Behind the Meter Stationary Battery Storage Market Size By Battery (Lithium-Ion, Lead Acid) By Application (Electricity Consumers, System Operations, Mini Grids) & Forecast, 2023 – 2032

Behind the Meter Stationary Battery Storage Market Size

Behind the Meter Stationary Battery Storage Market size surpassed USD 19.1 billion in 2022 and is projected to showcase 23% CAGR from 2023 to 2032. There has been a significant increase in the product adoption. This is primarily driven by factors including decreasing costs of battery technologies, favorable government policies and incentives, and the need for energy resilience and backup power. The market for stationary battery storage is expected to cross a valuation of USD 870.4 billion by 2032.
 

Additionally, these systems can provide grid services like frequency regulation and peak shaving, helping utilities maintain grid stability and reliability. Behind-the-meter battery storage systems are being deployed to enhance energy resilience and provide backup power during grid outages or emergencies. With extreme weather events becoming more frequent, consumers are increasingly investing in battery storage systems to ensure a reliable and uninterrupted power supply.

Moreover, even a single improperly disposed lead-acid battery can contaminate a considerable amount of municipal solid waste, estimated to be approximately 25 tons. These environmental consequences, along with the health risks, are expected to limit the demand for behind the meter stationary battery storage worldwide. However, accelerating adoption of renewable energy technologies including solar will significantly provide a business opportunity to the battery manufacturers.
 

COVID-19 Impact

The behind the meter stationary battery storage market has experienced considerable impact from the COVID-19 pandemic. Disruptions in the global supply chain and manufacturing operations have resulted in delays in the implementation of projects. The scarcity of battery manufacturing components, which are largely sourced from overseas, has led to material shortages and setbacks. Consequently, manufacturers have encountered difficulties in meeting production and delivery schedules, hindering the industry expansion of the market. Nevertheless, the demand for backup power has increased due to the prevalence of remote work and indoor lifestyles during the pandemic. This growing need for dependable power supply has the potential to stimulate business growth in the coming years.
 

Behind the Meter Stationary Battery Storage Industry Trends

The behind the meter stationary battery storage sector is set to benefit from the rapid digitalization enabled by the increasing prevalence of smart devices. This growth in the communication industry will drive the demand for stationary battery systems. Governments worldwide are implementing measures to integrate renewable energy sources, further amplifying the need for reliable and efficient backup power systems. Furthermore, the deployment of battery storage systems aligns with the EU Green Deal's objective of achieving decarbonization by 2050. Battery storage systems are utilized for time-of-use optimization and energy arbitrage.
 

Behind the Meter Stationary Battery Storage Battery Market Analysis

The lithium-ion battery segment has garnered USD 14 billion of the behind the meter stationary battery storage market in 2022. In the past decade, lithium-ion batteries have experienced a noteworthy transformation. This shift can be attributed to increasing concerns about supply security and a growing demand for power backup solutions. Developing countries in Africa and the Asia Pacific region, where insufficient grid infrastructure leads to frequent power outages, are driving the need for reliable and efficient energy sources.
 

The fluctuations in energy consumption due to extreme peak load demands, along with efforts to enhance rural electrification, will contribute to the market's growth. The rising demand for consumer-owned electricity and the desire for a secure energy supply will propel the behind-the-meter stationary battery storage market expansion. Furthermore, ongoing reforms focused on energy efficiency and sustainable storage systems will provide additional impetus to the industry development. The lithium-ion stationary battery storage market will hit USD 327.7 billon by 2032.
 

The mini grids segment is poised to attain 25.5% gains between 2023 and 2032. Battery storage plays a crucial role in mini-grids by providing energy storage capabilities, allowing for reliable and continuous power supply even in the absence of grid connections. Mini-grids often rely on renewable energy sources such as solar and wind for power generation. Battery storage systems are integrated into these mini-grids to store excess renewable energy and provide a stable and consistent electricity supply to the community, even during periods of low or intermittent renewable energy generation. The grid scale stationary battery storage industry to witness 28% growth rate through 2032.
 

The Europe behind the meter stationary battery storage market expected to observe 19% growth rate through 2032. The region has been witnessing a increasing product implementation attributed to the various factors such as declining battery costs, favorable policies and incentives, and an increasing focus on renewable energy integration. The residential sector has emerged as a key driver of behind-the-meter battery storage installations in Europe. Homeowners are installing these systems to store excess solar energy generated during the day for use during evening hours or power outages.
 

The commercial and industrial sector is also opting for these battery storage systems. Businesses are installing these systems to reduce their electricity bills by optimizing peak demand, providing backup power during outages, and participating in demand response programs. Behind-the-meter battery storage systems are increasingly being integrated with renewable energy sources like solar and wind. These systems enable the storage of excess renewable energy during times of high generation and release it when demand is high or during periods of low generation. This integration helps in reducing intermittency and balancing the grid.
 

Behind the Meter Stationary Battery Storage Market Share

Some of the major market players operating across the behind the meter stationary battery storage market are:

• Johnson Controls
• Exide Industries Ltd.
• Duracell, Inc.
• Panasonic Corporation
• GS Yuasa International Ltd.
• Ritar International Group
• The Furukawa Battery Co., Ltd.
• Narada
• Siemens
• Lockheed Martin Corporation
• C&D Technologies, Inc.
• ENERSYS.

These players focus on new product launch & commercialization and strategic partnerships for market expansion. Furthermore, these players are increasingly investing in research & development activities, which enable them to introduce innovative products and garner maximum revenue in the sector.
 

Behind the Meter Stationary Battery Storage Industry News:

• In October 2021, Fimer Group launched its new high-capacity energy storage platform with high-power inverters, offering a long durability & scalable solution for all installation types. The new platform consists of PowerX, PowerTRIO, and PowerUNO along with easy installation design, thereby helping installers cater to the increasing demand for residential power storage around the world.
   
• In February 2020, GS Yuasa Corporation started the sale of SNS-TN series of control valve type stationary behind the meter batteries. They can be operated for a longer duration, are durable and can be utilized in applications with high discharge frequency. With the product launch, the company aims to improve the overall performance of storage batteries by providing advanced technological advancements, thereby providing an efficient & safe product lineup along with a comprehensive support system.
   

The behind the meter stationary battery storage market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in MW & USD Million from 2019 to 2032, for the following segments:

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Market, By Battery

• Lithium-Ion
• Lead Acid

Market, By Application

• Electricity Consumers
• System Operations
• Mini Grids

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • UAE
  • South Africa
  • Saudi Arabia 
• Latin America
  • Mexico
  • Brazil
  • Argentina