The North America Battery Energy Storage System Market would witness market growth of 24.4% CAGR during the forecast period (2021-2027).
The Battery Energy Storage System (BESS) is a device that uses specifically built batteries to store electric charge. The underlying concept is that such energy can be used at a later time. A significant amount of research has resulted in battery advancements, which have helped to turn the notion of a Battery Energy Storage System into a commercial reality. In addition, BESS is beneficial over other storage systems in that it has a small footprint and no geographical limits on where it may be installed. Other storage methods, including pumped hydro storage (PHS) and compressed air energy storage (CAES), are only appropriate for a small number of places due to water and siting restrictions, as well as transmission constraints.
Over time, battery energy storage system technology has established itself as a vital product for transforming, storing, and distributing extra electricity for later use, as well as lowering CO2 emissions. In addition, the expansion of the Battery Energy Storage System market has been propelled by rising population, fast industrialization and urbanization, and increased use of Battery Energy Storage technologies like lithium-ion batteries, flow batteries, lead-acid batteries, and others. Moreover, the government's strict environmental rules have a significant impact on the market for Battery Energy Storage Systems.
Some of the key trends of the regional market are advantageous R&D activities to specify cost-cutting goals, detailed BESS installation standards, and economic support programs & rebates. For example, experts from the United States National Renewable Energy Laboratory (NREL) agreed that they would use advanced Machine-Learning (ML) techniques to broaden their understanding of novel battery chemistries, materials, and cell designs. The physics-based ML technology's complicated algorithms are expected to help in the characterization of battery safety, longevity, and performance.
Solar PV and wind power, both of which are noted for their unpredictability, provide for a large portion of the United States' renewable energy potential. Thus, this condition necessitates the development of more efficient battery energy storage technologies.
The US market dominated the North America Battery Energy Storage System Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,996.9 million by 2027. The Canada market is experiencing a CAGR of 27.2% during (2021 - 2027). Additionally, The Mexico market would exhibit a CAGR of 26.1% during (2021 - 2027).
Based on Ownership, the market is segmented into Utility-Owned, Third-Party Owned, and Customer-Owned. Based on Battery Type, the market is segmented into Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, and Others. Based on Energy Capacity, the market is segmented into Above 500 MWh, Between 100 to 500 MWh, and Below 100 MWh. Based on Connection type, the market is segmented into On-grid, and Off-grid. Based on Application, the market is segmented into Utility, Commercial, and Residential. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Battery Energy Storage System Market is Estimated to reach $14.5 Billion by 2027, at a CAGR of 25.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co., Honeywell International, Inc., Panasonic Corporation, Hitachi, Ltd., Siemens AG, Johnson Controls International PLC, Toshiba Corporation, LG Energy Solutions Ltd., and Samsung SDI Co., Ltd.
Scope of the Study
Market Segments Covered in the Report:
By Ownership
- Utility-Owned
- Third-Party Owned
- Customer-Owned
By Battery Type
- Lithium-Ion Batteries
- Advanced Lead-Acid Batteries
- Flow Batteries
- Others
By Energy Capacity
- Above 500 MWh
- Between 100 to 500 MWh
- Below 100 MWh
By Connection type
By Application
- Utility
- Commercial
- Residential
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- General Electric (GE) Co.
- Honeywell International, Inc.
- Panasonic Corporation
- Hitachi, Ltd.
- Siemens AG
- Johnson Controls International PLC
- Toshiba Corporation
- LG Energy Solutions Ltd.
