According to the Graphical Research new growth forecast report titled “North America Stationary Battery Storage Market Size By Battery (Lithium Ion, Sodium Sulphur, Lead Acid, Flow Battery), By Application (Grid Services, Behind The Meter, Off-Grid), Industry Analysis Report, Country Outlook (U.S., Canada), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”, to be at Forefront by 2026.
North America Stationary Battery Storage Market Share will witness an upsurge on account of growing investments toward integration of energy efficient technologies coupled with increasing deployment of enhanced storage systems with high power output. Favorable government regulations toward the expansion of grid infrastructure along with ongoing development of communication networks will positively influence the industry landscape.
The flow battery market will gain an appreciable momentum on account of increasing investments toward implementation of renewable electrical network coupled with ongoing technological advancement toward the development of cost-effective storage solutions. High product efficiency, enhanced reliability and longer shelf life are some of the key advantages which will make its deployment preferable when compared with other available counterparts.
Ongoing refurbishment of power infrastructure coupled with the security of supply concerns will boost the product demand. Rapid technological advancements toward distributed generation technologies along with accelerating electricity demand will positively influence the industry outlook. Rising consumer investments and increasing awareness toward emergency backup power will complement the stationary battery storage market across the region.
Extensive fluctuations in energy consumption pattern coupled with unreliable grid network will augment the sodium sulphur batteries demand. Economic feasibility to cater to the smaller to high power load will reinforce the demand for these units. Increasing efforts to mitigate the anthropogenic reasons of global warming has amplified the industry toward renewable energy sources which in turn will augment the business landscape.
Accelerating need for uninterrupted electricity supply coupled with robust growth across real estate sector will drive the Canada stationary battery storage market. Accelerating investments across construction activities including development of malls, hotels and commercial complexes will positively influence industry outlook. In addition, frequent power cuts and blackouts coupled with aging transmission and distribution lines will further drive the product penetration.
Rising need for integration of efficient & reliable clean energy sources along with ongoing demand for cost effective technologies for network synchronization has extended the industry scenario. Growing customer focus toward high power units owing to their suitability and viability will augment the business growth. These units are gaining importance on account of their ability to efficiently absorb, store and release electric energy.
Prominent industry companies operating across the market includes Exide, Tesla, Johnson Controls, Dura power, Toshiba, Hitachi Chemical, Siemens, Samsung, Enersys and Panasonic. New product portfolio, mergers and acquisitions are the key strategies implemented by players to meet the competition prevailing in the industry.