Lithium-ion Stationary Battery Storage Market Size

Lithium-ion Stationary Battery Storage Market Size

Lithium-ion Stationary Battery Storage Market was valued at USD 61.3 billion in 2023 and is projected to expand at over 18.8% CAGR from 2024 to 2032. Rising emphasis on mitigating greenhouse gas emissions will spur the product demand.

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The shifting focus toward the adoption of sustainable energy to curb greenhouse gas emissions is becoming a prominent trend, especially in developing economies. Various programs to support low-carbon energy generation through the deployment of advanced technologies have been introduced. For instance, in January 2022, Canada launched applications for a USD 200 million funding through the Champions stream of the Low Carbon Economy Fund, to support pollution-reduction initiatives in the country. Projects such as these will escalate the adoption of lithium-ion battery storage systems for efficient renewable energy storage applications, thereby driving industry growth.

Concerns regarding product overheating may hamper market outlook

The stationary lithium-ion battery is susceptible to overheating and damage at high voltages, which may inhibit industry progress to certain extent in the coming years. This type of battery can also easily ignite, leading to issues in containing the resultant fire. To limit internal voltage and pressure, the battery also requires safety mechanisms, which causes increased weight and limited performance. These factors, alongside the rising product overheating concern, may create a hindrance to the lithium-ion stationary battery storage market development during the forecast timeframe.