The Stationary Battery Storage Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Stationary Battery Storage Global Market Report 2024, The stationary battery storage market size has grown exponentially in recent years. It will grow from $37.06 billion in 2023 to $46.48 billion in 2024 at a compound annual growth rate (CAGR) of 25.4%. The growth in the historic period can be attributed to grid stability and reliability, government incentives and policies, electrification of transportation, energy independence, peak shaving and load management, microgrid development..
The stationary battery storage market size is expected to see exponential growth in the next few years. It will grow to $107.58 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. The growth in the forecast period can be attributed to grid modernization initiatives, evolving utility business models, residential energy management, climate resilience initiatives, hybrid power plants.. Major trends in the forecast period include advancements in battery technologies, hybrid energy storage systems, energy management solutions, behind-the-meter systems, decentralized energy storage systems..
The rapid deployment of renewable energy is expected to propel the growth of the stationary battery storage market going forward. The deployment of renewable energy refers to the implementation of renewable energy sources, such as solar, wind, hydropower, and geothermal energy, to generate electricity and meet various energy needs. The rapid expansion of renewable energy sources necessitates efficient energy storage solutions to ensure grid stability and reliability, and stationary battery storage is becoming a crucial component in the evolving energy landscape by offering grid operators increased flexibility and control while mitigating the need for expensive grid infrastructure upgrades. For instance, in April 2023, according to a report published by the National Renewable Energy Laboratory (NREL), a US-based research institution dedicated to advancing renewable energy and energy efficiency technologies, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc), totaling 1.2 terawatts of direct current (TWdc) cumulatively in 2022. China’s annual PV installations surged by 57%, accounting for 42% of global demand, primarily driven by distributed PV, while annual installations are forecast to exceed 300 GW by 2023 and surpass 400 GW by 2025. Therefore, the rapid deployment of renewable energy will drive the growth of the stationary battery storage market.
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The stationary battery storage market covered in this report is segmented –
1) By Type Of Energy Storage: Hydrogen And Ammonia Storage, Gravitational Energy Storage, Compressed Air Energy Storage, Liquid Air Storage, Thermal Energy Storage
2) By Battery: Lithium Ion, Sodium Sulphur, Lead Acid, Flow Battery, Other Batteries
3) By Application: Grid Services, Behind The Meter, Off Grid
Major companies operating in the stationary battery storage market are developing advanced technologies, such as Rimac Energy stationary energy storage systems, to increase profitability in the market. Rimac Energy is a technologically advanced battery architecture that achieves a remarkable 50% reduction in efficiency losses and shrinks the system’s footprint by up to 40%, outperforming current industry-leading solutions. For instance, in May 2023, Rimac Technology, a Croatia-based automotive manufacturer, launched Rimac Energy, a stationary energy storage technology. This system develops the next generation of stationary energy storage systems (ESS) by utilizing its expertise in developing market-defining electric vehicle technology. The innovative electrical structure that supports Rimac Energy’s ESS gives it considerable performance, safety, and availability advantages, including up to 50% lower energy losses and a 40% smaller system footprint.
The stationary battery storage market report table of contents includes:
1. Executive Summary
2.Stationary Battery Storage Market Characteristics
3.Stationary Battery Storage Market Trends And Strategies
4. Stationary Battery Storage Market analysis
5.Stationary Battery Storage Market Size And Growth
6.Stationary Battery Storage Segmentation
7.Stationary Battery Storage Regional And Country Analysis
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27.Stationary Battery Storage Competitive Landscape And Company Profiles
28.Stationary Battery Storage Key Mergers And Acquisitions
29.Stationary Battery Storage Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Uniper SE
- Hitachi Ltd.
- Tesla Inc.
- Siemens AG
- General Electric Company
- Lockheed Martin Corporation
- Panasonic Corporation
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