North America Battery Energy Storage System Market Analysis and Forecast by Size, Share, Growth, Trends 2031

North America Battery Energy Storage System Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Lithium Ion and Others), Connection Type (On-Grid and Off-Grid), and End User (Commercial, Utilities, and Residential)

Status : Published
Report Code : TIPRE00041369

Category : Energy and Power
No. of Pages : 173

Available Report Formats :

The North America battery energy storage system market size is expected to reach US$ 23,475.02 million by 2031 from US$ 20,057.56 million in 2024. The market is estimated to record a CAGR of 2.8% from 2025-2031.

Executive Summary and North America Battery Energy Storage System Market Analysis:

As per the National Institute of Standards and Technology (NIST), the manufacturing sector in the US was valued at US$ 2.3 trillion in 2023. It accounted for a 10.2% share of the country's GDP that year. In terms of value added by manufacturing, a main indicator of economic activity, the US ranks as the second-largest manufacturing economy worldwide, following China. It is also a global leader in manufacturing fabricated metal products. Proliferation of the manufacturing and industrial sectors boosts energy demand across North America, subsequently fueling the growth of the battery energy storage system market.

The aerospace and defense sector in North America is witnessing high growth owing to the stable economy, developed infrastructure, high technology adoption rate, and increasing government investments. According to data released by Airlines for America in 2023, commercial aviation accounted for US$ 1.37 trillion (~5% of US GDP) in 2023. More than 26,000 flights from the US carry 2.6 million passengers to nearly 80 countries every day. A well-developed infrastructure is required to cater to the increasing passenger traffic in the US, which is anticipated to fuel the demand for energy. Thus, the burgeoning applications in airports, fueling stations, and commercial buildings boost the requirement for battery energy storage systems in the region.

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North America Battery Energy Storage System Market: Strategic Insights

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North America Battery Energy Storage System Market Segmentation Analysis:

Key segments that contributed to the derivation of the battery energy storage system market analysis are type, connection type, and end user.

By type, the battery energy storage system market is bifurcated into lithium ion and others. The lithium ion segment held a larger share of the market in 2024.

By connection type, the battery energy storage system market is bifurcated into on-grid and off-grid. The on-grid segment held a larger share of the market in 2024.

By end user, the battery energy storage system market is segmented into commercial, residential, and utilities. The utilities segment held the largest share of the market in 2024.

Market Report ScopeNorth America Battery Energy Storage System Market Outlook

With renewable energy sources, such as wind and solar, becoming more common, the requirement for reliable energy storage to manage intermittency and ensure grid stability is strengthening. Governments and the private sector are investing considerably in robust storage systems, supporting energy transition goals, reducing carbon emissions, and improving energy security. Advanced battery technologies, such as solid-state batteries and lithium-ion, are gaining traction due to their efficiency and scalability.

The changing energy circumstances across the globe are generating a demand for energy storage infrastructure. The growing energy demand displays the significance of energy storage systems. The storage system allows energy storage and its usage as per the requirement. Battery energy storage is also important owing to the required balance of energy supply. Developments in energy storage systems and an increase in research and development in energy management systems are driving the battery energy storage system market. For instance, in the US, Stor4Build, an association on energy storage for buildings, is working to accelerate the optimization and deployment of storage technologies. The consortium is co-led by the National Renewable Energy Laboratory (NREL), U.S. Department of Energy (DoE), Oak Ridge National Laboratory (ORNL), and Lawrence Berkeley National Laboratory (Berkeley Lab).

In January 2024, Plus Power stated that it initiated operation at its Kapolei Energy Storage facility in Oahu, Hawaii. The plant is equipped with a grid-scale battery energy storage system, helping in the transition of the state's electric power from coal to solar and wind. In June 2024, Plus Power started managing seven large-scale battery energy storage plants across Arizona and Texas for a total of 1,325 MW/3,500 MWh. Thus, the growing focus of countries on building a vigorous storage infrastructure is driving the battery energy storage system market in the US. Thus, growing focus on establishing vigorous storage infrastructure across the globe is boosting the growth of the battery energy storage system market.

