North America Battery Energy Storage System Market: Industry Analysis and Forecast (2022-2029)

North America Battery Energy Storage System Market size was valued at US$ 832 Mn. in 2021 and the total revenue is expected to grow at a CAGR of 23.9% from 2022 to 2029, reaching nearly US$ 4,620.55 Mn.
North America Battery Energy Storage System Market Overview:
North America Battery Energy Storage System Market is expected to reach US$ 4,620.55 Mn. by 2029. An electrochemical device known as a battery energy storage system (BESS) charges (or gathers) energy from the grid or a power plant and then discharges that energy later to produce electricity or other grid services as needed. This report focuses on the different segments of the North America Battery Energy Storage System market (Battery Type, Connection Type, Ownership, Element, and Application). This report offers a detailed analysis of the top industry participants. It offers a thorough examination of the phenomenal modern-era growth in the many sectors. Figures, graphics, and slideshows emphasise the essential data analysis from 2017 to 2021. The market drivers, restraints, opportunities, and challenges for North America Battery Energy Storage System are examined in this report. The MMR report's investment suggestions are based on a thorough examination of the current competitive environment in the North America Battery Energy Storage System market.



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North America Battery Energy Storage System Market Dynamics:
The North America battery energy storage system market is expected to be driven by the increasing use of battery storage systems in industries to support equipment with essential power supply in the event of an emergency, such as a grid failure or trips. During the forecast period, the market is expected to be driven by the increased need for uninterruptible power supply in data centers and telecoms to increase corporate productivity. In order to prevent inconsistent power supply from renewable sources, large-scale renewable energy installation in the U.S. economy will lead to increased deployment of battery energy storage systems. Increased usage of solar and wind energy necessitates conversion and off-grid power storage due to strict government restrictions surrounding environmental protection.

The equipment suppliers, battery energy storage producers, and end-use markets make up the market value chain in the United States. The production of a battery energy storage system involves the use of batteries, module packs, connections, cables, and bus bars. A significant and essential part of the battery energy storage system are the batteries.

These batteries are used in stand-alone PV systems, wind power output fluctuation management systems, and emergency power supply systems, among other things. The market is expected to grow as a result of beneficial aspects including affordable price, a high performance ratio, simple charging, and straightforward recycling.

The market is being driven by constant innovation in energy storage technology. Industry leaders including the U.S.-based Power Electronics are developing twin solar-inverter-plus-storage solutions and growing their selection of solar charging systems. Particularly in fire-sensitive areas where lithium-ion batteries are still viewed as somewhat unsafe, there is an increasing demand for lithium-ion technology alternatives like zinc technology.

Due to their simple charging processes and low waste electrolyte liquid re-energization, battery energy storage systems are expected to increase and become more widely used. Additionally, it is expected that rising applications in backup power, portable power, and stationary applications will enhance market growth.
North America Battery Energy Storage System Market Segment Analysis:
The North America Battery Energy Storage System Market is segmented by Battery Type, Connection Type, Ownership, Element, and Application.

Based on the Battery Type, the market is segmented into Sodium–Sulphur Batteries, Lithium-Ion Batteries, Flow Batteries, Advanced Lead-Acid Batteries, and Others. Lithium-Ion Batteries segment is expected to hold the largest market share of xx% by 2029. Grid frequency modulation, commercial and industrial buildings, household energy storage, communication base stations, commercial and industrial buildings, lithium-ion battery storage systems, and smooth renewable energy output are just a few applications for lithium-ion battery storage systems. The growth of the Lithium-Ion Batteries segment is expected to be driven by the rising demand for electricity and the switch from fossil fuels to renewable energy during the forecast period.

Advanced Lead-Acid Batteries segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. Advantages of lead-acid batteries over lithium-ion and nickel-cadmium batteries include low cost, a straightforward production process, dependability, durability, and the capacity to discharge power at a rapid pace. In addition, it is expected that the abundance of lead-acid batteries in a range of dimensions and specifications will maintain demand for these batteries during the forecast period.



Based on the Connection Type, the market is segmented into Off-Grid Connection, and On-Grid Connection. On-Grid Connection segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. Since the excess energy is transferred to the grid and can be used later on a metered basis, on-grid connections have lower upfront costs than off-grid systems. The decrease in energy costs for customers who rely on the utility system for electricity is expected to drive the segment's growth. The market for on-grid battery energy storage systems for utilities is growing as a result of the need for infrastructure modernisation from renewable energy providers and new regulations for the energy industry.

