US and Asia Pacific Battery Energy Storage System Market Share and Forecast by 2031
US and Asia Pacific 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), End User (Commercial, Utilities and Residential), and Country
- Status : Published
- Report Code : TIPRE00039387
- Category : Energy and Power
- No. of Pages : 141
- Available Report Formats :
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.
Frequently Asked Questions
The US & APAC battery energy storage system market is expected to reach US$ 98.23 billion by 2031.
Growing Focus on Establishing Vigorous Storage Infrastructure; and Mounting Demand for Energy are some of the major drivers of the US & APAC battery energy storage system market.
India is anticipated to grow at the fastest CAGR over the forecast period.
The key players operating in the US & APAC battery energy storage system market include BYD Co. Ltd; Samsung SDI Co Ltd; Panasonic Holdings Corp; Contemporary Amperex Technology Co Ltd; Tesla Inc; AES Corp; Ameresco Inc; Siemens AG; KORE Power Inc; General Electric Co; NextEra Energy Inc; Eos Energy Enterprises Inc; Saft Groupe SA; LG Chem Ltd; and ESS Inc.
The lithium-ion segment led the battery energy storage system market with a significant share in 2023.
The battery energy storage system market was valued at US$ 15.45 billion in 2023; it is expected to register a CAGR of 26.0% during 2023–2031.
Role of battery energy storage system in energy transitions is expected to drive the growth of the US & APAC battery energy storage system market in the coming years.
1. Introduction
1.1 The Insight Partners Research 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 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. The US and Asia Pacific 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
4.4 The US (Premium Insights)
4.4.1 Key Strategies and Developments in the Battery Energy Storage System Supply Chain
4.4.1.1 Flexibility in Supply Chains:
4.4.1.2 Collaboration with Domestic Raw Material Suppliers:
4.4.1.3 Emphasis on Product Features:
4.4.1.4 Efficient Sales and Operations Planning (S&OP)
4.4.1.5 Integration of Automation
4.4.2 Key BESS Logistic Challenges
4.4.3 Role of BESS in Vehicle Electrification
4.4.4 Geopolitical Scenario Analysis
4.5 Supply Chain Analysis (The US)
4.5.1 Supply Chain Risk Assessment for BESS
4.6 BESS Cost Analysis (The US)
4.7 List of End-to-End BESS Providers (The US)
4.8 The US Battery Energy Storage System Installation Capacity Forecast, by Geography
4.8.1 Microgrid Construction and Charging Station Analysis (The US)
5. The US and Asia Pacific Battery Energy Storage System Market – Key Market Dynamics
5.1 The US and Asia Pacific Battery Energy Storage System Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Growing Focus on Establishing Vigorous Storage Infrastructure
5.2.2 Mounting Demand for Energy
5.3 Market Restraints
5.3.1 Scarcity of Raw Materials
5.4 Market Opportunities
5.4.1 Growing Investment in Renewable Power Generation
5.5 Future Trends
5.5.1 Role of Battery Energy Storage System in Energy Transitions
5.6 Impact of Drivers and Restraints:
6. The US and Asia Pacific Battery Energy Storage System Market Analysis
6.1 The US and Asia Pacific Battery Energy Storage System Market Revenue (US$ Million), 2021–2031
6.2 The US and Asia Pacific Battery Energy Storage System Market Forecast and Analysis
7. The US and Asia Pacific Battery Energy Storage System Market Analysis – by Type
7.1 Lithium Ion
7.1.1 Overview
7.1.2 Lithium Ion: The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Others
7.2.1 Overview
7.2.2 Others: The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
8. The US and Asia Pacific Battery Energy Storage System Market Analysis – by Connection Type
8.1 On-Grid
8.1.1 Overview
8.1.2 On-Grid: The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Off-Grid
8.2.1 Overview
8.2.2 Off-Grid: The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
9. The US and Asia Pacific Battery Energy Storage System Market Analysis – by End Users
9.1 Commercial
9.1.1 Overview
9.1.2 Commercial: The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Utilities
9.2.1 Overview
9.2.2 Utilities: The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Residential
9.3.1 Overview
9.3.2 Residential: The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
10. The US and Asia Pacific Battery Energy Storage System Market – Country Analysis
10.1 The US and Asia Pacific
10.1.1 The US and Asia Pacific Battery Energy Storage System Market Breakdown by Countries
10.1.2 The US and Asia Pacific Battery Energy Storage System Market Revenue and Forecast and Analysis – by Country
10.1.2.1 The US and Asia Pacific Battery Energy Storage System Market Revenue and Forecast and Analysis – by Country
10.1.2.2 The US: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.2.1 The US: Battery Energy Storage System Market Breakdown by Type
10.1.2.2.2 The US: Battery Energy Storage System Market Breakdown by Connection Type
10.1.2.2.3 The US: Battery Energy Storage System Market Breakdown by End User
10.1.2.3 Australia: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.3.1 Australia: Battery Energy Storage System Market Breakdown by Type
10.1.2.3.2 Australia: Battery Energy Storage System Market Breakdown by Connection Type
10.1.2.3.3 Australia: Battery Energy Storage System Market Breakdown by End User
10.1.2.4 China: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.4.1 China: Battery Energy Storage System Market Breakdown by Type
10.1.2.4.2 China: Battery Energy Storage System Market Breakdown by Connection Type
10.1.2.4.3 China: Battery Energy Storage System Market Breakdown by End User
10.1.2.5 India: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.5.1 India: Battery Energy Storage System Market Breakdown by Type
10.1.2.5.2 India: Battery Energy Storage System Market Breakdown by Connection Type
10.1.2.5.3 India: Battery Energy Storage System Market Breakdown by End User
10.1.2.6 Japan: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.6.1 Japan: Battery Energy Storage System Market Breakdown by Type
10.1.2.6.2 Japan: Battery Energy Storage System Market Breakdown by Connection Type
10.1.2.6.3 Japan: Battery Energy Storage System Market Breakdown by End User
