PUBLISHER: Grand View Research | PRODUCT CODE: 1404978
PUBLISHER: Grand View Research | PRODUCT CODE: 1404978
The U.S. battery energy storage system market size is expected to reach USD 4.4 billion by 2030, expanding at a CAGR of 30.5%, according to a new report by Grand View Research, Inc. Rising deployment of renewable energy sources such as solar and wind are resulting in increased adoption of storage systems owing to the grid reliability offered by the technology. It provides constant power supply to the grid and compensates for intermittent nature of renewable power supply.
The systems are widely used in industries including medical, marine, telecommunication, production, energy, and information technology. With increasing requirement of efficient grid management, constant load management, and continuous power supply, the market is expected to witness significant growth over the forecast period.
The manufacturers supply batteries both through direct supply and third-party supply agreements to the manufacturers in the industry. The manufacturers assemble different batteries depending on the requirements of the end-use industries. The system manages the power quality, aids time shifting, and improves grid efficiency.
Industry participants are focusing on largely commercializing flywheel storage as it is more economical than batteries. The main reasons for this are the long service life and low maintenance costs of the flywheel compared, which compensates for the higher purchase costs at the beginning of the installation. While flywheel storage normally has the same lifespan as the UPS technology, batteries have to be replaced several times during the lifespan of a UPS.