North America Energy Storage Systems Market Size - By Technology (Pumped Hydro, Electro-Chemical {Lithium Ion Battery, Sodium Sulphur Battery, Lead Acid Battery, Flow Battery, Others}, Electro-Mechanical, Thermal), By Application & Forecast, 2024 - 2032

North America Energy Storage Systems Market size is anticipated to record 16.1% CAGR from 2024 to 2032 due to increasing partnerships among companies and research institutions to drive innovations. Of late, there have been substantial investments in the region for actively developing efficient and scalable solutions for focusing on integrating renewable energy sources and improving storage capacities.

With the growing demand for reliable energy storage solutions, these collaborative efforts are further accelerating advancements in efficiency and cost-effectiveness for more resilient and sustainable energy infrastructure. For instance, in December 2023, ABB and Gravitricity joined forces to develop renewable energy storage solutions by utilizing end-of-life mine shafts and hoist technology to bring innovats within underground infrastructure.

The North America energy storage systems market is segregated into technology, application, and country.

By technology, the thermal energy storage segment is estimated to rise at significant rate from 2024 to 2032, due to advances within the broader field of energy storage. Innovators are developing technologies that capture and store excess heat or cold for enhancing energy efficiency. These systems are also used in the residential and industrial sectors for optimizing energy consumption and reducing reliance on conventional power sources. Enhanced materials and improved heat exchange mechanisms are also enabling the broader adoption of thermal energy storage as a sustainable solution to meet the growing energy demands and reduce environmental impacts.

North America energy storage systems industry from the electric supply capacity application segment is expected to expand from 2024 to 2032. Of late, innovations in battery technology and grid management are enhancing the ability to store and distributing electricity efficiently. Energy storage systems are crucial for stabilizing power supply during peak demand periods as they integrate renewable energy sources like solar and wind. Moreover, the increasing advancements are scaling up storage capacities and improving grid resilience, adding to the segment growth.

Canada energy storage systems industry size is projected to depict robust growth between 2024 and 2032, propelled by the rising government support and policies for fostering innovations and sustainability. These initiatives are encouraging the development of advanced technologies in the country to enhance energy storage capabilities and integrate renewable sources more effectively. The rising funding and regulatory frameworks are also accelerating the adoption of energy storage solutions across the regional diverse energy landscape. For instance, in July 2023, the Quinte Compressed-Air Energy Storage System initiative was announced in Greater Napanee, Ontario, Canada. This 500,000 kW project utilizes compressed air storage technology for marking a significant advancement in electro-mechanical battery storage within the energy storage system sector.