The North America Battery Energy System Market in 2022 is expected to grow at a significant CAGR. This growth is anticipated to be attributed to the high adoption rate of battery energy storage systems in commercial and industrial sectors, and the presence of large players. The market in this region is estimated to hold the largest share in the global market during the forecast period. Growth in this region is expected to be driven by the high rate of development in the past few years.
Several stand-alone projects are planned for the North American market in the next few years. The state of California is poised to experience the most growth in the North America Battery Energy System Market. The company, Capital Dynamics Holding AG, built the Saticoy Battery Storage Project in Oxnard, Calif., which is under contract with the utility Southern California Edison, a subsidiary of Edison International. This project was part of a community effort to find an alternative to a natural gas-fired power plant.
In the United States, battery energy systems will be most popular in cities, where energy costs are at an all-time high. In addition, battery storage technology is expected to become cheaper compared to other storage technologies, which will lead to the development of more applications. Additionally, President Biden’s Infrastructure Investment and Jobs Act will drive more investment in infrastructure. As a result, more people will be able to connect to the grid, creating the need for additional energy storage capacity.
As battery storage costs decrease, the market for battery systems is predicted to be even larger. Due to recent developments in manufacturing and materials, the cost of batteries will be cost-competitive with existing storage technologies. As the U.S. continues to invest in renewable energy sources, more transmission infrastructure is expected to be built. This will increase the demand for energy storage. In turn, this will increase the price of batteries.
The North America Battery Energy System Market in 2022 is projected to grow at a CAGR of 26.4%. The Asia-Pacific region is expected to remain a leader in the global market. The region’s rapid industrialization and the growth of renewable energy sources will create lucrative opportunities for manufacturers of battery energy storage systems. The region’s rapid growth also benefits from President Biden’s Infrastructure Investment and Jobs Act.
In 2022, California is expected to see the highest number of stand-alone projects. In Oxnard, Calif., Capital Dynamics Holding AG constructed the Saticoy Battery Storage Project. The company is under a contract with Southern California Edison. The company’s project was part of a community effort to find an alternative to building a natural gas-fired power plant. The California market is also expected to have a high CAGR in the next decade.
The North America Battery Energy System Market in 2022 is expected to experience rapid growth owing to favorable policies, declining costs, and increased appreciation for the benefits of battery energy storage. Despite the challenges faced in the region, growth is expected in this region and the market is predicted to reach a high level by 2022. Moreover, the market in the region is predicted to grow at a rapid pace. Further, the power generation system is moving away from traditional synchronously connected generators and toward inverter-based resources.
To assess the market size of the North America Battery Energy System Market, the study involved four major activities. Firstly, it conducted an exhaustive secondary research to gather information on the parent and peer markets. Secondly, it performed primary research to validate the findings and assumptions. Finally, the market was segmented according to its use. In the United States, the battery energy system market is estimated at over 300 MWh.
In the North America Battery Energy System Market in 2020, the market is projected to grow at a CAGR of 24.7%. Nevertheless, the global market is still far from being saturated. There are many factors that are driving the growth in this market. For example, ESS are highly efficient and cost-effective solutions that are able to increase the use of renewable energy. In addition, the growing number of battery energy storage systems in the United States will drive the demand for energy storage.