North America Battery Energy Storage System Market Country Insights

Based on country, the North America battery energy storage system market comprises the US, Canada, and Mexico. The US held the largest share in 2024.

The rising awareness regarding adopting renewable energy and increasing investments in solar and wind energy projects are propelling the demand for lithium-ion batteries for energy storage in the US. In 2023, the US witnessed ~37% growth in renewables installation compared to 2021 and a 51% increase compared to 2022 installations. The US installed approximately 14.1 gigawatt (GW)-hours (4.3 GW alternating current [GWac]) of energy storage onto the electric grid in the first quarter (Q1)/second quarter (Q2) of 2024 A rise in demand for backup power during power outages or when grid access is limited is expected to drive the demand for BESS in the country. In addition, the rise in usage of battery energy storage systems (BESS) in microgrids and off-grid systems across the US to ensure stable and reliable power supply is projected to boost the market growth during 2023-2031. Moreover, the increase in investment and initiatives toward the development of solar and wind power projects across the country is anticipated to fuel the market growth in the coming years. In 2023, Texas state of the US installed around 6,500 MW worth of solar energy systems across the region and surpassed California to become the largest renewable installed state across the country.

North America Battery Energy Storage System Market Company Profiles

Some of the key players operating in the market include Panasonic Holdings Corp, BYD Co Ltd, Contemporary Amperex Technology Co Ltd, Tesla Inc, Samsung SDI Co Ltd, AES Corp, Ameresco Inc, NextEra Energy Inc, ESS Inc, Saft Groupe SA, LG Chem Ltd, General Electric Co, KORE Power Inc, Eos Energy Enterprises Inc, and Siemens AG, among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

North America Battery Energy Storage System Market Research Methodology :

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

Company websites, annual reports, financial statements, broker analyses, and investor presentations.

Industry trade journals and other relevant publications.

Government documents, statistical databases, and market reports.

News articles, press releases, and webcasts specific to companies operating in the market.

Note:

All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

Validate and refine findings from secondary research.

Enhance the expertise and market understanding of the analysis team.

Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers

External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise

Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered

This text is related
to segments covered.

Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope

This text is related
to country scope.