- Samsung SDI Co., Ltd.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Battery Energy Storage System Market, by Ownership
1.4.2 North America Battery Energy Storage System Market, by Battery Type
1.4.3 North America Battery Energy Storage System Market, by Energy Capacity
1.4.4 North America Battery Energy Storage System Market, by Connection type
1.4.5 North America Battery Energy Storage System Market, by Application
1.4.6 North America Battery Energy Storage System Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements: 2019, Sep – 2022, Jan) Leading Players
Chapter 4. North America Battery Energy Storage System Market by Ownership
4.1 North America Utility-Owned Market by Country
4.2 North America Third-Party Owned Market by Country
4.3 North America Customer-Owned Market by Country
Chapter 5. North America Battery Energy Storage System Market by Battery Type
5.1 North America Lithium-Ion Batteries Market by Country
5.2 North America Advanced Lead-Acid Batteries Market by Country
5.3 North America Flow Batteries Market by Country
5.4 North America Others Market by Country
Chapter 6. North America Battery Energy Storage System Market by Energy Capacity
6.1 North America Above 500 MWh Market by Country
6.2 North America Between 100 to 500 MWh Market by Country
6.3 North America Below 100 MWh Market by Country
Chapter 7. North America Battery Energy Storage System Market by Connection Type
7.1 North America On-grid Market by Country
7.2 North America Off-grid Market by Country
Chapter 8. North America Battery Energy Storage System Market by Application
8.1 North America Utility Market by Country
8.2 North America Commercial Market by Country
8.3 North America Residential Market by Country
Chapter 9. North America Battery Energy Storage System Market by Country
9.1 US Battery Energy Storage System Market
9.1.1 US Battery Energy Storage System Market by Ownership
9.1.2 US Battery Energy Storage System Market by Battery Type
9.1.3 US Battery Energy Storage System Market by Energy Capacity
9.1.4 US Battery Energy Storage System Market by Connection Type
9.1.5 US Battery Energy Storage System Market by Application
9.2 Canada Battery Energy Storage System Market
9.2.1 Canada Battery Energy Storage System Market by Ownership
9.2.2 Canada Battery Energy Storage System Market by Battery Type
9.2.3 Canada Battery Energy Storage System Market by Energy Capacity
9.2.4 Canada Battery Energy Storage System Market by Connection Type
9.2.5 Canada Battery Energy Storage System Market by Application
9.3 Mexico Battery Energy Storage System Market
9.3.1 Mexico Battery Energy Storage System Market by Ownership
9.3.2 Mexico Battery Energy Storage System Market by Battery Type
9.3.3 Mexico Battery Energy Storage System Market by Energy Capacity
9.3.4 Mexico Battery Energy Storage System Market by Connection Type
9.3.5 Mexico Battery Energy Storage System Market by Application
9.4 Rest of North America Battery Energy Storage System Market
9.4.1 Rest of North America Battery Energy Storage System Market by Ownership
9.4.2 Rest of North America Battery Energy Storage System Market by Battery Type
9.4.3 Rest of North America Battery Energy Storage System Market by Energy Capacity
9.4.4 Rest of North America Battery Energy Storage System Market by Connection Type
9.4.5 Rest of North America Battery Energy Storage System Market by Application
Chapter 10. Company Profiles
10.1 General Electric (GE) Co.
10.1.1 Company Overview
10.1.2 Financial Analysis
10.1.3 Segmental and Regional Analysis
10.1.4 Research & Development Expense
10.2 Honeywell International, Inc.
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Regional & Segmental Analysis
