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Industry Trends
Stationary Battery Storage Market size valued at USD 23 billion in 2020 and is projected to grow at 25.1% CAGR from 2021 to 2030. Soaring investment toward sustainable energy sources will drive the demand for an efficient energy storage system.
In the recent past, the market has witnessed a considerable growth owing to rising demand for power backup solutions coupled with the security of power supply concerns. Lack of power grid infrastructure and frequent power outages across emerging countries of Africa and Asia Pacific region, will stimulate the demand for stationary battery storage systems. Growing penetration of smart devices due to rapid digitalization will fuel the development across telecommunication industry.
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However, the global economy took a severe hit by an unforeseen outbreak of the coronavirus, also known as COVID-19, affecting the market trends as well. Respective governments across the globe imposed strict lockdown which led to the shutdown of various manufacturing facilities. This has delayed several projects including energy storage due to labor shortage and disruption in supply chain, which has severely impacted the industry growth. However, various pharmaceutical companies have introduced COVID-19 vaccines and it is expected that the market share will recover by first half of FY 2021.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | 23 Billion (USD) |
Forecast Period: | 2021 to 2030 |
Forecast Period 2021 to 2030 CAGR: | 25.1% |
2030 Value Projection: | 140 Billion (USD) |
Historical Data for: | 2017 to 2020 |
No. of Pages: | 650 |
Tables, Charts & Figures: | 1,021 |
Segments covered: | Battery, Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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This stationary battery storage market report features a comprehensive analysis of industry trends across the world segmented on a regional & country level across battery and applications. Moreover, market forecasts & estimates are completely aligned with the data signified by authorities including the Portable Rechargeable Battery Association (PRBA), Battery Council International (BCI), European Portable Battery Association (EPBA), Battery Association of Japan (BAJ), government regulatory bodies, and company investor presentations & press releases.
Sodium sulphur stationary battery storage systems are likely to witness a growth of around 16% through 2030, driven by high operational safety and enhanced temperature stability. High energy density, long battery lifetime and improved safety prospects are the paramount features favoring the product demand.
Over the last decade, rising concerns toward GHG emission has compelled the policymakers to introduce favorable regulatory framework for energy storage systems, which in turn will spur the stationary battery storage system market. However, growing urbanization, increasing demand for energy storage and mounting infrastructure investments are the key factors which will positively influence the market statistics.
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Behind the meter services captured around 45% of the global stationary battery storage market share in 2020 and is anticipated to grow on account of soaring demand for emergency power backup solutions and frequent power outages. In the recent years, rising consumer awareness toward enhancing the power supply and resilience quality will stimulate the market demand. Growing development of mini-grids and rapidly declining battery prices is poised to fuel the deployment of stationary battery storage from behind the meter.
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Europe stationary battery storage market revenue is set to observe a significant growth of more than 19% through 2030 propelled by rising customer awareness toward stable power supply and energy independency. Ongoing reforms related to energy efficiency coupled with rising concerns toward security of supply will augment the market share. Harsh climatic conditions across the region have instituted a favorable scenario for the battery manufacturers.
The key market players are constantly aiming toward innovative development in their systems to offer efficient stationary battery storage solutions to the consumers and expand their market share. Furthermore, focused R&D activities along with strategic collaborations & partnerships are few of the crucial strategies opted by the industry players to achieve competitive edge in the market.
The prominent players profiled in the stationary battery storage market study includes Tesla, Durapower, Exide Technologies, Duracell., Toshiba Corporation, Panasonic Corporation, Samsung SDI, Johnson controls, Philips, Hoppecke Batteries, GS Yuasa, LG Chem, and A123 Systems, amongst other players.
Market, By Battery
Market, By Application
The above information has been provided for the following regions and states: