To understand key trends
Download Free Sample
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.
To understand key market trends
Download Free Sample
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.