How Stationary Battery Storage Will Become a $1.57 Trillion Market by 2034: Key Drivers and Opportunities

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Feb 07, 2024, 13:30 ET

NEWARK, Del., Feb. 7, 2024 /PRNewswire/ -- Future Market Insights, Inc.'s latest report illuminates the burgeoning stationary energy storage market, which is primed for significant expansion due to a critical need for reliable energy solutions. illuminate your path to success in the dynamic world of stationary energy storage market research report.

The global stationary battery storage market size is projected to reach US$ 123.14 billion in 2024. The sales of stationary battery storage are expected to witness a robust CAGR of 29.0% from 2024 to 2034. The demand for stationary battery storage is anticipated to reach a valuation of US$ 1,571.48 billion by 2034.

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The stationary energy storage market is expected to increase significantly due to the growing need for dependable energy storage solutions. The market growth of stationary battery storage is predicted to be fueled by factors such as the increasing use of renewable energy sources, grid modernization initiatives, and the increased emphasis on energy efficiency.

The economic potential and adoption of stationary battery storage systems are increasing across several industries, including commercial, industrial, and residential, due to advancements in battery technology and falling costs. The stationary battery storage industry gains momentum due to government regulations that support renewable energy and carbon emission reduction programs.

Issues like regulatory uncertainty and worries about battery safety and recycling must be resolved for the stationary battery storage market to flourish. The market is anticipated to thrive rapidly, providing opportunities for stationary battery storage producers.

"With the increasing need for dependable energy storage solutions, the demand for stationary battery storage keeps advancing. Technological advancements, expanding initiatives to integrate renewable energy, and grid modernization present significant opportunities for the expansion of the market.", opines Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Regional Outlook

Due to its ambitious renewable energy objectives, rapid industrialization, and ambitious renewable energy objectives, China leads the Asia Pacific stationary energy storage market. Growing energy storage and grid stability demand in nations like Australia and Japan propels the Asia Pacific stationary battery storage market.

The widespread adoption of renewable energy sources and electric vehicles is fueling a notable increase in fixed battery storage installations in North America. The United States leads the North American stationary battery storage market due largely to state-level renewable energy regulations and energy storage deployment incentives. Owing to strict environmental laws and aggressive renewable energy targets, Europe has become a significant stationary energy storage market. The expansion is stimulated by supportive regulations, such as subsidies and incentives, that encourage the use of energy storage.

Key Takeaways

The lithium-ion segment in the battery type category to grab a share of 90.5% from 2024 to 2034.
In the energy capacity category, the 251kWh to 1MWh segment to acquire a market share of 30.6% between 2024 and 2034.
The sales of stationary battery storage in the United States are anticipated to surge at a CAGR of 32.4% by 2024.
Germany stationary energy storage market is likely to evolve at a CAGR of 28.8% through 2024.
China stationary energy storage market is expected to soar at a CAGR of 33.4% until 2034.
India stationary battery storage industry is anticipated to boost at a CAGR of 30.35% by 2024.
Australia stationary energy storage market is envisioned to develop at a CAGR of 21.2% by 2024.

Competitive Landscape

Many prominent stationary energy storage manufacturers fight for dominance in the fiercely competitive market. The stationary energy storage vendors are strengthening their positions by concentrating on technology improvements, regional expansion, and strategic alliances. Leading stationary energy storage providers are actively involved in research and development to offer novel solutions and obtain a competitive edge in this fast-paced and shifting market.

Pivotal Stationary Battery Storage Manufacturers

Tesla
Durapower Group
Johnson Controls
Exide Technologies
Duracell, Inc
BYD Company Ltd
Toshiba Corporation
Samsung SDI Co., Ltd
Panasonic Corporation
GS Yuasa International Ltd
A123 Systems, LLC
LG Chem Ltd.
Furukawa Battery Co., Ltd.
HydraRedox
Narada Power Source Co. Ltd
Siemens
Lockheed Martin Corporation
CMBlu Energy AG
JenaBatteries GmbH
SCHMID Group

Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.

Recent Developments

BYD Company Ltd. declared in May 2022 that it intended to acquire six lithium-ion mines in Africa to improve its standing in the lithium-ion technology industry and provide the corporation with a significant global footprint in the stationary lithium-ion battery storage market.
Tesla installed 1,274MWh of storage and 85MW of solar in 2021. Large-scale battery storage initiatives accounted for an extensive growth in storage installations, while household storage deployments also rose annually.

Stationary Battery Storage Industry Segmentation

By Battery Type:

Lithium-Ion

Lithium Iron Phosphate
Nickel Manganese Cobalt

Sodium Sulphur
Lead Acid
Flow Battery
Other Batteries

By Energy Capacity:

Up to 250Kwh
251kWh to 1MWh
1.1MWh to 10MWh
10.1 MWh to 20 MWh

By Application:

Grid Services

Frequency Regulation
Flexible Ramping
Black Start Services
Energy Shifting and 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

By Region:

North America
Latin America
Europe
Asia Pacific
The Middle East and Africa

Request to Access the Detail Research Methodology from here!

About the Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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