Dublin, Sept. 08, 2023 (GLOBE NEWSWIRE) -- The "North American Battery Energy Storage Systems (BESS) Market" report has been added to ResearchAndMarkets.com's offering.
This research report offers a comprehensive analysis of the North American Battery Energy Storage Systems (BESS) market, focusing on market size, growth rates, end-user segmentation, competitive market share data, and revenue forecasts from 2022 to 2029 for both the United States and Canada.
Market Segmentation and Analysis
The report delves into various segments of the BESS market, including battery chemistry (NMC, LFP, lead acid, flow batteries, and others), power range (below 17kW, 17kW-85kW, 85kW-175kW, 175kW-350kW, 350kW-1200kW, and above 1200kW), application (prime power, peak shaving, and standby power), end-user group (utility, residential, commercial & industrial, data centers, material handling, and others), connection type (front-of-meter, behind-the-meter, and off-grid), and rental providers.
Key Insights
The report highlights the substantial growth observed in the North American BESS market due to recent technological advancements and regulatory shifts. Notably, the years 2021 and 2022 marked remarkable progress, with factors such as grid stability, renewable energy integration, and electric vehicle proliferation influencing market dynamics. By the end of 2022, the North American BESS industry achieved an impressive revenue of nearly $5.0 billion, a significant feat considering its relatively young state just five years ago.
Impact of Supply Chain Dynamics
The trajectory of the BESS market is influenced by supply chain dynamics, with lengthy lead times for battery systems and components driving demand for advanced storage solutions. Companies with streamlined supply chains have capitalized on this situation, contributing to market growth. However, supply chain challenges have disrupted manufacturing plans and expansion strategies for certain players in the BESS sector.
Additionally, a shortage of skilled labor in the BESS domain poses a significant challenge, affecting system design, installation, maintenance, and issue resolution.
Market Dynamics and Growth Drivers
Despite challenges, the BESS market is flourishing due to the benefits of advanced storage solutions, urbanization, and the increasing integration of renewable energy sources. The report categorizes the market based on end-users, battery chemistries, applications, and capacities. The utility sector plays a crucial role, driven by the need for grid stability and renewable energy integration. The residential sector is also witnessing a surge in BESS demand due to the growing adoption of solar energy solutions and backup power sources.
Key Players and Competitive Landscape
The report profiles key companies such as Tesla, Inc., Enphase Energy, LG Energy Solution, Fluence Energy, Panasonic Corporation, Samsung SDI, CATL, Stem Inc., Generac Corporation, and BYD Lithium Battery. It offers a comprehensive analysis of the North American BESS Market, encompassing growth drivers, constraints, market revenues, forecasts, technological trends, and a competitive landscape evaluation. Market share data is presented based on various factors, including battery chemistry, power range, application, connection type, and company revenue.
Conclusion
This report provides valuable insights into the North American BESS market's evolution, growth factors, and challenges. It presents a comprehensive analysis of market segments, profiles key players, and offers growth forecasts for the years ahead. The BESS market's expansion, driven by technological advancements and changing regulations, is indicative of the industry's bright future, with increased demand expected across various sectors.
For more information about this report visit https://www.researchandmarkets.com/r/ro3tw1
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