The Global Stationary Energy Storage Market Size is valued at 43.48 billion in 2023 and is predicted to reach 215.10 billion by the year 2031 at a 22.25% CAGR during the forecast period for 2024-2031.
Battery storage systems are critical for guaranteeing a consistent and dependable power supply. It is also becoming one of the most important solutions for correctly integrating massive solar and wind renewables into global power systems. They are utilized in many industries to provide ideal connectivity and energy storage.
High-capacity batteries are utilized as a backup source to ensure the stability of the electrical system and to provide power during power outages. Throughout the forecast period, product adoption will be driven by the increasing global usage of renewable energy sources, paired with stringent government regulations to decrease carbon emissions.
However, the volatile investment opportunities across several industrial sectors and the absence of standardization are projected to stymie market expansion. As a result, investors are finding it challenging to invest in grid-scale stationary batteries.
Furthermore, COVID-19 has delayed a wide range of projects, including energy storage and renewable integration, due to severe disruption in supply chains, impeding the expansion of the grid-scale stationary battery sector.
Recent Developments:
- In July 2022, The MISO (Midcontinent Independent System Operator) approved the construction of nearly 2,000 miles of new long-distance transmission lines. This transmission line project, the largest proposed in the United States, was anticipated to provide electricity to 12 million residences, driving the usage of stationary power storage devices.
Competitive Landscape:
Some of the stationary energy storage market players are:
- Tesla
- Duracell Power Center
- Durapower Group
- Exide Industries
- Johnson Controls
- Contemporary Amperex Technology Co., Limited (CATL)
- TOSHIBA CORPORATION
- BYD Motors Inc.
- Panasonic
- Hitachi Ltd.
- Hoppecke Batteries Inc.
- THE FURUKAWA BATTERY CO. LTD.
- LG Energy Solutions
- SAMSUNG SDI CO., LTD.
- GS Yuasa International Ltd.
- ION Energy Inc.
- Peak Power
- GBatteries
- 24M
Market Segmentation:
The stationary energy storage market is segmented based on application and battery type. Based on application, the market is segmented as the front of the meter and behind the meter. By battery type, the market is segmented into lithium-ion (Li-ion) batteries, lead acid batteries, redox flow batteries, and sodium sulfur (NaS) batteries.
Based On Battery Type, The Lithium-Ion Battery Segment Is Accounted As A Major Contributor To The Stationary Energy Storage Market
Lithium-ion batteries are expected to hold a major share of the global Stationary Energy Storage Market in 2024. This is attributed to its longer life cycle than lead-acid. Furthermore, the low cost of these batteries is likely to push the niche market. The sodium-sulfur battery market is predicted to expand due to its safety features and high-temperature stability, making them excellent for grid-scale applications. Further aspects expected to propel the market for sodium sulfur batteries include no self-discharge, quick response time, and long shelf life.
The Front Of The Metering Segment Witnessed Growth At A Rapid Rate
The front-of-the-meter segment is projected to grow at a rapid rate in the global stationary energy storage market. This is due to an increase in the market need for power system flexibility due to power outages or power system breakdowns, which has increased demand for structured systems for a black start.
The North America Stationary Energy Storage Market Holds A Significant Revenue Share In The Region
The North America Stationary Energy Storage Market is expected to register the highest market share in terms of revenue shortly. This can be attributed to the increased investments in expanding power generation capacities coupled with the growing electricity demand, mainly in rural areas. As countries such as China, India, and Japan continue to industrialize, there is a greater emphasis on grid stability and reliable electricity. Furthermore, increased attempts to reduce carbon footprint by updating renewable energy infrastructure will drive market expansion. North America is another important market for grid-scale stationary battery storage.
The region's growth is being driven by increased investment in the repair of aging grid networks, as well as the increased incorporation of renewable energy technology. As one of the biggest energy consumers for grid-scale storage battery systems, the United States has a significant share and dominates the regional market. Furthermore, different states in the country have different emission reduction targets, which benefit the grid-scale stationary storage battery industry. Strong expansion in industrial sectors, together with efforts to ensure grid stability, would boost the region's market outlook.
Stationary Energy Storage Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 43.48 Bn |
|
Revenue forecast in 2031 |
USD 215.10 Bn |
|
Growth rate CAGR |
CAGR of 22.25% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Application And Battery Type |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Tesla, Duracell Power Center, Durapower Group, Exide Industries, Johnson Controls, Contemporary Amperex Technology Co., Limited (CATL), TOSHIBA CORPORATION, BYD Motors Inc., Panasonic, Hitachi Ltd., Hoppecke Batteries Inc., THE FURUKAWA BATTERY CO. LTD., LG Energy Solutions, SAMSUNG SDI CO., LTD., GS Yuasa International Ltd., ENERSYS., ION Energy Inc., Peak Power, batteries, and 24M. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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