1. Introduction

1.1 Report Guidance

1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights

2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research

3.2 Primary Research

3.2.1 Hypothesis formulation:

3.2.2 Macroeconomic factor analysis:

3.2.3 Developing base number:

3.2.4 Data Triangulation:

3.2.5 Country-level data:

4. Battery Energy Storage System Market Landscape

4.1 Overview

4.2 PEST Analysis

4.3 Ecosystem Analysis

4.3.1 List of Vendors in the Value Chain

5. North America Battery Energy Storage System Market - Key Market Dynamics

5.1 Market Drivers

5.1.1 Growing Focus on Establishing Vigorous Storage Infrastructure

5.1.2 Mounting Demand for Energy

5.2 Market Restraints

5.2.1 Scarcity of Raw Materials

5.3 Market Opportunities

5.3.1 Growing Investment in Renewable Power Generation

5.4 Future Trends

5.4.1 Role of Battery Energy Storage System in Energy Transitions

5.5 Impact of Drivers and Restraints:

6. Battery Energy Storage System Market - North America Market Analysis

6.1 North America Battery Energy Storage System Market Revenue (US$ Million), 2021-2031

6.2 North America Battery Energy Storage System Market Forecast Analysis

7. North America Battery Energy Storage System Market Analysis - by Type

7.1 Lithium Ion

7.1.1 Overview

7.1.2 Lithium Ion: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

7.2 Others

7.2.1 Overview

7.2.2 Others: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

8. North America Battery Energy Storage System Market Analysis - by Connection Type

8.1 On-Grid

8.1.1 Overview

8.1.2 On-Grid: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

8.2 Off-Grid

8.2.1 Overview

8.2.2 Off-Grid: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

9. North America Battery Energy Storage System Market Analysis - by End User

9.1 Commercial

9.1.1 Overview

9.1.2 Commercial: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

9.2 Utilities

9.2.1 Overview

9.2.2 Utilities: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

9.3 Residential

9.3.1 Overview

9.3.2 Residential: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

10. North America Battery Energy Storage System Market - Country Analysis

10.1 North America

10.1.1 North America Battery Energy Storage System Market - Revenue and Forecast Analysis - by Country

10.1.1.1 North America Battery Energy Storage System Market - Revenue and Forecast Analysis - by Country

10.1.1.2 United States: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

10.1.1.2.1 United States: North America Battery Energy Storage System Market Share - by Type

10.1.1.2.2 United States: North America Battery Energy Storage System Market Share - by Connection Type

10.1.1.2.3 United States: North America Battery Energy Storage System Market Share - by End User

10.1.1.3 Canada: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

10.1.1.3.1 Canada: North America Battery Energy Storage System Market Share - by Type

10.1.1.3.2 Canada: North America Battery Energy Storage System Market Share - by Connection Type

10.1.1.3.3 Canada: North America Battery Energy Storage System Market Share - by End User

10.1.1.4 Mexico: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

10.1.1.4.1 Mexico: North America Battery Energy Storage System Market Share - by Type

10.1.1.4.2 Mexico: North America Battery Energy Storage System Market Share - by Connection Type

10.1.1.4.3 Mexico: North America Battery Energy Storage System Market Share - by End User

11. Competitive Landscape

11.1 Heat Map Analysis of Key Players

11.2 Company Positioning & Concentration

12. Industry Landscape

12.1 Overview

12.2 Market Initiative

12.3 Product Development

13. Company Profiles

13.1 Panasonic Holdings Corp

13.1.1 Key Facts

13.1.2 Business Description

13.1.3 Products and Services

13.1.4 Financial Overview

13.1.5 SWOT Analysis

13.1.6 Key Developments

13.2 BYD Co Ltd

13.2.1 Key Facts

13.2.2 Business Description

13.2.3 Products and Services

13.2.4 Financial Overview

13.2.5 SWOT Analysis

13.2.6 Key Developments

13.3 Contemporary Amperex Technology Co Ltd

13.3.1 Key Facts

13.3.2 Business Description

13.3.3 Products and Services

13.3.4 Financial Overview

13.3.5 SWOT Analysis

13.3.6 Key Developments

13.4 Tesla Inc

13.4.1 Key Facts

13.4.2 Business Description

13.4.3 Products and Services

13.4.4 Financial Overview

13.4.5 SWOT Analysis

13.4.6 Key Developments

13.5 Samsung SDI Co Ltd

13.5.1 Key Facts

13.5.2 Business Description

13.5.3 Products and Services

13.5.4 Financial Overview

13.5.5 SWOT Analysis

13.5.6 Key Developments

13.6 AES Corp

13.6.1 Key Facts

13.6.2 Business Description

13.6.3 Products and Services

13.6.4 Financial Overview

13.6.5 SWOT Analysis

13.6.6 Key Developments

13.7 Ameresco Inc

13.7.1 Key Facts

13.7.2 Business Description

13.7.3 Products and Services

13.7.4 Financial Overview

13.7.5 SWOT Analysis

13.7.6 Key Developments

13.8 NextEra Energy Inc

13.8.1 Key Facts

13.8.2 Business Description

13.8.3 Products and Services

13.8.4 Financial Overview

13.8.5 SWOT Analysis

13.8.6 Key Developments

13.9 ESS Inc.

13.9.1 Key Facts

13.9.2 Business Description

13.9.3 Products and Services

