According to our latest study on "The US and Asia Pacific Battery Energy Storage System Market Size and Forecast (2021–2031), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type, Connection Type, End User and Geography," the US and Asia Pacific Battery Energy Storage System Market size was valued at US$ 15,455.00 million in 2023 and is expected to reach US$ 98,231.20 million by 2031. The US and Asia Pacific Battery Energy Storage System Market is estimated to record a CAGR of 26.01% from 2023 to 2031.

Growing Focus on Establishing Vigorous Storage Infrastructure to Provide Lucrative Opportunities for The US and Asia Pacific Battery Energy Storage System Market Growth During Forecast Period

The report includes growth prospects owing to the current The US and Asia Pacific Battery Energy Storage System Market trends and their foreseeable impact during the forecast period. The changing energy circumstances across the US and Asia Pacific 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.

The US and Asia Pacific Battery Energy Storage System Market Report: Key Findings

The US and Asia Pacific Battery Energy Storage System Market analysis is based on segmental assessment. Based on type, the market is segmented into Lithium-Ion and, and others. In terms of connection type, the market is categorized into on-grid and off-grid. Based on end user, the market is segmented into commercial, utilities, and residential. In terms of geography, the market is categorized into the US, and Asia Pacific (APAC).

The on-grid segment held the largest share in the largest The US and Asia Pacific Battery Energy Storage System Market share in 2023. Grid-connected battery energy storage system (BESS) is the future of support systems for utility grids. BESS connected to the grid offers a wide range of benefits and support functions, including frequency regulation, voltage support, emergency support, peak shaving, grid stability, and voltage stabilization. The importance of grid-scale or grid-connected battery energy storage systems is growing across the globe owing to the surging need for grid stability services and the rising share of renewable power in the overall grid infrastructure. These battery energy storage systems send excess stored power generated by the solar or wind power system to the utility grid and provide compensation for the extra power fed back. These systems do not work during power outages as they are connected to the main utility grid. Lithium-ion battery energy storage systems integrated with the power grid are the most commonly used systems globally. Thus, the increasing production of renewable energy is escalating the demand for BESS, thereby driving the battery energy storage system market.

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