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Stationary Battery Storage Market worth over $870 Bn by 2032

  • Published Date: November 21, 2022

Stationary Battery Storage Market size is set to surpass USD 870 billion by 2032, according to a new research report by Global Market Insights Inc.

Growing reliance on renewable energy is a prominent factor bolstering product demand. Power generation from clean energy sources will contribute to the global pathway to net-zero carbon emissions. Based on data from the IEA, renewables are projected to account for over a 95% increase in power capacity through 2026, with solar PV providing more than half the capacity. With the rising government efforts to curb emissions, stationary battery technology will emerge as a suitable solution to store energy from solar and other renewable energy sources.

Sodium sulfur batteries to emerge as a viable option for energy storage applications

Based on the battery, the stationary battery storage market from sodium sulfur segment is poised to depict over 27.5% growth rate through 2032, given the sustainable power density and temperature stability. Solid-state sodium sulfur battery technology is also emerging as a viable substitute for lithium ion-based batteries for grid energy storage applications, considering their low costs. Since industries and governments are looking for energy storage options to support the clean energy transition, the consumption of these stationary energy storage batteries will further increase, states the report.

Electric grid transmission line projects stimulate product adoption

In terms of application, the stationary battery storage market value from grid services segment accounted for around USD 29 billion in 2022. The ability to efficiently store and release electric energy, along with grid expansion projects, are among the key drivers for storage device demand. In July 2022, the MISO (Midcontinent Independent System) Operator approved a project to build close to 2,000 miles of new long-range transmission lines. This transmission line project, the largest portfolio proposed in the U.S., was expected to provide 12 million homes with electricity, thereby propelling the use of stationary power storage devices.

Browse key industry insights spread across 620 pages with 1144 market data tables & 34 figures & charts from the report, “Stationary Battery Storage Market Size By Battery (Lithium-Ion {Lithium Iron Phosphate (LFP), Nickel Manganese Cobalt (NMC)}, 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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:

Renewable energy scheme & subsidy introductions spur stationary battery production in Europe

Europe stationary battery storage market is estimated to attain more than 19% gains between 2023 and 2032. The introduction of subsidies and renewable energy schemes will augment stationary battery storage device installation, especially in nations such as Germany. The EEG or the Renewable Energy Sources Act, for example, incentivizes electric storage facilities through the exemption of grid tariffs and levies. The EU also aims to improve reliable power access in rural areas through distribution network expansions. These factors will boost awareness regarding the role of energy storage systems in ensuring more flexibility in the grid.

Product range expansion to emerge as a major growth strategy for industry participants

Top companies operating in the stationary battery storage market are Exide Technologies, LG Chem Ltd., Tesla, Panasonic Corporation, Lockheed Martin Corporation, Duracell, Samsung SDI Co., Ltd., Furukawa Battery Co., Ltd., HydraRedox, Siemens, CMBlu Energy AG, TOSHIBA CORPORATION, JenaBatteries GmbH, and Invinity Energy Systems, among others. These firms are emphasizing product range expansions and other strategies to bolster their presence in the industry.

For instance, in January 2021, Toshiba Corporation unveiled the G9400 Series uninterruptible power systems for large data centers. Featured with advanced insulated-gate bipolar transistor technology, the launch of this new product range was intended to enable the company to increase its foothold in the market.

Authors: Ankit Gupta, Vinayak Shukla