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Lithium-ion Stationary Battery Storage Market worth $327 Bn by 2032

  • Published Date: September 22, 2022

Lithium-Ion Stationary Battery Storage Market size is expected to cross USD 327 billion by 2032, according to a new research report by Global Market Insights Inc.

The report indicates that favorable regulatory standards for renewable energy technologies will boost the industry growth. There has been a surge in investments for upgrading renewable energy infrastructure and meeting the low-carbon emission targets. Based on data from the International Energy Agency (IEA), global energy spending is likely to increase by 8% to reach USD 2.4 trillion in 2022, mainly in the clean energy sector. With the rapid establishment of smart grids and effective energy storage systems, the industry size is likely to witness substantial growth.

High consumption of efficient ESS to drive the LFP segment expansion

The LFP chemistry segment is projected to account for a commendable lithium-ion stationary battery storage market share by 2032. LFP has become increasingly popular for stationary energy storage applications, owing to its high safety, energy density, low maintenance, and other features for residential, commercial, and industrial sectors. In addition, the escalating consumption of efficient energy storage systems (ESS) will augment segmental expansion.

Rising need for backup power to foster the demand for behind-the-meter energy storage systems

The behind the meter application segment is poised to depict a CAGR of over 20% through 2032, driven by the growing requirement for backup power. However, spending on behind-the-meter storage reduced by 12% in 2020, mainly due to the COVID-19 crisis, as per an IEA report. Since behind-the-meter energy storage assets are generally financed by households and medium- and small-sized companies, the economic crisis may hinder segment progress.

Browse key industry insights spread across 500 pages with 823 market data tables & 29 figures & charts from the report, “Lithium-ion Stationary Battery Storage Market Size By Chemistry (LFP, NMC), 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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2032”, in detail along with the table of contents:

Surging environment protection initiatives across North America

North America lithium-ion stationary battery storage market reached a capacity of 6,000 MW in 2021, on account of the rising environmental concerns and the subsequent increase in government and federal initiatives to curb greenhouse gas emissions. The deployment of clean energy tech and electrification of transportation are among the key factors aiding emission control in the region, and in turn, playing a major role in regional industry progression.

New product launch to remain a major growth strategy

The strategic landscape of the lithium-ion stationary battery storage industry is predicted to witness a range of product launch initiatives among industry leaders. For instance, in May 2021, Leclanché launched a modular battery storage solution, LeBlocks. This lithium-ion stationary battery storage device was designed to help mitigate risks associated with energy storage systems with low costs.

Major participants operating in the lithium-ion stationary battery storage market are Johnson Controls, Panasonic Corporation, Leclanché SA, Hitachi Energy Ltd., Toshiba Corporation, BYD Company Ltd., SK Innovation Co Ltd, Tesla, and VARTA AG, among others.

Authors: Ankit Gupta, Vinayak Shukla