SAN ANTONIO, TX, UNITED STATES, August 22, 2023 -- A fresh analysis by Verify Markets reveals that the North American Battery Energy Storage Systems (BESS) Market is experiencing significant growth, especially in the wake of recent technological advancements and regulatory shifts. In particular, 2021 and 2022 saw substantial developments, with market dynamics being influenced by factors such as grid stability, renewable energy integration, and electric vehicle growth. By the end of 2022 the battery energy storage systems industry in North America approached an incredible $5.0 billion in revenue, which is remarkable for a market that was in its infancy five years ago.
Supply chain dynamics play a pivotal role in the BESS market. Extended lead times for new battery systems and components have increased demand for advanced storage solutions, especially among customers facing equipment delays. Companies with efficient supply chains have leveraged this scenario, propelling market growth. On the flip side, these supply chain challenges have disrupted manufacturing plans and the expansion strategies of several firms in the BESS sector. Moreover, the scarcity of skilled labor in the BESS domain is becoming a significant challenge. This shortage affects various operations, from system design and installation to maintenance and troubleshooting. The lack of experienced technicians can hinder growth prospects for some companies in the market.
Despite these challenges, the BESS market is burgeoning, driven by the benefits of advanced storage solutions, urbanization, and the increasing integration of renewable energy sources. The North American BESS Market report segments the market by end user, battery chemistry, application, and capacity. Key sectors include residential, commercial, utilities, and transportation. Among the various battery chemistries, lithium-ion batteries dominate the market, given their high energy density and decreasing costs. Safety concerns and higher costs associated with Nickel Manganese Cobalt (NMC) batteries, as featured in current generation products like Tesla’s Powerwall and LG Energy Solution’s RESU Flex residential battery storage system, are shifting market dominance toward Lithium Iron Phosphate (LFP) batteries. However, emerging technologies like sodium-ion batteries are also gaining traction, offering cost-effective and sustainable alternatives.
The utility sector remains a dominant player in the BESS market, given the increasing need for grid stabilization and renewable energy integration. This sector's dynamics, influenced by evolving energy consumption patterns and regulatory frameworks, continue to shape demand for advanced battery storage solutions. Similarly, the residential sector is witnessing a surge in demand for BESS, driven by the increasing adoption of solar energy solutions and the need for backup power sources. As urbanization and technological advancements continue, the BESS market is set to benefit from increased demand across various sectors.
Key companies profiled in the North American Battery Energy Storage Systems (BESS) Market report include Tesla, Inc., Enphase Energy, LG Energy Solution, Fluence Energy, Panasonic Corporation, Samsung SDI, CATL, Stem Inc., Generac Corporation and BYD Lithium Battery. The report offers a comprehensive analysis of the North American Battery Energy Storage Systems (BESS) Market, capturing growth drivers, restraints, market revenues and forecasts, technological trends, and a competitive landscape assessment. Market share figures are available by battery chemistry, power range, application (prime, peak shaving, and standby power), connection type (front-of-the-meter, behind-the-meter, off-grid/rental), and company revenue.
A copy of the North American Battery Energy Storage Systems (BESS) Market research report can be obtained at www.verifymarkets.com.Follow us for more updates on Twitter @verify_markets and LinkedIn. This report is part of Verify Markets’ Energy & Power Equipment market research and consulting practice. Other power rental market reports:
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