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U.S. Battery Energy Storage System Market Thrives with Government Incentives

The U.S. battery energy storage system market was valued at USD 711.9 million in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 30.5% from 2024 to 2030. The increasing use of battery storage systems in industrial sectors to support critical power supply during emergencies, such as grid failures and trips, is a major driver for market growth. Additionally, the growing need for uninterrupted power in data centers and telecommunications is contributing to the rising demand for these systems, as organizations seek to enhance business continuity and operational efficiency.

In the U.S. market, the value chain includes equipment suppliers, battery energy storage manufacturers, and end-use industries. Battery energy storage systems are manufactured using essential components such as batteries, module packs, connectors, cables, and bus bars. Among these, batteries are the most crucial component, forming the core of the system.

The expanding installation of large-scale renewable energy projects across the U.S. is further propelling the adoption of battery energy storage systems. These systems are critical in mitigating the intermittent nature of power generated from solar and wind energy. Moreover, stringent environmental regulations promoting the use of clean energy sources are accelerating the need for off-grid energy storage solutions.

Battery systems are widely used in emergency power supply systems, wind power output fluctuation management, and stand-alone photovoltaic (PV) systems. Their favorable cost-performance ratio, ease of charging, and recyclability make them highly attractive for diverse applications, boosting their demand across various sectors.

Ongoing technological advancements in energy storage are also fueling market expansion. Industry players, such as U.S.-based Power Electronics, are introducing innovative products that combine solar inverters and storage solutions. Moreover, there is increasing interest in alternatives to lithium-ion technology, such as zinc-based systems, particularly in fire-sensitive areas where lithium-ion poses safety concerns.

Battery energy storage systems are gaining traction due to features like rapid recharging, minimal electrolyte waste, and suitability for a wide range of applications including backup, portable, and stationary power. These advantages are expected to drive continued adoption across both commercial and residential sectors.

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Key Market Trends & Insights

By product: The lithium-ion battery segment accounted for 54.9% of revenue in 2023.
By application: The grid storage segment held the largest revenue share, exceeding 44.0% in 2023.

Market Size & Forecast

2023 Market Size: USD 711.9 Million
2030 Projected Market Size: USD 4.4 Billion
CAGR (2024–2030): 30.5%

Key Companies & Market Share Insights

The market remains consolidated, with several dominant players pursuing organic and inorganic growth strategies to expand their offerings and increase market share. Battery manufacturers supply products either directly or via third-party agreements to energy storage system producers, who then tailor assemblies to meet specific end-user needs. The increasing demand for efficient grid management, stable load balancing, and uninterrupted power supply is expected to continue driving robust market growth.

Major U.S. Battery Energy Storage System Companies Include:

General Electric
Hitachi Ltd.
GS Yuasa
Beckett Energy Systems
Exide Technologies
Samsung SDI
Enersys
AES Energy Storage
Imergy Power Systems Inc.
Altair Nanotechnologies Inc.

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Conclusion

The U.S. battery energy storage system market is on a strong growth trajectory, driven by the surge in renewable energy installations, rising need for emergency and backup power, and advancements in battery technologies. As regulatory support for clean energy intensifies and industries demand higher energy reliability, battery storage systems will play an increasingly critical role in ensuring grid stability and energy security across the country.

Surging Demand for Industrial Refrigeration Systems Drives Market Growth Across Industries

The global industrial refrigeration systems market size is anticipated to reach USD 27.66 billion by 2030, registering a CAGR of 4.4% from 2023 to 2030, according to a new report published by Grand View Research, Inc. The demand for industrial refrigeration is increasing due to the fast-moving consumer goods and retail food which needs efficient storage for perishable edible items. Governments are taking initiatives to support and strengthen the cold chain infrastructure and shifting towards eco-friendly refrigeration systems.

Global warming and climate change have alarmed nations to take the necessary step to curb the crisis. As a result, industrial refrigeration system manufacturing companies have expressed concerns regarding the potential of global warming and ozone depletion of their refrigerants. As a result, companies are focusing on technologies to offer improved cost-effectiveness, lesser toxic refrigerants, lower energy consumption, and less toxic materials.

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For instance, DanFoss, a prominent manufacturer of industrial refrigeration systems, introduced Cool selector 2 to help them design and optimize their air conditioning and refrigeration systems. System designers, engineers, and consultants can use the software to make optimum use of energy and HVACR systems. The benefits of using CO2 refrigeration systems are recognized worldwide as CO2 has a GWP (Global Warming Potential) of 1. The new update allows you to calculate components from the standpoint of an application for transcritical high-pressure side systems.

With the advancements in technology, industrial refrigeration systems have shown enhancement in their processes. Innovations have led to the manufacturing of smart and intelligent devices that monitor, set temperature, and notify the person as and when needed. The incorporation of Artificial Intelligence (AI) in the systems became a breakthrough in the market by enhancing productivity and lowering the operational cost for the organizations.

The industry growth in Asia Pacific is anticipated to observe the fastest growth during the forecast period. This expansion is attributed to the rapid growth prospects of cold-chain storage infrastructure in the countries such as Japan, India, and China. For instance, India is the second-largest fruit and vegetable producer, worldwide. The cold storage and handling the refrigeration of this huge vegetable and fruit produce is a challenging job thus fueling the market growth.

Order Your Sample Copy of the Industrial Refrigeration Systems Market Size, Share & Trends Analysis Report By Component (Compressors, Condensers, Evaporators, Controls, Others), By Capacity, By Refrigerant, By Application, By Region, And Segment Forecasts, 2024 – 2030

Industrial Refrigeration Systems Market Report Highlights

The compressor segment is the largest growing component in the refrigeration system as they are used in commercial as well as industrial refrigeration, heat pumps, and air conditioning applications

Food and beverage applications accounted for the largest market share due to the growing disposable income and the rising population. It has augmented the demand for frozen and processed food products

The 500-1000kW capacity segment led the industrial refrigeration systems market as they helped extend the shelf life and reduce product wastage

Asia Pacific is the highest-growing region in the market due to the maximum number of fruits and vegetable producers and also a requirement for cold-chain storage

Recent Developments

In November 2023, DAIKIN Industries Ltd. introduced a fully electric and plug-in hybrid transport refrigeration product range aimed at reducing emissions from internal combustion engines.

In June 2023, Johnson Controls acquired M&M Carnot, a provider of natural refrigeration solutions with ultra-low global warming potential (GWP). This acquisition is projected to support Johnson Controls’ move to help customers meet sustainability goals. The acquisition also strengthened the portfolio of Johnson Controls, which meets environmental regulations.

In March 2023, Emerson launched the new Vilter-branded trans-critical CO2 compressor. According to the company, this compressor is designed for handling high-pressure industrial CO2 refrigeration.

In February 2023, Danfoss announced the construction of a compressor and sensor manufacturing facility in Apodaca, Mexico. This expansion strategy was aimed at meeting the demand for cooling technology from the U.S.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Driving Innovation in the Industrial Gases Sector: Trends and Outlook 2023-2030

Industrial Gases Industry | Forecast 2030

The economic value generated by the industrial gas market was estimated at approximately USD 99.9 billion in 2022. This economic output is an amalgamation of industrial gas products including nitrogen, hydrogen, carbon dioxide, oxygen, argon, and acetylene.

Global industrial gases market’s growth is driven by increasing consumption of industrial gases in a wide range of end-use industries such as steel, cement, water treatment, automotive, food & beverages, plastics and rubbers, medical, and others. Increasing industrialization in the growing economies of the world is expected to the driving force behind the growing consumption of industrial gases.

Access the Global Industrial Gases Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Several initiatives have taken place for the development of the market in 2021 and 2022, which is anticipated to further escalate the growth in the forthcoming years. For instance, in October 2022, American oil & gas giant Air Liquide has announced to build three industrial gas production plants to serve large semiconductor manufacturers across the globe. For this, Air Liquide entered into a joint venture with Far Eastern Group and is estimated to invest over USD 530 million in this development strategy, according to Francois Abrial, member of Air Liquide executive committee of Asia Pacific. This is a triggering factor for the growth of industrial gases market.

Nitrogen Gas Market Growth & Trends

The global nitrogen gas market size is expected to reach USD 69.7 billion by 2030, expanding at a CAGR of 7.1% from 2023 to 2030, according to a new study by Grand View Research, Inc. Nitrogen gas has high demand in the manufacturing sector for applications such as laser cutting, metal fabrication, and food packaging. It provides an inert atmosphere that prevents oxidation and maintains the quality of the manufactured products.

