Introduction
The North America Battery Energy Storage System (BESS) market is on a rapid growth trajectory, reflecting both technological advancements and the increasing demand for sustainable energy solutions. This surge is driven by innovations in energy storage, mergers and acquisitions (M&A) among key players, and the continuous push for clean, renewable energy sources across the continent. As countries aim to reduce their carbon footprint, BESS has emerged as a critical component in stabilizing power grids, enhancing grid reliability, and optimizing the use of renewable energy.
The size of the North American battery energy storage system market was estimated at US$ 832 million in 2021, and it is anticipated that total revenue will increase at a compound annual growth rate (CAGR) of 23.9% between 2022 and 2029, to reach over US$ 4,620.55 million.
Key Trends and Developments
The North American market for Battery Energy Storage Systems is projected to witness substantial growth in the coming years. Several technological trends are contributing to this shift:
- Advancements in Lithium-Ion and Solid-State Batteries: As battery efficiency improves, costs are expected to decrease, making energy storage solutions more accessible to both businesses and consumers.
- Government Support and Regulations: Federal and state governments are increasingly offering incentives and grants to promote the use of clean energy, including subsidies for the installation of energy storage systems.
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Mergers and Acquisitions in North America
A growing number of strategic mergers and acquisitions are reshaping the North America Battery Energy Storage System market. Industry giants and startups are joining forces to expand their portfolios, gain market share, and enhance technological capabilities. Notable recent developments include:
- Tesla’s Acquisition of Maxwell Technologies (USA): Tesla’s acquisition of Maxwell Technologies in 2019 has enhanced its capabilities in energy storage technology, particularly with advanced supercapacitors and dry electrode technology. This acquisition is helping Tesla lead the way in grid-scale energy storage systems.
- NextEra Energy’s Strategic Partnerships (USA): NextEra Energy has been actively expanding its energy storage portfolio by partnering with various clean energy companies, which has enabled it to scale up its energy storage projects and enhance grid stability.
- LG Chem’s M&A Moves (South Korea): LG Chem has invested in several battery storage companies in North America to bolster its presence in the BESS market, focusing on lithium-ion battery technology. This aligns with their global strategy to provide sustainable energy solutions.
- Siemens Energy and AES Clean Energy Joint Venture (USA): In 2023, Siemens and AES Clean Energy formed a strategic partnership to deploy cutting-edge energy storage systems across North America, with a strong focus on leveraging renewable energy sources.
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Global Market Dynamics and Key Players
Beyond North America, the Battery Energy Storage System market is experiencing rapid growth in various regions, including Vietnam, Thailand, Singapore, Japan, South Korea, and Europe. These countries are making significant investments in energy storage technologies, which in turn influence the global market.
Vietnam and Thailand: Rising Demand for Clean Energy
- Vietnam is increasingly investing in energy storage solutions to stabilize its grid as renewable energy adoption accelerates.
- Thailand’s energy policy heavily promotes energy storage as part of its long-term clean energy strategy.
Singapore’s Energy Storage Revolution
- Singapore has been an early adopter of battery energy storage, particularly in residential and commercial sectors. With government support, the nation is becoming a key player in Southeast Asia’s energy storage landscape.
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Segmentation:
by Battery Type
• Sodium–Sulphur Batteries
• Lithium-Ion Batteries
• Flow Batteries
• Advanced Lead-Acid Batteries
• Others
Sodium-sulfur batteries, lithium-ion batteries, flow batteries, advanced lead-acid batteries, and others make up the market’s segments. By 2029, the lithium-ion battery segment is anticipated to have the biggest market share. Among the uses for lithium-ion battery storage systems are grid frequency modulation, commercial and industrial buildings, home energy storage, communication base stations, commercial and industrial buildings, and steady renewable energy output.
by Connection Type
• Off-Grid Connection
• On-Grid Connection
Off-Grid Connection and On-Grid Connection are the two market segments. The On-Grid Connection segment is anticipated to expand at a compound annual growth rate (CAGR) between 2022 and 2029. On-grid connections are less expensive initially than off-grid systems because the excess energy is sent to the grid and can be used later on a metered basis. The growth of the segment is anticipated to be driven by the reduction in energy prices for consumers who depend on the utility system for electricity. The necessity for renewable energy suppliers to modernize their infrastructure and new rules for the energy sector are driving growth in the market for on-grid battery energy storage systems for utilities.
by Ownership
• Utility Owned
• Customer Owned
• Third-Party Owned
by Element
• Battery
• Others
by Application
• Utilities
• Residential
• Non-Residential
• Others
Utilities, Residential, Non-Residential, and Others are the market segments. The utilities segment is anticipated to expand at a compound annual growth rate (CAGR) between 2022 and 2029. The need to supply peak electricity demand is the main factor behind the utility sector’s expansion. The utility BESS provides power quality, frequency, and voltage control services in case of an unexpected change in the energy supply. Thanks to battery energy storage technologies, grid operators can utilize less electricity when there is a surplus of renewable energy.
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Key Players:
• General Electric
• Tesla
• NextEra Energy
• AES Corporation
• Sunverge Energy LLC
• Honeywell Corporation
• ABB
• Altair Nanotechnologies Inc.
• Enersys
• Imergy Power Systems
• Exide Technologies
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