Stationary Battery Storage Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Stationary battery storage is a system that stores electrical energy and can release it when needed to supply power to static or fixed applications. It plays a vital role in the transition to a more sustainable, reliable, and flexible energy infrastructure by providing solutions for grid management, renewable energy integration, and backup power supply in various sectors.

Sizing and Forecast
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..

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Segmentation & Regional Insights
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

North America was the largest region in the stationary battery storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the stationary battery storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the stationary battery storage market report are Uniper SE, Hitachi Ltd., Tesla Inc., Siemens AG, General Electric Company, Lockheed Martin Corporation, Panasonic Corporation, BYD Company Ltd, LG Chem Ltd., Toshiba Corporation, Johnson Controls International plc, Samsung SDI Co. Ltd., Furukawa Battery Co. Ltd., GS Yuasa International Ltd., Exide Technologies, East Penn Manufacturing Co. Inc., Narada Power Source Co. Ltd., Saft Groupe S.A., Duracell Inc., Fluence Energy LLC, Schmid Group, Hoppecke Batteries, HydraRedox, CMBlu Energy AG, Durapower Group, JenaBatteries GmbH

The stationary battery storage market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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