10.2.4 Research & Development Expenses
10.2.5 Recent Strategies and Developments
10.2.5.1 Partnerships, Collaborations and Agreements:
10.2.5.2 Product Launches and Product Expansions:
10.2.6 SWOT Analysis
10.3 Panasonic Corporation
10.3.1 Company Overview
10.3.2 Financial Analysis
10.3.3 Segmental and Regional Analysis
10.3.4 Research & Development Expense
10.3.5 Recent Strategies and Developments
10.3.5.1 Partnerships, Collaborations and Agreements:
10.3.5.2 Product Launches and Product Expansions:
10.3.6 SWOT Analysis
10.4 Hitachi, Ltd.
10.4.1 Company Overview
10.4.2 Financial Analysis
10.4.3 Segmental and Regional Analysis
10.4.4 Research & Development Expenses
10.4.5 Recent Strategies and Developments
10.4.5.1 Partnerships, Collaborations and Agreements:
10.4.5.2 Acquisitions and Mergers:
10.5 Siemens AG
10.5.1 Company Overview
10.5.2 Financial Analysis
10.5.3 Segmental and Regional Analysis
10.5.4 Research & Development Expense
10.5.5 Recent Strategies and Developments
10.5.5.1 Partnerships, Collaborations and Agreements:
10.5.5.2 Acquisitions and Mergers:
10.5.5.3 Product Launches and Product Expansions:
10.6 Johnson Controls International PLC
10.6.1 Company Overview
10.6.2 Financial Analysis
10.6.3 Segmental and Regional Analysis
10.6.4 Research & Development Expense
10.6.5 Recent Strategies and Developments
10.6.5.1 Product Launches and Product Expansions:
10.7 Toshiba Corporation
10.7.1 Company Overview
10.7.2 Financial Analysis
10.7.3 Segmental and Regional Analysis
10.7.4 Research and Development Expense
10.7.5 Recent Strategies and Developments
10.7.5.1 Product Launches and Product Expansions:
10.8 LG Energy Solution Ltd.
10.8.1 Company Overview
10.8.2 Financial Analysis
10.8.3 Research & Development Expense
10.8.4 Recent Strategies and Developments
10.8.4.1 Partnerships, Collaborations, and Agreements:
10.8.4.2 Acquisitions and Mergers:
10.8.4.3 Product Launches and Product Expansions:
10.9 Samsung SDI Co., Ltd. (Samsung Electronics Group)
10.9.1 Company Overview
10.9.2 Financial Analysis
10.9.3 Recent Strategies and Developments
10.9.3.1 Acquisitions and Mergers:
TABLE 1 North America Battery Energy Storage System Market, 2017 - 2020, USD Million
TABLE 2 North America Battery Energy Storage System Market, 2021 - 2027, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Battery Energy Storage System Market
TABLE 4 Product Launches And Product Expansions– Battery Energy Storage System Market
TABLE 5 Acquisition and Mergers– Battery Energy Storage System Market
TABLE 6 North America Battery Energy Storage System Market by Ownership, 2017 - 2020, USD Million
TABLE 7 North America Battery Energy Storage System Market by Ownership, 2021 - 2027, USD Million
TABLE 8 North America Utility-Owned Market by Country, 2017 - 2020, USD Million
TABLE 9 North America Utility-Owned Market by Country, 2021 - 2027, USD Million
TABLE 10 North America Third-Party Owned Market by Country, 2017 - 2020, USD Million
TABLE 11 North America Third-Party Owned Market by Country, 2021 - 2027, USD Million
TABLE 12 North America Customer-Owned Market by Country, 2017 - 2020, USD Million
TABLE 13 North America Customer-Owned Market by Country, 2021 - 2027, USD Million
TABLE 14 North America Battery Energy Storage System Market by Battery Type, 2017 - 2020, USD Million
TABLE 15 North America Battery Energy Storage System Market by Battery Type, 2021 - 2027, USD Million
TABLE 16 North America Lithium-Ion Batteries Market by Country, 2017 - 2020, USD Million
TABLE 17 North America Lithium-Ion Batteries Market by Country, 2021 - 2027, USD Million
TABLE 18 North America Advanced Lead-Acid Batteries Market by Country, 2017 - 2020, USD Million
TABLE 19 North America Advanced Lead-Acid Batteries Market by Country, 2021 - 2027, USD Million
TABLE 20 North America Flow Batteries Market by Country, 2017 - 2020, USD Million
TABLE 21 North America Flow Batteries Market by Country, 2021 - 2027, USD Million
