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Stationary Battery Storage Market size valued at USD 71 billion in 2022 and is projected to grow at more than 27% CAGR from 2023 to 2032. Favorable regulatory frameworks for energy storage will boost industry growth.
Policymakers are introducing various regulatory standards to reach maximum energy storage targets. To cite an instance, the California Public Utilities Commission established a framework for energy storage procurement, under which, an energy storage target of over 1,325 MW was established for SDG&E, PG&E, and Edison by 2020 end. Such initiatives, alongside the transition from fossil fuel to renewable energy-based systems, will proliferate the adoption of stationary energy storage batteries.
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Despite the rising application scope, lead acid-based stationary energy storage units are associated with brain and kidney damage. The awareness about these health issues may create roadblocks to industry progression to a certain extent. Moreover, the mounting consumption of electricity will provide growth opportunities for battery storage developers. Based on data from the IEA, electricity is projected to account for half of the energy consumption by 2050 compared to 20% in 2018, thereby stimulating the use of stationary battery storage systems to ensure grid resiliency.
Report Attribute | Details |
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Base Year: | 2022 |
Stationary Battery Storage Market Size in 2022: | 71.4 Billion (USD) |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 27.2% |
2032 Value Projection: | 870.4 Billion (USD) |
Historical Data for: | 2019 to 2022 |
No. of Pages: | 620 |
Tables, Charts & Figures: | 1,178 |
Segments covered: | Battery, Application, and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Based on the battery, the stationary flow battery storage market is poised to register over 30% growth rate through 2032, owing to the rising emphasis on the advancement of redox flow batteries. These energy storage devices are environmentally sustainable, have high power density, energy, lifetime, and efficiency, and can minimize storage costs. Furthermore, there is also a strong focus on efficient hybrid energy storage technologies for emergency power, grid storage, and remote energy management applications. These factors will bolster flow battery production for energy storage applications.
The stationary battery storage market from behind-the-meter application is predicted to observe nearly 24% gains till 2032, as a result of increasing consumer awareness and reduced system costs. Behind-the-meter storage (BTMS) systems offer a direct supply of electricity to homes and buildings, in addition to other advantages such as grid impact minimization, EV charging integration, and others. Research organizations such as the NREL’s BTMS Consortium have also been collaborating with laboratories across the U.S. to design energy storage technologies for stationary applications under 10MWh. Such initiatives, along with increased operational efficiency and safety, are likely to accelerate the installation of behind-the-meter solutions for stationary battery storage.
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Asia Pacific stationary battery storage market size is anticipated to reach USD 445 billion by 2032, on account of the emphasis on rural area electrification and infrastructure developments. For example, in December 2021, TP Renewable Microgrid launched the largest sustainability program for rural areas in India. Initiatives such as these will bolster consumer awareness of efficient power storage and in consequence, drive stationary storage battery systems demand.
Several institutions have also been targeting to foster sustainability through increased reliance on clean energy sources. For instance, in November 2022, the Asian Development Bank approved a USD 3 million facility to support project preparations for clean energy projects across the region. This facility was geared toward strengthening the sustainability and reliability of the energy sector and mobilizing private sector investments in renewable energy. Initiatives such as these will augment the adoption of clean energy-based stationary battery storage systems in the region.
Top companies operating in the stationary battery storage market are :
These firms are incorporating strategies such as business expansions to improve their footprint in the global market.
For instance, in May 2022, BYD announced a plan to purchase 6 lithium-ion mines across Africa to strengthen its position in the lithium-ion technology market. This was intended to allow the company to establish a strong presence in the stationary lithium-ion battery storage industry worldwide.
Unprecedented impacts of the COVID-19 outbreak, including global supply chain disruptions, lockdowns, and diversion of fiscal resources, have affected the 2030 Sustainable Development Goal. The shocks of the pandemic also reversed the progress toward universal access to electricity and slowed vital improvements in energy efficiency, thus creating a hindrance in industry development. However, in emerging economies, investment in renewable energy has hit record levels in recent years. Factors such as these, coupled with gradual economic recovery from the impact of the COVID-19 crisis, will escalate stationary energy storage system installation for clean energy applications.
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Market Insights, By Battery
Market Insights, By Application
The above information has been provided for the following regions and countries: