage, on the other hand, can help with the cost-effective transmission of electrical power for inflexible, baseload assets.

     

    When market conditions change rapidly and versatility is considered necessary, energy storage can infuse or retrieve electricity as necessary to precisely match load wherever and whenever it is considered necessary.

     

    Considerations such as the expanding renewable energy industry, government initiatives and arrangements for energy storage technologies (ESS) and trying to improve energy storage economic principles are considered to be major drivers of the energy storage market in near future.

     

    Renewable energy generation supplies, including such solar and wind energy, are increasingly being adopted for consciousness by the commercial and industrial (C&I) sector.

     

    However, renewable energy is an occasional source of energy, and the C&I industry is having failed to fully utilize these assets.

     

    Infographic: US Energy Storage Market, US Energy Storage Market Size, US Energy Storage Market Trends,  US Energy Storage Market Forecast,  US Energy Storage Market Risks, US Energy Storage Market Report, US Energy Storage Market Share

     

    As a result, in order to increase the utilization rate of alternative energy sources, the C&I sector is anticipated to adopt energy storage more frequently, creating significant potential for Energy Storage providers in the future.

     

    Most industries are still in the early phases of development residential energy storage system (RESS) monetization strategies.

     

    Residential users, on the other hand, are anticipated to take an active role in changing their electricity spending habits by able to monitor their precise inventory in real time.

     

    US ENERGY STORAGE MARKET SEGMENTATION

     

    The US Energy Storage Market can be segmented into following categories for further analysis.

     

    US Energy Storage Market By Application

    • Commercial Application
    • Industrial Application
    • High-Capacity User Application
    • Residential Application

     

    US Energy Storage Market By Usage Classification Type

    • Battery Energy Storage System
    • Pump Storage Hydroelectricity System
    • Thermal Energy Storage System
    • Flywheel Energy Storage System
    • Mechanical Storage System
    • Electro Chemical Storage System

     

    US Energy Storage Market By Operational Technology Type

    • Transportation
    • Grid Storage

     

    US Energy Storage Market By Regional Classification

    • Western Region – USA
    • Mid-West Region – USA
    • Northeast Region – USA
    • Southern Region – USA

     

    US ENERGY STORAGE MARKET RECENT TECHNOLOGICAL TRENDS

     

    Sr. No. Timeline Company Updates
    1 November 2021 Fluence and Siemens Fluence and Siemens Smart Infrastructure partnered to install a 22.5MVA/15.6MWh battery storage system to help the island enhance energy resilience by expanding renewables, as well as gain energy independence.
    2 July 2021 Sonnen Sonnen launched sonnen Community New York Virtual Power Plant (VPP), a pioneering solar plus battery program for homeowners in New York State
    3 March 2021 Mainspring Energy and  NextEra Energy Mainspring Energy unveiled its Mainspring Linear Generator, with a $150 million contract with NextEra Energy Resources. Its technology represents a significant step in the transition to a zero-carbon power grid, given its ability to shift between traditional natural gas sources and alternative fuel sources like biogas and hydrogen.
    4 November 2020 Sonnen Sonnen launched an affordable “all-in-one” system in the US which comes at a recommended retail price of US$9,500.

     

    The electricity supply is a complex process wherein power consumption must be balanced at all times.

     

    Supply has historically been configured to suit changes in the market, ranging from everyday characteristics of social action to unforeseen situations including such equipment overloads, wildfires, storms, and other severe weather events.

     

    Energy stability is an important part of this delicate balance, as it contributes towards a more reliable and flexible grid system.

     

    There are numerous types of energy storage options available for use in the energy industry, and more being developed as the innovation is becoming a critical part in the global energy technology and information technology.

     

    Thermal Energy Storage is a technology enhanced framework of successful execution on the industry. Energy storage technologies include molten salt and liquid air storage, as well as cryogenic storage.

     

    Hydrogen energy storage, that is still in the early stages, would entail converting it from electricity via electrolysis and storing it in storage tank.

     

    With concentrated solar power, molten salt has surfaced as an economically viable heat storage solution, but this and many other thermal storage solutions may be restricted by a need for huge underground storage cave systems.

     

    Stored energy with pumped hydro processes due to large water reservoirs has indeed been commonly utilized over most of the last century, becoming the most commonly used type of utility-scale storage globally.

     

    Water cycling among both two reservoirs at distinct levels is essential in those kind of system applications, with the ‘energy storage’ in the moisture in the upper reservoir.

     

    US ENERGY STORAGE MARKET PROJECT DEVELOPMENT AND INNOVATION

     

    S No Project Name Development
    1 Willow Rock Energy Storage Center In Kern County, California, the Willow Rock Energy Storage Center is a utility scale A-CAES plant that is currently under construction. The proposed facility will offer up to 500 megawatts (MW) / 4,000 megawatt hours (MWh) of new electrical capacity, enabling California’s alluring and expanding solar and wind resources to be instantly transformed into dependable, on-demand peaking capacity for the Los Angeles region and the larger California grid. 
    2 Daggett  Los Angeles, CA – In San Bernardino County, California, Clearway Energy Group LLC (“Clearway”) announced the start of full construction on its Daggett 3 Solar Power + Battery Energy Storage System (BESS) project. 

     

    From frequency regulation and load management to system peak shaving and storing extra renewable power, energy storage in the US can be used for a variety of purposes that enhance the efficiency of the electricity grid. 

     

    Energy storage will be crucial to maintaining system stability as intermittent renewable energy supply is expected to increase. 

     

    In the next three decades, it is anticipated that the power capacity from diurnal storage in the United States will increase by over seven times, to reach about 28 gigawatts. 

     

    The two main storage methods used in the nation are batteries and pumped storage.

     

    By compressing air and storing it on the project site, Willow Rock Energy Storage Center project will store extra generation from California solar and wind installations for times when consumer demand is low. 

     

    This high-pressure air is used to generate emissions-free power to fulfill real-time electrical load and improve overall grid resilience during times of higher customer demand or low supply.  

     

    The project is designed to generate electricity for at least eight hours at full capacity.

     

    The entire Daggett project footprint, when finished, will have a staggering 394 MW of energy storage capacity and 482 MW of solar power, making it the largest solar + battery storage project now under construction in California.

     

     More than three million people in Southern California can now receive clean, dependable electricity thanks to the Daggett project from Clean Power Alliance. 

     

    Daggett is a wonderful example of the kind of transformative and equitable development we are actively pushing because it repurposed land that had previously been home to a fossil fuel factory and used local union employees to build the project.

     

    US ENERGY STORAGE MARKET NEW PRODUCT LAUNCHES

     

    The launch of the newest battery product developments by Xiamen Hithium Energy Storage Technology Co., Ltd. (Hithium) at RE+  in Anaheim, USA, was a success this week.

     

    The recently released state-of-the-art 300Ah Prismatic Cell designed for electric energy storage, one of Hithium’s most revolutionary two batteries, has a long cycle life of 12,000 cycles and a 95% energy efficiency.

     

    It can achieve “zero” loss in the first three years of use. The energy storage system employing lithium 300Ah Prismatic cells may lower LCOE by about 25.3%, enhance IRR by approximately 18.4%, and, most importantly, save the initial expenditure by approximately 5% when compared to the energy storage system using 280Ah cells.

     

    The unique 46mm Large Cylindrical Cell, which was also unveiled, has a ground-breaking design that results in a 10% cost savings for batteries while maintaining extremely high safety standards compared to a regular prismatic cell.

     

    For a more flexible approach to domestic energy storage, the 46mm Cylindrical Cell records great consistency, an extra-long lifecycle, and exceptional adaptability.

     

    Because of its novel construction, the Large Cylindrical Cell has a higher explosion-proof rating than standard models and can resist more pressure. Beginning in Q1, both the 46mm Large Cylindrical Cell and the 300Ah Prismatic Cell will be available for global shipping.

     

    Hithium also displayed its whole line of energy storage battery solutions at RE+ in addition to the new additions, garnering a lot of interest from professional audiences. Hithium products use cutting-edge, ground-breaking technology to enhance utility, C&I, and residential energy storage while offering high levels of safety, efficiency, long cycle lives, and low lifetime cost of ownership.

     

    The first utility-scale storage project in the US has been announced by EVLO Energy Storage Inc. (EVLO), a provider of fully integrated battery energy storage systems and solutions and a subsidiary of Hydro-Québec.

     

    The 3 MW / 12 MWh battery energy storage system (BESS) project, which is situated in Troy, Vermont, will aid in strengthening the integration of regional renewable generation into the New England grid.

     

    The EVLO BESS will store energy during periods of high energy production for use later during periods of peak energy demand, assisting in reducing the erratic nature of renewable power supply and providing utility consumers with value.

     

    Through Sandia’s Energy Storage Demonstration Projects program, the U.S. Department of Energy will co-fund a million of the project. With its EVLO 1000 units, Power Converter System platforms, and industry-recognized Energy Management System EVLOGIX, EVLO will provide an entire solution.

     

    Lithium-ion battery producer LG Energy Solution announced Prime+, a new household energy storage system with adjustable capacity to fulfill home backup power requirements.

     

    With a maximum inverter output of 9.6kW, LG’s new household storage system links two 10-hour batteries or 16-hour Prime battery modules in parallel to provide a capacity of 19.2 kWh to 32 kWh.

     

    Full inverter and battery commissioning takes less than 10 minutes, significantly reducing the amount of time required of the installation. Due to its interoperability with current PV systems, Prime+ is intended as a retrofit option for partial or full house backup.

     

    US ENERGY STORAGE MARKET COMPETITIVE LANDSCAPE

     

    Sr. No. Timeline Company Sales
    1 Q3-2021 Samsung SDI In Q3, Samsung SDI noted a revenue of 3,440 billion KRW ($2.9 billion), an increase of 11.4% year-over-year, while its operating profits increased by nearly 40% year-over-year. About 80% of the sales comes from “Energy and others” category – mainly batteries.
    2 Q3-2021 (Ended September, 2021) NextEra Energy, Inc. NextEra Energy, Inc. reported 2021 third-quarter net income on a GAAP basis of $447 million, or $0.23 per share, compared to $1,229 million for the third quarter of 2020. On an adjusted basis, NextEra Energy’s 2021 third-quarter earnings were $1,483 million compared to $1,311 million in the third quarter of 2020.

     

    Energy storage systems allow electricity to be retained throughout sunny and windy durations as well as planned to release once required.

     

    Long-term energy storage has enormous potential in a world where wind and solar power are dominating new power station expansions and progressively displacing other sources of power.

     

    Because wind and solar only generate at specific times, they require a supplementary technologies to assist bridge that gap. And lithium-ion batteries, which currently supply 99 percent of all new storage capability, are becoming incredibly expensive.

     

    NextEra energy is the leader in energy storage presence within the US market. It has more than 190 MW of battery-based energy storage systems present in active operations within the market.

     

    The Babcock Ranch Solar Energy Centre is the country’s largest combined solar-plus-storage installation. A 10-MW battery storage project is integrated into the functioning of a 74.5-MW solar power plant inside this slashing project.

     

    The 20 MW Pinal Central Solar Energy Centre in Arizona became NextEra Energy Resources’ first development to couple solar energy with the on, state-of-the-art 10-MW battery storage system.

     

    This plant not only generates adequate solar energy to power 5,000 households, but it also stores extra energy inside a lithium-ion energy storage system.

     

    General Electric stand to be the continual solutions provider of energy storage systems in the market by providing a proper operating platform of requirements.

     

    It has initiated the platform of reservoir which is focused on providing better renewable energy integration.

     

    The Reservoir connects easily throughout the Grid, allowing the public to expand renewables incorporation, improve profitability, improve grid operations, lower energy prices, and permit more decentralized, local production.

     

    The Reservoir, which condenses 4MWh and 10 years of power storage knowledge into a 20′ box, provides an estimated 15% improvement in battery longevity, 5% increased efficiency, and decreased deployment time and expense.

     

    The reservoir platform’s first release is a 1.2 MW, 4MWh unit which is a crucial building component of a modular, holistic framework with GE’s distinctive technological resources.

     

    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in theIndustry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2024-2030
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030
    19 Market Segmentation, Dynamics and Forecast by Application, 2024-2030
    20 Market Segmentation, Dynamics and Forecast by End use, 2024-2030
    21 Product installation rate by OEM, 2023
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2023
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix
       
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