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Stationary Battery Storage Market Size By Battery (Lithium-Ion {Lithium Iron Phosphate (LFP), Nickel Manganese Cobalt (NMC)}, Sodium Sulphur, Lead Acid, Flow Battery), By Application (Grid Services {Frequency Regulation, Flexible Ramping, Black Start Services, Energy Shifting and Capacity Deferral, Transmission and Distribution Congestion Relief, Capacity Firming, Reduced RE Curtailment, Reduced Reliance on Diesel Gensets}, Behind The Meter {Electricity Consumers, System Operation, Mini Grids}, Off-Grid), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI1892
  • Published Date: Nov 2022
  • Report Format: PDF

Industry Trends

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.

Advancements in hybrid energy storage technologies to drive demand for flow batteries

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Based on the battery, the stationary battery storage market from flow battery segment 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.

Reduced system costs to fuel behind-the-meter stationary battery storage installations

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.

Electrification & clean energy trends in APAC

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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.

Business expansions to remain a major growth strategy among industry players

Top companies operating in the stationary battery storage market are Exide Technologies, LG Chem Ltd., Tesla, Panasonic Corporation, Durapower Group, Lockheed Martin Corporation, SCHMID Group, Johnson Controls, Duracell, BYD, Furukawa Battery Co., Ltd., HydraRedox, Siemens, CMBlu Energy AG, TOSHIBA CORPORATION, Invinity Energy Systems, and Redflow Limited. 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.

Influence of COVID-19 pandemic on industry trends

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.

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

Market Insights, By Battery

  • Lithium-Ion
    • Lithium Iron Phosphate (LFP)
    • Nickel Manganese Cobalt (NMC)
  • Sodium Sulphur
  • Lead Acid
  • Flow Battery
  • Others

Market Insights, By Application

  • Grid Services
    • Frequency Regulation
    • Flexible Ramping
    • Black Start Services
    • Energy Shifting & Capacity Deferral
    • T&D Congestion Relief
    • Capacity Firming
    • Reduced RE Curtailment
    • Reduced Reliance on Diesel Gensets
  • Behind the Meter
    • Electricity Consumers
    • System Operation
    • Mini Grids
  • Off Grid

The above information has been provided for the following regions and countries:

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


Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of stationary battery storage crossed USD 71 billion in 2022 and is slated to depict more than 27% CAGR through 2032, owing to favorable regulatory frameworks for energy storage.
The flow battery segment is poised to register over 30% CAGR from 2023 to 2032, given environmental sustainability and high-power density, among other attributes.
The APAC market value is projected to surpass USD 446 billion by 2032, on account of the emphasis on rural area electrification and clean energy trends.
Exide Technologies, LG Chem Ltd., Tesla, Panasonic Corporation, Lockheed Martin Corporation, Siemens, TOSHIBA CORPORATION, Invinity Energy Systems, and Redflow Limited are some of the key players in the industry.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 22
  • Tables & Figures: 1178
  • Countries covered: 22
  • Pages: 620
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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