The manufacturing industry relies heavily on the market for a diverse range of applications. One of its primary uses is laser cutting, a popular method for precision cutting of metals and other materials. It is commonly used as an assist in laser cutting processes. It helps to cool the cut and remove debris, resulting in cleaner and more precise cuts. Additionally, nitrogen gas provides an inert atmosphere that prevents oxidation during the cutting process, reducing the risk of discoloration or corrosion on the cut surfaces.

Order your copy of Free Sample of “Industrial Gases Industry Data Book – Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Argon and Acetylene Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research

Acetylene Gas Market Growth & Trends

The global acetylene gas market is expected to reach USD 5.4 billion by 2030, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2023 to 2030. The growth of the welding market, which is driving the demand for acetylene gas as a fuel gas for welding.

The welding market has been experiencing significant growth in recent years, which has contributed to the increased demand for products as a fuel gas for welding. Welding is a process that involves joining two or more pieces of metal by heating the surfaces to their melting points, causing them to fuse together. Acetylene gas, when mixed with oxygen, produces a flame that can reach temperatures high enough to melt most metals, making it an ideal fuel gas for welding.

The growth of the welding market can be attributed to several factors, including the increasing demand for metal fabrication in various industries such as construction, automotive, and aerospace. Welding is also used in the repair and maintenance of metal structures and equipment, which is becoming increasingly important as companies seek to extend the lifespan of their assets.

Go through the table of content of Industrial Gases Industry Data Book to get a better understanding of the Coverage & Scope of the study

Argon Gas Market Growth & Trends

The global argon gas market is expected to reach USD 17.21 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2023 to 2030. Argon is often substituted by helium in various sectors; however, rising helium prices are projected to boost product demand in several applications. Expanding automobile sector is also anticipated to increase product demand as steel is one of the main components of this sector.

The solar energy market requires huge volumes of argon for manufacturing processes. Burgeoning energy markets are also expected to drive the product demand, owing to applications in the solar and insulated windows market. Argon and krypton gases are used for insulating windows to cover the space between glass panes to prevent cold air from coming inside the rooms. This factor is further projected to drive the market over the forecast period.

Growing lighting demand owing to the increasing number of malls, and shopping complexes are expected to drive product demand over the forecast period. Argon is a versatile gas and is used for various welding applications such as welding special alloys and the production of light bulbs and lasers. It can also provide oxygen and a nitrogen-free environment for various heating processes which is expected to drive the market over the forecast period.

Competitive Insights

The global industrial gas market is highly competitive due to presence of a large number of well small scale and large-scale manufacturers and suppliers of industrial gases. The small-scale companies majorly focus on stable pricing, regular supply, and product quality to serve the best to its clients. Whereas the large-scale companies regularly invest time and money on research and development activities for innovation and new product development related to industrial gases. Large-scale companies also focus on building a strong supply chain for the seamless distribution of industrial gases to their customers.

Global as well as regional players are striving to strengthen their sales channels to maintain a stable supply of industrial gas products to its consumers. The growing usage of industrial gases from a wide range of industries is also creating a competitive environment for industrial gas producers. Large players cater to the maximum share of the industrial gas market, while small players are also focusing on innovation and better product and service quality to capture a greater market share.

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Driving Efficiency: Insights into the Positive Displacement Pumps Industry 2023-2030

Positive Displacement Pumps Industry Data Book | Forecast 2030

The economic value generated by the positive displacement pump industry was estimated at approximately USD 18.35 billion in 2022. The demand from various industries such as oil & gas, chemicals, pharmaceuticals, and water treatment is driving this market’s growth. Positive displacement pumps, known for their precision and ability to handle a wide range of fluids, were increasingly adopted for critical applications where accuracy and reliability were paramount. Technological advancements, including the integration of smart and energy-efficient features, were enhancing the overall outlook of the sector. However, the specific outlook can be influenced by economic conditions, technological developments, and industry trends, so it is advisable to check more recent sources for the latest information.