Based on the Application, the market is segmented into Utilities, Residential, Non-Residential, and Others. Utilities segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. The major driver of the growth of the utility sector is the requirement to meet peak electricity demands. In the event of an abrupt change in the energy supply, the utility BESS offers control services for power quality, frequency, and voltage. When there is an excess of renewable energy, grid operators can reduce their electricity use due to battery energy storage systems. The high demand for battery energy storage systems in the utility sector is caused by the growing need for renewable energy and the increasing demand for a consistent and efficient supply of electricity in the North America region.
North America Battery Energy Storage System Market Country wise Insights:
United States (U.S.) is expected to dominate the North America Battery Energy Storage System Market during the forecast period 2022-2029. United States (U.S.) is expected to hold the largest market shares of xx% by 2029. Solar PV and wind power, which are both renowned for their erratic output, account for a large share of the United States' potential for renewable energy. Inevitably, more effective battery energy storage devices are required. The act of transforming electrical energy into a form that may be stored and later transformed back into electrical energy when required is known as electrical energy storage, or EES. One of the most popular methods of electrical energy storage is the battery, which is present in almost everyone's daily life. In an effort to better manage its energy reserves now that renewable energy sources are on the rise, the United States has emerged as a regional leader in lithium-ion battery energy storage systems in 2018.

The United States had about 31.2 GW of rated power in energy storage as of May 2019 compared to 1,098 GW of the total installed generation capacity that was in use as of January 2019. The United States is now positioned as the region's leader in this industry due to advancements in the solar photovoltaic market and the use of more effective battery energy storage technologies.

The objective of the report is to present a comprehensive analysis of the North America Battery Energy Storage System Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the North America Battery Energy Storage System Market dynamic and structure by analyzing the market segments and projecting the North America Battery Energy Storage System Market size. Clear representation of competitive analysis of key players by Distribution Channel, price, financial position, product portfolio, growth strategies, and regional presence in the North America Battery Energy Storage System Market make the report investor’s guide.
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North America Battery Energy Storage System Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 832 Mn.


Forecast Period 2022 to 2029 CAGR:
23.9%
Market Size in 2029:
US $ 4,620.55 Mn.


 Segments Covered:
by Battery Type
• Sodium–Sulphur Batteries
• Lithium-Ion Batteries
• Flow Batteries
• Advanced Lead-Acid Batteries
• Others


by Connection Type
• Off-Grid Connection
• On-Grid Connection


by Ownership
• Utility Owned
• Customer Owned
• Third-Party Owned


by Element
• Battery
• Others


by Application
• Utilities
• Residential
• Non-Residential
• Others



North America Battery Energy Storage System Market, by Region
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America
North America Battery Energy Storage System Market Key Players
• General Electric
• Tesla
• NextEra Energy
• AES Corporation
• Sunverge Energy LLC
• Honeywell Corporation
• ABB
• Altair Nanotechnologies Inc.
• Enersys
• Imergy Power Systems
• Exide Technologies

Frequently Asked Questions:

1] Which Country is expected to hold the highest share in the North America Battery Energy Storage System Market?
Ans. United States (U.S.) is expected to hold the highest share in the North America Battery Energy Storage System Market.

2] Who are the top key players in the North America Battery Energy Storage System Market?
Ans. General Electric, Tesla, NextEra Energy, AES Corporation, Sunverge Energy LLC, and Honeywell Corporation are the top key players in the North America Battery Energy Storage System Market.

3] Which segment is expected to hold the largest market share in the North America Battery Energy Storage System Market by 2029?
Ans. Lithium-Ion Batteries segment is expected to hold the largest market share in the North America Battery Energy Storage System Market by 2029.

4] What is the market size of the North America Battery Energy Storage System Market by 2029?
Ans. The market size of the North America Battery Energy Storage System Market is expected to reach US $4,620.55 Mn. by 2029.

5] What was the market size of the North America Battery Energy Storage System Market in 2021?
Ans. The market size of the North America Battery Energy Storage System Market was worth US $832 Mn. in 2021.