DUBLIN--(BUSINESS WIRE )--The "North America Battery Energy Storage System Market Size, Share & Industry Trends Analysis Report By Ownership, By Battery Type, By Energy Capacity, By Connection, By Application, By Country and Growth Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.

The North America Battery Energy Storage System Market is expected to witness market growth of 24.4% CAGR during the forecast period (2021 - 2027).

The US market dominated the North America Battery Energy Storage System Market by Country in 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $2,996.9 million by 2027. The Canada market is experiencing a CAGR of 27.2% during (2021 - 2027). Additionally, The Mexico market is expected to exhibit a CAGR of 26.1% during (2021 - 2027).

BESS is beneficial over other storage systems in that it has a small footprint and no geographical limits on where it may be installed. Other storage methods, including pumped hydro storage (PHS) and compressed air energy storage (CAES), are only appropriate for a small number of places due to water and siting restrictions, as well as transmission constraints.

Over time, battery energy storage system technology has established itself as a vital product for transforming, storing, and distributing extra electricity for later use, as well as lowering CO2 emissions.

In addition, the expansion of the Battery Energy Storage System market has been propelled by rising population, fast industrialization and urbanization, and increased use of Battery Energy Storage technologies like lithium-ion batteries, flow batteries, lead-acid batteries, and others. Moreover, the government's strict environmental rules have a significant impact on the market for Battery Energy Storage Systems.

Some of the key trends of the regional market are advantageous R&D activities to specify cost-cutting goals, detailed BESS installation standards, and economic support programs & rebates.

For example, experts from the United States National Renewable Energy Laboratory (NREL) agreed that they are expected to use advanced Machine-Learning (ML) techniques to broaden their understanding of novel battery chemistries, materials, and cell designs. The physics-based ML technology's complicated algorithms are expected to help in the characterization of battery safety, longevity, and performance.

Solar PV and wind power, both of which are noted for their unpredictability, provide for a large portion of the United States' renewable energy potential. Thus, this condition necessitates the development of more efficient battery energy storage technologies.

Recent Industry Wide Strategic Developments

Market Segments Covered in the Report:

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900