LONDON--(BUSINESS WIRE)--The Li-ion battery market for energy storage systems in the US is expected to post a CAGR of more than 34% over the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is lead pollution and stringent laws associated with the same. The increase in lead pollution owing to improper disposal of lead components is becoming a challenge for the development of lead-acid battery technology, which is favoring the adoption of Li-ion battery technology in the US and around the globe.
This market research report on the Li-ion battery market for energy storage systems in the US also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the development of zero energy buildings as one of the key emerging trends in the Li-ion battery market for energy storage systems in the US:
Li-ion battery market for energy storage systems in the US: Development of zero energy buildings
The construction industry is addressing the increase in power consumption in buildings by construction net-zero energy buildings. The energy consumption of these buildings is equivalent to the amount of energy they generate. To achieve this goal, special construction materials and designs are used to increase building efficiency. For example, efficient building technologies are used to thermally insulate the building and allow natural lighting into building premises to reduce power consumption. While the interior design of the building reduces the amount of power consumed, the actual power required by the building is produced at a site primarily using renewable energy.
“The state of California in the US has set a target that all new housing units will be zero net energy homes by 2020. Currently, California has the largest number of zero,” energy buildings. The increase in the construction of zero-energy buildings in the US will drive the solar PV market, which in turn, will lead to an increase in demand for Li-ion batteries for energy storage,” says a senior analyst at Technavio for research on energy storage.
Li-ion battery market for energy storage systems in the US: Segmentation analysis
This market research report segments the Li-ion battery market for energy storage systems in the US by end-user which includes the utility segment, the non-residential segment, and the residential segment.
In 2017, the utility segment accounted for the largest share of the Li-ion battery market for energy storage systems in the US with a market share of 66%. This segment was followed by the non-residential and the residential segment respectively. However, the market share of the utilities segment is expected to take a severe hit over the forecast period reducing its market share by more than 21%, while the residential segment is expected to witness an increase of around 28% in its market share by 2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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