By the year 2034, the global market for stationary battery storage is expected to rise up to a market valuation of US$ 1,571.48 billion. During the forecast period 2024-2034, the stationary battery storage industry is expected to grow at a value of 29.0% CAGR, according to Future Market Insights.
Due to their simple charging processes and low waste electrolyte liquid re-energization, battery energy storage systems are expected to increase and become more widely used. Additionally, it is expected that rising applications in backup power, portable power, and stationary applications will enhance market growth.
The market is being driven by constant innovation in energy storage technology. Industry leaders including the US-based Power Electronics are developing twin solar-inverter-plus-storage solutions and growing their selection of solar charging systems. Particularly in fire-sensitive areas where lithium-ion batteries are still viewed as somewhat unsafe, there is an increasing demand for lithium-ion technology alternatives like zinc technology.
Furthermore, policymakers along with key players are focusing on following and maintaining regulations to offer safe and standardized stationary battery storage systems. North America and Asia Pacific are major regions contributing to the stationary battery storage systems owing to the development of data centers and rural areas respectively.
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Key Takeaways from the Market Study
- By lithium-ion battery ignites flow battery segment is poised to register over 90.5% growth rate through 2034
- By energy capacity, charting the success of 251kWh to 1MWh is predicted to observe nearly 30.6% gains till 2034.
- North America is expected to possess a 32.4% market share for the stationary battery storage market in North America.
- China stationary battery storage market share is envisioned to augment at a CAGR of 33.4% by 2034
“Rapid deployment of energy resources along with favorable initiatives by government authorities across the globe are creating lucrative opportunities for stationary battery storage market.” comments a Future Market Insights analyst.
Competitive Landscape
Key players in the stationary battery storage market are
- Tesla
- Durapower Group
- Johnson Controls
- Exide Technologies
- Duracell, Inc
- BYD Company Ltd
- Toshiba Corporation
- Samsung SDI Co., Ltd
- Panasonic Corporation
- GS Yuasa International Ltd
- A123 Systems, LLC
- LG Chem Ltd.
- Furukawa Battery Co., Ltd.
- HydraRedox
- Narada Power Source Co. Ltd
- Siemens
- Lockheed Martin Corporation
- CMBlu Energy AG
- JenaBatteries GmbH
- SCHMID Group
Some of the recent key developments among key players are:
- In July 2022, Durapower Group introduced a universal DP Omni battery pack for electric buses and retrofits. The battery is designed to be charged in less than an hour. In addition, the battery can be customized according to client needs.
- In March 2021, Toshiba Corporation launched lithium-ion batteries that focus on providing energy to different end-user industries. Through this, the company is forced to develop decarbonized industries.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global stationary battery storage market, presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of battery (lithium-ion, Sodium Sulphur, Lead Acid, Flow Battery, Other Batteries), by application (Grid services, behind-the-meter, off-grid) and regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Key Segments Profiled in the Stationary Battery Storage Industry Survey
Battery:
- Lithium-Ion
- Lithium Iron Phosphate
- Nickel Manganese Cobalt
- Sodium Sulphur
- Lead Acid
- Flow Battery
- Other Batteries
Application:
- Grid Services
- Frequency Regulation
- Flexible Ramping
- Black Start Services
- Energy Shifting & Capacity Deferral
- T&D Congestion Relief
- Capacity Firming
- Reduced RE Curtailment
- Reduced Reliance on Diesel Gensets
- Behind the Meter
- Electricity Consumers
- System Operation
- Mini Grids
- Off Grid
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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