U.S. Energy Storage Market growth is propelled by increased deployment of renewable integration along with rising investments aimed at building a reliable and smart grid infrastructure.

Sellbyville, DE -- (SBWire) -- 03/01/2019 --According to the latest research study by Global Market Insights, Inc., the U.S. Energy Storage Market is anticipated to exceed USD 4 billion by 2024. Rising regulatory focus toward limiting carbon emissions while adding new capacities of renewable generation to the grid will boost the U.S. energy storage market growth.

Key states including New York, Massachusetts, Oregon and California have adopted plans to integrate large scale energy storage systems to the grid. In June 2018, the government of New York introduced state's energy storage roadmap with a deployment target of 1,500 MW of energy storage by 2025.

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Growing penetration of intermittent renewable power into the grid coupled with favorable policies and monetary support for energy storage will drive the U.S. residential energy storage market. Hawaii and California together account for a significant share of total residential energy storage across the country with fresh participation expected from Massachusetts and Arizona in the coming years. Reduction in net metering compensation along with introduction of time of use tariffs by utilities will further stimulate the industry growth.

The U.S. lithium ion energy storage market is set to grow on account of constantly declining technology costs primarily driven by economies of scale in manufacturing. Li-ion batteries find use across numerous applications comprising frequency regulation, residential solar storage and E-V charging stations amongst others.

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High energy density and appreciable coulombic efficiency are some of the primary features that will persistently fuel the product deployment over its available conventional alternatives.

Utility energy storage market is predicted to surpass USD 1.5 billion by 2024. Growing significance of grid stability, with the implementation of sustainability, resilience, and efficiency will positively influence the industry growth. Aging grid infrastructure and rising concerns over climate change will further fuel the business growth.

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Growing integration of intermittent energy from renewable sources into the national grid will elevate the necessity of adoption of energy storage systems essential for grid stability, which in turn will augment the U.S. energy storage market.

Major companies participating actively in the U.S. energy storage industry include: ABB, SolarEdge, Tesla, EDF Renewable Energy, Duke Energy, E.ON, East Penn Manufacturing, LG Chem, Johnson Controls, Invenergy, GE Power, Fluence Energy, and EnerVault amongst others.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.