[Edaily Reporter kyoungeun kim ] iM Securities has released an analysis predicting that the shift toward ESS (energy storage systems) by domestic rechargeable battery cell manufacturers will accelerate further as demand in North America grows faster than expected. With ESS battery shipments to North America surging 83% year-over-year in the first quarter, the analysis indicates that underlying demand remains robust even when excluding the “safe-haven” effect.

Jeong Won-seok, an analyst at iM Securities, stated in a report released today, “Global ESS battery shipments in the first half of the year reached 461 gigawatt-hours (GWh), a 71% increase year-over-year, while shipments in North America rose 83% to 76 GWh.” “Considering the seasonal trend where shipments are typically concentrated in the second half of the year, this year’s ESS battery shipments in North America are highly likely to significantly exceed 150 GWh.” He continued, “The combined shipments of LG Energy Solution and SAMSUNG SDI CO.,LTD. also increased by 159%, from approximately 6 GWh to 15 GWh, and their market share rose from 14% to 20%.”
Researcher Jeong continued, “U.S. ESS projects that have secured Safe Harbor status for 2025 total more than 13 GW, and the related battery volume is estimated at 60–80 GWh.” He added, “If we distribute this volume—40 GWh in 2026, 20 GWh in 2027, 10 GWh in 2028. When we factor this in, the adjusted shipment volume—excluding the related volume from the projected 2026 North American demand of 170–180 GWh—would be 130–140 GWh, representing an increase of approximately 15–25% compared to 2025.” This implies that even excluding the Safe Harbor effect, underlying demand remains robust.
AI data centers (AIDCs) were also cited as an additional growth driver for ESS demand going forward. Global ESS shipments for AIDCs are projected to increase approximately 20-fold, from 12 GWh in 2025 to 272 GWh in 2030. Analysts note that demand is likely to expand even more rapidly in North America, where AIDC investment is concentrated.
The shift toward ESS production by domestic battery manufacturers is also accelerating. LG Energy Solution(373220)plans to secure ESS production capacity of over 50 GWh by the end of 2026 and over 70 GWh by the end of 2027 by utilizing its North American EV plants. SAMSUNG SDI CO.,LTD. also plans to establish over 30 GWh of capacity by the end of 2027 and is expected to utilize Synergy Cells—which it now wholly owns following its acquisition of GM’s stake—as an additional ESS production hub. In particular, SAMSUNG SDI CO.,LTD. announced in a regulatory filing on August 11 that it would terminate the battery joint venture it had been pursuing with GM and transition the entity to sole ownership; this move is viewed as a strategic decision to utilize the Synergy Cells plant in Indiana, U.S., as a production line for ESS batteries.
Researcher Jeong noted, “Based on projected 2028 earnings, the average price-to-earnings (P/E) ratio for domestic rechargeable battery cell manufacturers stands at 19.2x, with LG Energy Solution at 21.3x and SAMSUNG SDI CO.,LTD. at 17.1x, so it is difficult to view them as having high absolute valuation appeal,” but added “However, the fact that both companies’ operating profits are expected to increase by 74% and 58%, respectively, in 2028 suggests that the improvement in earnings is unlikely to be limited to merely reducing losses but will likely lead to a mid- to long-term profit growth cycle driven by expanded ESS sales.”
The report noted that among large-cap stocks, investors should pay attention to LG Energy Solution and SAMSUNG SDI CO.,LTD., while among small- and mid-cap stocks, they should focus on the potential benefits for SEOJIN SYSTEM CO., LTD(178320), HanJungNCS.Co.,Ltd(107640), SEBANG GLOBAL BATTERY(004490), and L&F(066970).