Home > Pressrelease > Stationary Battery Storage Market size worth over $140bn by 2030

Stationary Battery Storage Market size worth over $140bn by 2030

  • Published Date: February 25, 2021

Stationary Battery Storage Market is set to surpass USD 140 billion by 2030, according to a new research report by Global Market Insights Inc.

Stationary battery storage market growth is due to growing demand for cost effective and reliable power integrated with the supply security. Stationary battery storage units are available in wide range catering to various applications. Rising need to ensure stability of grid operations with increasing penetration of renewable energy systems has further favored the adoption of stationary battery storage units.

However, outburst of COVID-19 pandemic has impacted the growth of the stationary battery storage industry temporarily. Government authorities across the globe imposed strict lockdowns and guidelines on account of which several industries have incurred financial loss in 2020. However, quite a many biopharmaceutical companies have launched COVID-19 vaccines, and as a result, the market statistics of the stationary battery storage is anticipated to improve by the first half of FY 2021.

Higher shelf life along with enhanced energy density to proliferate the lithium ion market expansion

Stationary Battery Storage Market By Battery

Get more details on this report - Request Free Sample PDF

Lithium ion stationary battery storage market has witnessed substantial growth impelled by improved life cycle coupled with rapidly declining battery costs. Rising need for back-up power systems along with growing acceptance of efficient battery with enhanced performance will stimulate the market demand for these units. In addition, high energy density along with longer shelf life of these batteries are some of the paramount factor which will augment the market value.

Browse key industry insights spread across 650 pages with 977 market data tables & 44 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, 2021 – 2030 in detail along with the table of contents:

Increasing demand of reliable power systems will surge the market demand of stationary battery storage across grid services

Over the past decade, stationary battery storage across grid services has observed substantial growth owing to the rising emission concerns across the globe. Growing adoption of renewable energy sources pertaining to soaring carbon emissions will fuel the market revenue of these industries. Increasing demand for efficient and reliable green energy sources along with the ability of stationary batteries to provide grid stability will further boost the market share during the forecast period.

Rising investments toward grid infrastructure will create growth opportunity for the Asia Pacific region

APAC stationary battery storage market is projected to showcase significant growth during the forecast timeframe led by increasing demand for rural electrification coupled with ongoing infrastructural investments. Stationary battery storage will register remarkable growth propelled by increasing focus towards the development of grid infrastructure to enhance the operational efficiencies. The ongoing shift from traditional energy generation technologies toward the acceptance of sustainable energy solutions will drive the industry growth. Growing concern pertaining to energy security along with ongoing technological advancements to achieve improved efficiency will further foster the industry revenue across the region.

Major players operating in the market include Siemens AG, Furukawa Battery Co., Ltd., Enersys Inc., Hitachi Chemical Co., Ltd., Tesla, Inc., GS Yuasa International Ltd., Toshiba Corporation, and Samsung SDI Co., Ltd. amongst others. These leaders are aiming toward product expansion and persistently focusing on their R&D activities to develop innovative battery storage systems. Companies are introducing new product and tailoring their existing product lines to meet the customer demand.

Authors: Ankit Gupta, Nikhil Paranjape