Grid Scale Stationary Battery Storage Market size to exceed $40bn by 2030
Published Date: August 7, 2020 Authors: Ankit Gupta, Nikhil Paranjape
Grid scale stationary battery storage market size is expected to exceed USD 40 Billion by 2030, as reported in the latest study by Global Market Insights, Inc.
Global grid scale stationary battery storage industry has witnessed a significant growth on account of growing demand for grid stability coupled with the supply security concerns. Developing nations across Africa and Asia Pacific subject to recurrent power failures and a lack of grid infrastructure, will positively influence the market demand for stationary battery storage systems. Increasing rural electrification measures and high fluctuations in energy consumption will further embellish the market trends.
However, the grid scale stationary battery storage market is anticipated to witness sluggish growth on account of ongoing global COVID-19 pandemic. Respective governments across the globe have implemented regulations for social distancing to control the spread of disease. This has significantly impacted the market outlook of the industry due to the disruption in operations and installations of the ESS systems. Furthermore, lockdowns have also impacted the global supply chains for stationary batteries storage systems and related components. As a result, the market growth in 2020 is anticipated to remain slow but positive.
Development of auxiliary storage systems to restrain lead acid battery market statistics
Lead-acid battery market is anticipated to witness a moderate growth over the forecast time frame owing to the development of auxiliary stationary battery storage systems & technologies. Increasing market demand for compact storage units coupled with high energy and power density offerings by its storage counterparts will further limit the product demand. A paradigm shift toward advancing lithium-ion, redox, and efficient stationary battery storage technologies for grid storage, emergency power, and remote energy management has led to intense competitive scenario and sluggish market growth for Lead Acid batteries.
Growing need to replace diesel gensets will boost the market demand for efficient grid scale stationary battery storage system
Heavy reliance on diesel gensets has significantly contributed toward emission of greenhouse gases across the globe. The developing nations deploy diesel gensets on account of their lower cost and maintenance, which has significantly contributed toward carbon emissions. Respective governments across the globe have introduced regulations to minimize the carbon footprint which will propel the installation of stationary battery storage system. In addition, shifting trends toward replacement of traditional diesel gensets and growing affordability of batteries will boost the grid scale stationary battery storage market outlook. Growing emphasis on deploying renewable energy sources to achieve a sustainable development will positively impact the market share in the forecast timeline.
Browse key industry insights spread across 410 pages with 574 market data tables & 37 figures & charts from the report, “Grid scale stationary battery storage Market Statistics By Battery (Lithium Ion, Sodium Sulphur, Lead Acid, Flow Battery), By 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), Industry Analysis Report, Regional Outlook Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2030”in detail along with the table of contents:
Ongoing technology innovations along with rising concerns for energy security will boost the market statistics for stationary battery storage systems across Europe
Rising concern toward energy security along with ongoing innovations to achieve greater energy efficiency will positively drive the grid scale stationary battery storage market share across Europe. For instance, In December 2019, BYD announced to introduce battery box by first quarter of 2020 across Europe and other regions. These next gen high voltage storage systems are developed to provide emergency power supply which is in line with strict European standards and other standards including VDE 2510. The innovation offers to mitigate any disruption in electricity supply and provide reserves for the event of power loss at an affordable price.
Key players operational in the grid scale stationary battery storage market include Exide Technologies, Uniper, Durapower, A123 Systems, LLC, Panasonic Corporation, Furukawa Battery Co., Ltd. amongst others.