Access the Global Positive Displacement Pumps Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Positive displacement pumps transfer the fluid mechanically by repeatedly enclosing a fixed volume with the help of seals or valves. The pump’s action is cyclic, which is driven by screws, lobes, diaphragms, vanes, or gears. These are preferred in the oil & gas industry mainly because of the limitations of the centrifugal pumps. Positive displacement pumps work at lower speeds which makes them less prone to damages caused by high viscosity oils and slurries. These are used when applications require accurate dosing. The industry is further segmented into reciprocating and rotary pumps.

The rise of Industrial IoT is poised to transform the manufacturing environment by developing a digitally connected ecosystem. End-users across multiple industry verticals are eager to invest in IoT technologies that enable them to make their assets smarter and more intuitive in the current context, with increased demand to control operating expenditure and improve production efficiency. This trend is influencing the positive displacement pumps industry, where several leading and niche manufacturers are actively investigating IoT-based solutions to integrate intelligence into their product offerings.

The integration of IoT in positive displacement pumps has revolutionized the industrial landscape by enhancing efficiency, predictive maintenance, and overall performance. IoT-enabled pumps gather real-time data, allowing for continuous monitoring of the key parameters such as pressure, temperature, and flow rates. This data is then analyzed to predict potential issues, enabling proactive maintenance to prevent downtime. Additionally, IoT facilitates remote monitoring and control, optimizing operations and reducing the need for on-site interventions. The connectivity and data-driven insights provided by IoT, empower businesses to make informed decisions, improve energy efficiency, and extend the lifespan of positive displacement pumps, thereby positively impacting the market through increased reliability and cost-effectiveness.

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Rotary Pumps Market Report Highlights

The gear pump segment accounted for the largest share of 34.3% in 2023 owing to the characteristics of the pump that involve meshing of gears to generate pressure difference so that transfer of fluids can be done from one point to another

The oil & gas segment accounted for the largest revenue share of 27.3% in 2023 as rotary pumps are effectively used in the oil & gas industry for tasks, such as moving crude oil from wellheads to storage tanks, facilitating transfers between storage tanks, and handling the loading & unloading processes involving tankers and pipelines

Asia Pacific accounted for the largest share of 40.4% in 2023 due to growth in the agriculture and chemical & food processing industries. Furthermore, increased government expenditure in the water treatment and construction sector is expected to drive market growth

Middle East & Africa accounted for the second-largest CAGR of 5.1% from 2024 to 2030 owing to the rising oil production in the well-developed oil & gas industry

Atlas Copco AB expanded its product mix for rotary pumps by introducing new dry rotary vane vacuum pumps under its DVS Series in May 2023. This new product has product attributes, such as oil-free, low noise creation, and non-contamination of process, and is likely to reinforce the company’s position in the rotary vane pump segment

Go through the table of content of Positive Displacement Pumps Industry Data Book to get a better understanding of the Coverage & Scope of the study

Reciprocating Pumps Market Report Highlights

Based on type, the diaphragm pump segment held the largest revenue share of 57.6% in 2023. A diaphragm pump employs a diaphragm composed of flexible materials such as rubber or plastics to convey fluids instead of rod & piston assembly

In terms of end-use, the oil & gas segment held the largest revenue share of 24.2% in 2023. Reciprocating pumps are effectively employed in the oil and gas industry for tasks such as upstream exploration and production (ExoPE) of hydrocarbons

The Asia Pacific region held the largest revenue share of 40.1% in 2023 due to growth in agriculture, chemical & food processing industries. Furthermore, increased government expenditure in water treatment and construction sector is expected to drive the market growth

The Middle East and Africa region is anticipated to grow at the second fastest CAGR of 5.6% over the forecast period, owing to the rising oil production in the well-developed oil & gas industry

In August 2023, LEWA GmbH launched new pump sizes for diaphragm metering pumps, which are designed to cater to the needs of the chemical industry, food industry, and oil & gas industry. These new pump sizes can handle flow rates up to 1000 l/h

Competitive Insights

Major market players include Ingersoll Rand SPX Flow; Alfa Laval; Viking Pump, Inc.; Grundfos; Schlumberger Limited; KSB Group; and Sulzer Ltd. Positive displacement pump manufacturers adopt strategies such as mergers & acquisitions, partnerships & joint ventures, new product developments, distributor agreements, new online channels, and geographical expansions, to gain greater market presence and cater to the ever-changing consumer requirements.

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