New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Battery Energy Storage System Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06487551/?utm_source=GNW
However, the high initial investment required to establish a battery energy storage system is expected to hinder the growth of the market studied.
Key Highlights
The lithium-ion battery segment is expected to be the fastest-growing segment for the battery energy storage system market in the region.
The commercial sector is more sensitive to barriers than the residential sector, and thus the reliability and cost reduction of the battery energy storage system is expected to provoke acceptance by the commercial and industrial sectors and thereby create opportunities for growth of the market during the forecast period.
The United States is expected to witness significant demand over the forecast period due to its rapid developments in the past few years.
North America Battery Energy Storage System Market Trends
Lithium-Ion Battery Is Expected to Witness Significant Growth
The growing demand for lithium-ion batteries as an important battery energy storage product can be attributed to their high energy density, improved efficiency, and deep discharge cycle.
In addition, rapid cost reduction owing to increased deployment and rising storage demand for variable renewable energy integration is expected to drive the market demand for the North America battery energy storage system market over the forecast period.
Moreover, the growing use of batteries as an off-grid source of energy in the telecommunication and transportation sector where vehicles use a large amount of energy is likely to fuel the demand for advanced battery storage system over the forecast period.
Lithium-ion battery storage systems are in huge demand in North America since lithium-ion batteries are being used as the advanced and widely available solutions used for the storage of energy from renewable energy sources in the region.
Declining lithium-ion battery prices and improving technology are expected to further increase the demand in the market.
Therefore the growth in the energy storage is mainly expected to have a direct impact on the growth of lithium-ion battery market in the country during the forecast period.
The United States to Dominate the Market
Much of the United States renewable energy potential lies in solar PV and wind power, both of which are known for their intermittency. The situation inevitably calls for more efficient battery energy storage systems.
Electrical Energy Storage (EES) refers to the process of converting electrical energy into a stored form that can later be converted back into electrical energy when needed. Batteries are one of the most common forms of electrical energy storage, ubiquitous in most peoples’ lives.
In 2018, the United States has become a regional leader in lithium-ion battery energy storage systems, in an effort to manage its energy reserves more efficiently now that renewable energy sources are on the rise.
As of May 2019, the United States had over 31.2 GW of rated power in energy storage compared to 1,098 GW of the total in-service installed generation capacity as of January 2019.
Developments in the solar photovoltaic market, alongside implementation of more efficient battery energy storage systems, are positioning the United States as a regional leader in this field.
North America Battery Energy Storage System Industry Overview
The North America battery energy storage system market is moderately fragmented. Some of the key players in this market include BYD Company Limited, Saft America Inc, Contemporary Amperex Technology Co. Ltd, Tesla Inc., and NEC Energy Solutions?Inc.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06487551/?utm_source=GNW
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