10.1.2.7 South Korea: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.7.1 South Korea: Battery Energy Storage System Market Breakdown by Type
10.1.2.7.2 South Korea: Battery Energy Storage System Market Breakdown by Connection Type
10.1.2.7.3 South Korea: Battery Energy Storage System Market Breakdown by End User
10.1.2.8 Rest of Asia Pacific: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.8.1 Rest of Asia Pacific: Battery Energy Storage System Market Breakdown by Type
10.1.2.8.2 Rest of Asia Pacific: Battery Energy Storage System Market Breakdown by Connection Type
10.1.2.8.3 Rest of Asia Pacific: Battery Energy Storage System Market Breakdown by End User
11. Competitive Landscape
11.1 Heat Map Analysis of Key Players
11.2 Company Positioning and Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
13. Company Profiles
13.1 BYD Co Ltd
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 Samsung SDI 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 Panasonic Holdings Corp
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 Contemporary Amperex Technology Co Ltd
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 Tesla Inc
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 Siemens AG
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 KORE Power 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 General Electric Co
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 NextEra Energy Inc
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 Eos Energy Enterprises Inc
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 Saft Groupe SA
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 LG Chem Ltd
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 ESS Inc.
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. The US and Asia Pacific Battery Energy Storage System Market Segmentation
Table 2. List of Vendors (Including Containerized BESS Players)
Table 3. List of End-to-End BESS Providers
Table 4. The US Battery Energy Storage System Installation Capacity Forecast, by Geography (MW)
Table 5. The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Table 6. The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 7. The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Connection Type
Table 8. The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 9. The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 10. The US: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 11. The US: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Connection Type
Table 12. The US: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 13. Australia: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 14. Australia: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Connection Type
Table 15. Australia: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 16. China: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 17. China: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Connection Type
Table 18. China: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 19. India: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 20. India: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Connection Type
Table 21. India: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 22. Japan: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 23. Japan: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Connection Type
Table 24. Japan: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 25. South Korea: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 26. South Korea: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Connection Type
Table 27. South Korea: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 28. Rest of Asia Pacific: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 29. Rest of Asia Pacific: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by Connection Type
Table 30. Rest of Asia Pacific: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million) – by End User
List of Figures
Figure 1. The US and Asia Pacific Battery Energy Storage System Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Battery Energy Storage System Ecosystem
Figure 4. Battery Energy Storage System Supply Chain
Figure 5. Cost Reduction Drivers of Battery Energy Storage System
Figure 6. Microgrid Installation by Year, 2018–2023
Figure 7. State-wise Microgrid Installations as of December 2023
Figure 8. Impact Analysis of Drivers and Restraints
Figure 9. The US and Asia Pacific Battery Energy Storage System Market Revenue (US$ Million), 2021–2031
Figure 10. The US and Asia Pacific Battery Energy Storage System Market Share (%) – by Type, 2023 and 2031
Figure 11. Lithium Ion: The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Others: The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. The US and Asia Pacific Battery Energy Storage System Market Share (%) – by Connection Type, 2023 and 2031
Figure 14. On-Grid: The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Off-Grid: The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. The US and Asia Pacific Battery Energy Storage System Market Share (%) – by End User, 2023 and 2031
Figure 17. Commercial: The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Utilities: The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. Residential: The US and Asia Pacific Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. The US and Asia Pacific Battery Energy Storage System Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 21. The US: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Australia: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. China: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 24. India: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 25. Japan: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 26. South Korea: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. Rest of Asia Pacific: Battery Energy Storage System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 28. Heat Map Analysis of Key Players
Figure 29. Company Positioning and 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:
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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