TABLE 22 North America Others Market by Country, 2017 - 2020, USD Million
TABLE 23 North America Others Market by Country, 2021 - 2027, USD Million
TABLE 24 North America Battery Energy Storage System Market by Energy Capacity, 2017 - 2020, USD Million
TABLE 25 North America Battery Energy Storage System Market by Energy Capacity, 2021 - 2027, USD Million
TABLE 26 North America Above 500 MWh Market by Country, 2017 - 2020, USD Million
TABLE 27 North America Above 500 MWh Market by Country, 2021 - 2027, USD Million
TABLE 28 North America Between 100 to 500 MWh Market by Country, 2017 - 2020, USD Million
TABLE 29 North America Between 100 to 500 MWh Market by Country, 2021 - 2027, USD Million
TABLE 30 North America Below 100 MWh Market by Country, 2017 - 2020, USD Million
TABLE 31 North America Below 100 MWh Market by Country, 2021 - 2027, USD Million
TABLE 32 North America Battery Energy Storage System Market by Connection Type, 2017 - 2020, USD Million
TABLE 33 North America Battery Energy Storage System Market by Connection Type, 2021 - 2027, USD Million
TABLE 34 North America On-grid Market by Country, 2017 - 2020, USD Million
TABLE 35 North America On-grid Market by Country, 2021 - 2027, USD Million
TABLE 36 North America Off-grid Market by Country, 2017 - 2020, USD Million
TABLE 37 North America Off-grid Market by Country, 2021 - 2027, USD Million
TABLE 38 North America Battery Energy Storage System Market by Application, 2017 - 2020, USD Million
TABLE 39 North America Battery Energy Storage System Market by Application, 2021 - 2027, USD Million
TABLE 40 North America Utility Market by Country, 2017 - 2020, USD Million
TABLE 41 North America Utility Market by Country, 2021 - 2027, USD Million
TABLE 42 North America Commercial Market by Country, 2017 - 2020, USD Million
TABLE 43 North America Commercial Market by Country, 2021 - 2027, USD Million
TABLE 44 North America Residential Market by Country, 2017 - 2020, USD Million
TABLE 45 North America Residential Market by Country, 2021 - 2027, USD Million
TABLE 46 North America Battery Energy Storage System Market by Country, 2017 - 2020, USD Million
TABLE 47 North America Battery Energy Storage System Market by Country, 2021 - 2027, USD Million
TABLE 48 US Battery Energy Storage System Market, 2017 - 2020, USD Million
TABLE 49 US Battery Energy Storage System Market, 2021 - 2027, USD Million
TABLE 50 US Battery Energy Storage System Market by Ownership, 2017 - 2020, USD Million
TABLE 51 US Battery Energy Storage System Market by Ownership, 2021 - 2027, USD Million
TABLE 52 US Battery Energy Storage System Market by Battery Type, 2017 - 2020, USD Million
TABLE 53 US Battery Energy Storage System Market by Battery Type, 2021 - 2027, USD Million
TABLE 54 US Battery Energy Storage System Market by Energy Capacity, 2017 - 2020, USD Million
TABLE 55 US Battery Energy Storage System Market by Energy Capacity, 2021 - 2027, USD Million
TABLE 56 US Battery Energy Storage System Market by Connection Type, 2017 - 2020, USD Million
TABLE 57 US Battery Energy Storage System Market by Connection Type, 2021 - 2027, USD Million
TABLE 58 US Battery Energy Storage System Market by Application, 2017 - 2020, USD Million
TABLE 59 US Battery Energy Storage System Market by Application, 2021 - 2027, USD Million
TABLE 60 Canada Battery Energy Storage System Market, 2017 - 2020, USD Million
TABLE 61 Canada Battery Energy Storage System Market, 2021 - 2027, USD Million
TABLE 62 Canada Battery Energy Storage System Market by Ownership, 2017 - 2020, USD Million
TABLE 63 Canada Battery Energy Storage System Market by Ownership, 2021 - 2027, USD Million
TABLE 64 Canada Battery Energy Storage System Market by Battery Type, 2017 - 2020, USD Million
TABLE 65 Canada Battery Energy Storage System Market by Battery Type, 2021 - 2027, USD Million
TABLE 66 Canada Battery Energy Storage System Market by Energy Capacity, 2017 - 2020, USD Million
