Stationary Battery Storage Market Size worth over $120bn by 2030

Stationary Battery Storage Market size is set to exceed USD 120 Billion by 2030, as reported in the latest study by Global Market Insights, Inc.
 

A stationary battery storage system is a storage unit that acts as an energy reserve which can be utilized during power cut or surge in demand. The system has varying designs and comprise of multiple battery chemistries including lithium ion, sodium sulphur, lead acid and flow battery amongst others. The stationary battery storage units find extensive application across grid services for purposes including frequency regulation, flexible ramping, transmission & distribution congestion relief and for reduction of reliance on diesel gensets. In addition, its wide ranging utilization across behind the meter services for electricity consumers, will further drive the market size.

 

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Growing demand for sustainable energy storage solutions will boost the sodium sulphur battery industry growth

The sodium sulphur stationary battery storage market will witness significant growth in the coming years on account of increasing market demand for sustainability and high energy density. Temperature stability and high operational safety are few of the other key factors favoring the market demand on a global scale. The introduction of favorable framework enabling the adoption of stationary battery storage system has risen as a prominent factor which will boost the market share.
 

Over the last decade, inclination toward the development of large-scale distributed energy storage projects to combat the rising emission levels has gained traction. As a result, the deployment of NaS stationary battery storage systems has gained significant market share on a global scale. The deployment of these systems helps in alleviating concerns toward environmental issues associated with fossil fuel based energy generation technologies.
 

Browse key industry insights spread across 575 pages with 977 market data tables & 39 figures & charts from the report, “Stationary Battery Storage Market Size By Battery (Lithium Ion, 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), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2030in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/stationary-battery-storage-market
 

Rising frequency of power outages will enhance the stationary battery storage market growth across behind the meter services

The meter applications in the market will register high gains during the forecast period owing to rising power outages and growing demand for emergency backup power. These batteries are primarily installed to provide back-up power to consumers in case of black outs. However, in recent years, customers are increasingly focusing on improving the power supply quality and resilience, stimulating the market demand for batteries. The BTM storage industry is dominated by the lithium ion and lead acid battery systems.
 

Rapidly declining battery prices and growing development of mini-grids is anticipated to drive the stationary battery storage system deployment across behind the meter. However, spread of SARS-CoV-2 virus, declaration of COVID-19 as pandemic by WHO and subsequent national & regional lockdowns has severely hit the installation rates. As a result, in the short term, BTM systems may experience subdued market growth.
 

Ongoing concerns toward energy security to provide impetus to Europe industry statistics

The Europe stationary battery storage industry size is anticipated to grow substantially through 2030 due to rising consumer awareness toward energy independency and reliable power supply. Ongoing reforms pertaining to energy efficiency coupled with growing concerns toward energy security will appreciably fuel the market growth.
 

For instance, The Energy Efficiency Directive 2012/27/EU enacted by the European Commission that lays the ground for standardization of existing and developing energy systems along with enhancing the industry potential across the energy storage technologies. In addition, the region is characterized by harsh climatic conditions, thereby increasing the market demand for systems enabling reliable and continuous power supply.
 

Key players operating across the market comprise of Tesla, BYD, Toshiba Corporation, and Johnson Controls amongst others. Development of new & innovative energy storage solutions are some of notable strategies followed by key market leaders to consolidate leading market share.
 

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