13.9.4 Financial Overview

13.9.5 SWOT Analysis

13.9.6 Key Developments

13.10 Saft Groupe SA

13.10.1 Key Facts

13.10.2 Business Description

13.10.3 Products and Services

13.10.4 Financial Overview

13.10.5 SWOT Analysis

13.10.6 Key Developments

13.11 LG Chem Ltd

13.11.1 Key Facts

13.11.2 Business Description

13.11.3 Products and Services

13.11.4 Financial Overview

13.11.5 SWOT Analysis

13.11.6 Key Developments

13.12 General Electric Co

13.12.1 Key Facts

13.12.2 Business Description

13.12.3 Products and Services

13.12.4 Financial Overview

13.12.5 SWOT Analysis

13.12.6 Key Developments

13.13 KORE Power Inc

13.13.1 Key Facts

13.13.2 Business Description

13.13.3 Products and Services

13.13.4 Financial Overview

13.13.5 SWOT Analysis

13.13.6 Key Developments

13.14 Eos Energy Enterprises Inc

13.14.1 Key Facts

13.14.2 Business Description

13.14.3 Products and Services

13.14.4 Financial Overview

13.14.5 SWOT Analysis

13.14.6 Key Developments

13.15 Siemens AG

13.15.1 Key Facts

13.15.2 Business Description

13.15.3 Products and Services

13.15.4 Financial Overview

13.15.5 SWOT Analysis

13.15.6 Key Developments

14. Appendix

14.1 About The Insight Partners

List of Tables

Table 1. North America Battery Energy Storage System Market Segmentation

Table 2. List of Vendors (Including Containerized BESS Players)

Table 3. North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

Table 4. North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million) - by Type

Table 5. North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million) - by Connection Type

Table 6. North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million) - by End User

Table 7. North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million) - by Country

Table 8. United States: North America Battery Energy Storage System Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Type

Table 9. United States: North America Battery Energy Storage System Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Connection Type

Table 10. United States: North America Battery Energy Storage System Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End User

Table 11. Canada: North America Battery Energy Storage System Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Type

Table 12. Canada: North America Battery Energy Storage System Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Connection Type

Table 13. Canada: North America Battery Energy Storage System Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End User

Table 14. Mexico: North America Battery Energy Storage System Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Type

Table 15. Mexico: North America Battery Energy Storage System Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by Connection Type

Table 16. Mexico: North America Battery Energy Storage System Market - Revenue and Forecast, 2021 - 2031(US$ Million) - by End User

List of Figures

Figure 1. North America Battery Energy Storage System Market Segmentation - Country

Figure 2. PEST Analysis

Figure 3. Battery Energy Storage System Ecosystem

Figure 4. North America Battery Energy Storage System Market - Key Market Dynamics

Figure 5. Impact Analysis of Drivers and Restraints

Figure 6. North America Battery Energy Storage System Market Revenue (US$ Million), 2021-2031

Figure 7. North America Battery Energy Storage System Market Share (%) - by Type (2024 and 2031)

Figure 8. Lithium Ion: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 9. Others: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 10. North America Battery Energy Storage System Market Share (%) - by Connection Type (2024 and 2031)

Figure 11. On-Grid: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 12. Off-Grid: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 13. North America Battery Energy Storage System Market Share (%) - by End User (2024 and 2031)

Figure 14. Commercial: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 15. Utilities: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 16. Residential: North America Battery Energy Storage System Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 17. North America Battery Energy Storage System Market Breakdown, by Key Countries, 2024 and 2031 (%)

Figure 18. United States: North America Battery Energy Storage System Market - Revenue and Forecast, 2021- 2031 (US$ Million)

Figure 19. Canada: North America Battery Energy Storage System Market - Revenue and Forecast, 2021- 2031 (US$ Million)

Figure 20. Mexico: North America Battery Energy Storage System Market - Revenue and Forecast, 2021- 2031 (US$ Million)

Figure 21. Heat Map Analysis of Key Players

Figure 22. Company Positioning & Concentration

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The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
Validates and strengthens in-house secondary research findings
Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

Industry participants: VPs, business development managers, market intelligence managers and national sales managers
Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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