TABLE 67 Canada Battery Energy Storage System Market by Energy Capacity, 2021 - 2027, USD Million
TABLE 68 Canada Battery Energy Storage System Market by Connection Type, 2017 - 2020, USD Million
TABLE 69 Canada Battery Energy Storage System Market by Connection Type, 2021 - 2027, USD Million
TABLE 70 Canada Battery Energy Storage System Market by Application, 2017 - 2020, USD Million
TABLE 71 Canada Battery Energy Storage System Market by Application, 2021 - 2027, USD Million
TABLE 72 Mexico Battery Energy Storage System Market, 2017 - 2020, USD Million
TABLE 73 Mexico Battery Energy Storage System Market, 2021 - 2027, USD Million
TABLE 74 Mexico Battery Energy Storage System Market by Ownership, 2017 - 2020, USD Million
TABLE 75 Mexico Battery Energy Storage System Market by Ownership, 2021 - 2027, USD Million
TABLE 76 Mexico Battery Energy Storage System Market by Battery Type, 2017 - 2020, USD Million
TABLE 77 Mexico Battery Energy Storage System Market by Battery Type, 2021 - 2027, USD Million
TABLE 78 Mexico Battery Energy Storage System Market by Energy Capacity, 2017 - 2020, USD Million
TABLE 79 Mexico Battery Energy Storage System Market by Energy Capacity, 2021 - 2027, USD Million
TABLE 80 Mexico Battery Energy Storage System Market by Connection Type, 2017 - 2020, USD Million
TABLE 81 Mexico Battery Energy Storage System Market by Connection Type, 2021 - 2027, USD Million
TABLE 82 Mexico Battery Energy Storage System Market by Application, 2017 - 2020, USD Million
TABLE 83 Mexico Battery Energy Storage System Market by Application, 2021 - 2027, USD Million
TABLE 84 Rest of North America Battery Energy Storage System Market, 2017 - 2020, USD Million
TABLE 85 Rest of North America Battery Energy Storage System Market, 2021 - 2027, USD Million
TABLE 86 Rest of North America Battery Energy Storage System Market by Ownership, 2017 - 2020, USD Million
TABLE 87 Rest of North America Battery Energy Storage System Market by Ownership, 2021 - 2027, USD Million
TABLE 88 Rest of North America Battery Energy Storage System Market by Battery Type, 2017 - 2020, USD Million
TABLE 89 Rest of North America Battery Energy Storage System Market by Battery Type, 2021 - 2027, USD Million
TABLE 90 Rest of North America Battery Energy Storage System Market by Energy Capacity, 2017 - 2020, USD Million
TABLE 91 Rest of North America Battery Energy Storage System Market by Energy Capacity, 2021 - 2027, USD Million
TABLE 92 Rest of North America Battery Energy Storage System Market by Connection Type, 2017 - 2020, USD Million
TABLE 93 Rest of North America Battery Energy Storage System Market by Connection Type, 2021 - 2027, USD Million
TABLE 94 Rest of North America Battery Energy Storage System Market by Application, 2017 - 2020, USD Million
TABLE 95 Rest of North America Battery Energy Storage System Market by Application, 2021 - 2027, USD Million
TABLE 96 KEY INFORMATION – GENERAL ELECTRIC (GE) CO.
TABLE 97 Key information – Honeywell International, Inc.
TABLE 98 Key Information – Panasonic Corporation
TABLE 99 Key Information – Hitachi, Ltd.
TABLE 100 Key Information – Siemens AG
TABLE 101 Key Information – Johnson Controls International PLC
TABLE 102 Key Information – Toshiba Corporation
TABLE 103 key information – LG Energy Solution Ltd.
TABLE 104 key information – Samsung SDI Co., Ltd.
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2017-2021)
FIG 4 Key Strategic Move: (Partnerships, Collaborations, and Agreements: 2019, Sep – 2022, Jan) Leading Players
FIG 5 Recent Strategies and Developments: Honeywell International, Inc.
FIG 6 Swot analysis: Honeywell international, inc.
FIG 7 Recent Strategies and Developments: PANASONIC CORPORATION
FIG 8 SWOT Analysis: Panasonic Corporation
FIG 9 Recent Strategies and Developments: Hitachi, Ltd.
FIG 10 Recent Strategies and Developments: Siemens AG
FIG 11 Recent Strategies and Developments: LG Energy Solutions Co., Ltd.