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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
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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