According to the report by Expert Market Research (EMR), the North America Battery Storage Service Market Size reached a value of USD 106.50 million in 2023. Aided by the escalating shift towards renewable energy sources and the increasing need for grid stabilisation, the market is projected to further grow at a CAGR of 22.8% between 2024 and 2032 to reach a value of USD 586.70 million by 2032.
Battery storage systems are pivotal in ensuring the continuous supply of power, especially with the intermittent nature of renewable energy sources like wind and solar. These storage systems not only aid in storing excess power for later use but also help in stabilising grid networks by managing peak load demands and preventing power outages.
The shift towards green energy is profoundly influencing the North America battery storage service market growth. With the increasing installation of solar panels and wind turbines, there’s an augmented need for efficient battery storage systems to harness and utilise generated power optimally. Furthermore, the move away from fossil fuels, driven by environmental concerns for reducing carbon emissions, and policy frameworks, solidifies the position of battery storage systems in the energy infrastructure of North America. The ageing energy infrastructure in various parts of North America demands modern solutions for efficient power management and distribution of energy. Battery storage services are becoming integral in these revamp efforts, providing both short-term and long-term power storage solutions that ensure uninterrupted power supply and distribution.
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The burgeoning electric vehicle (EV) market in the region further bolsters the North America battery storage service market expansion. As EVs gain popularity, there’s an ensuing demand for advanced battery storage systems not only in the vehicles themselves but also in charging stations. This has led to a rise in services related to the maintenance, monitoring, and upgrading of these battery systems. Beyond energy arbitrage and backup power, battery storage is being used for a wider range of applications, including frequency regulation, demand charge management for commercial users, and supporting the deployment of microgrids. This diversification is expanding the market and opening new revenue streams for storage providers.
As per the North America battery storage service market analysis, the residential and commercial sectors are increasingly adopting battery storage solutions, driven by the desire for energy independence, backup power during outages, and the potential for cost savings through peak shaving and load shifting. Solar plus storage systems are becoming particularly popular, allowing homeowners and businesses to maximise the use of their solar energy generation and reduce their reliance on the grid.
There is a significant rise in the deployment of utility-scale battery storage systems across North America. As per the North America battery storage service market outlook, these large-scale storage solutions are crucial for balancing supply and demand on the grid, particularly as the penetration of intermittent renewable energy sources like wind and solar power increases. Utility-scale batteries help stabilize the grid, store excess energy during low demand, and release it during peak times, enhancing energy reliability and reducing the need for fossil fuel-based peak power plants.
Moreover, advancements in technology are one of the crucial trends that have paved the way for the development of more efficient, durable, and cost-effective battery storage systems. Innovations, especially in lithium-ion batteries, have significantly reduced costs while boosting efficiency, thereby contributing to the North America battery storage service market share.
Government policies and regulatory frameworks in North America are increasingly supportive of energy storage as part of a broader strategy to transition to clean energy. Incentives, subsidies, and regulatory mandates are driving the adoption of battery storage systems both at the utility-scale and for residential and commercial use. Policies such as investment tax credits (ITC) for battery storage are significantly influencing the growth of the battery storage service market in North America.
North America Battery Storage Service Market Segmentation
The market can be divided based on service type, deployment, battery type, and country.
Market Breakup by Service Type
- Temperature Monitoring
- Calibration (Charge and Discharge Rate)
- Emergency Services (Damage or Power Outages)
- Preventive Maintenance
- Decommissioning/Recycling
- Others
Market Breakup by Deployment
- Onsite
- Offsite (PLC and Scada Maintenance)
Market Breakup by Battery Type
- Lithium Ion Battery
- Flow Battery
- Others
Market Breakup by Country
- United States of America
- Canada
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Competitive Landscape of North America Battery Storage Service Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America battery storage service market. Some of the major players explored in the report by Expert Market Research are as follows:
- Glidepath Federal Solutions LLC
- Convergent Energy and Power
- General Electric Company
- ZGlobal Inc
- Stem, Inc.
- Fluence Energy, Inc.
- OCI Solar Power LLC
- CODA Energy Holdings LLC
- Others
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