The global stationary battery storage market size is projected to have evolved from its estimated USD 18443.8 million in 2024 to USD 304211.4 million by 2034. From 2024 to 2034, sales of stationary battery storage systems are anticipated to augment at a CAGR of 32.4%.
The stationary energy storage market is expected to develop significantly since energy storage technologies are increasingly being demanded worldwide. The demand for dependable backup power, grid modernization projects, and the growing integration of renewable energy contribute to stationary battery storage sector expansion.
| Attributes | Description |
|---|---|
| Estimated Global Stationary Battery Storage Market Size (2024E) | USD 18443.8 million |
| Projected Global Stationary Battery Storage Market (2034F) | USD 304211.4 million |
| Value-based CAGR (2024 to 2034) | 32.4% |
Reductions in cost and advances in battery technology make fixed battery storage systems more viable. The stationary battery storage manufacturers are concentrating on investments, partnerships, and innovation to take advantage of new opportunities and solve sustainability, efficiency, and scalability issues. Favorable policies and regulatory assistance encourage the implementation of energy storage and promote the stationary battery storage industry.
The adoption of battery storage solutions is accelerated by growing knowledge of how energy storage improves grid stability, lowers carbon emissions, and permits decentralized energy systems. Issues including unclear regulations, worries about interoperability, and limitations in the supply chain are still relevant. The stationary battery storage market has strong development opportunities driven by changing energy landscapes and the necessary shift to a sustainable energy future.
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Rising Production of Electric Vehicles and Government Support to Fuel Demand
The demand for battery storage solutions to store extra energy produced during peak production periods for usage amid low generation is growing as renewable energy sources like solar and wind continue to expand. Electric vehicles (EVs) and other forms of transportation are becoming more electrified. This opens up opportunities for stationary battery storage to facilitate EV charging infrastructure, control grid impacts, and enable vehicle-to-grid (V2G) integration.
Future developments in battery technology, such as enhanced longevity, energy density, and efficiency present emerging opportunities for scalable and economically viable stationary storage solutions. Government incentives, subsidies, and supportive policies encourage investment in battery storage projects. These policies aim to boost energy storage deployment while fostering stationary energy storage market growth opportunities.
Inconsistent Norms and High Prices to Hamper Growth
The high initial price of systems prevents the wide adoption of stationary battery storage. It is difficult for several potential users to justify the expenditure, particularly in areas where conventional power sources or other forms of energy storage are more financially feasible.
Slow adoption results from a lack of knowledge and comprehension of battery storage's advantages and potential. For the stationary battery storage market to expand, it is critical to dispel myths and inform stakeholders of these systems' long-term benefits.
Inconsistent laws and regulations hinder the development of the energy storage business. Stable and supportive regulatory frameworks are essential for battery storage providers to flourish and provide a favorable environment for investment.
The table below provides the CAGR for different half-year periods over two distinct decades. For the period from 2023 to 2033, H1 is projected to rise at a CAGR of 31.6%, while H2 shows a slightly higher growth rate of 32.8%. This indicates a robust industry expansion, with the latter half of the year demonstrating a marginally stronger growth trajectory.
| Particular | Value CAGR |
|---|---|
| H1 | 31.6% (2023 to 2033) |
| H2 | 32.8% (2023 to 2033) |
| H1 | 31.6% (2024 to 2034) |
| H2 | 33.2% (2024 to 2034) |
For the period from 2024 to 2034, H1 maintains a consistent CAGR of 31.6%, identical to the previous decade's first half. However, H2's growth rate increases to 33.2%, suggesting an accelerating trend in the latter half of each year. These figures highlight a sustained and slightly increasing growth pattern over the subsequent decade, emphasizing the industry’s positive outlook and potential for continued expansion.
Principal Consultant
The global sector witnessed a CAGR of around 9.7% in the historical period. It reached a value of USD 9622 million in 2019 and went up to USD 13949.8 million in 2023.
Increasing integration of renewable energy sources into the power grid played a crucial role in the historical period. As solar and wind power generation grew, the need for reliable energy storage solutions to balance the intermittency of these sources became more apparent. Battery storage systems provide an effective means to store excess energy generated during peak production periods and release it during times of high demand or low production, further enhancing grid stability and efficiency.
Advancements in battery technology and reductions in costs also contributed to high sales. The development of more efficient and cost-effective battery technologies, such as lithium-ion batteries, made new storage solutions more economically viable. This technological progress, coupled with economies of scale in battery manufacturing, drove down costs, making the systems more accessible to a wide range of applications, from residential to industrial.
The sector is projected to showcase a CAGR of around 32.4% in the estimated period. As the world transitions towards a more sustainable energy mix, the proportion of electricity generated from renewable sources is set to increase.
The sources are intermittent and variable, requiring effective storage solutions to balance supply and demand. Novel battery storage systems are essential for capturing excess energy during peak production times, thereby facilitating a reliable and stable grid.
Tier 1 includes companies with a capitalization above USD 500 million. These companies, such as LG Energy Solution, Siemens Energy, Lockheed Martin Corporation, Toshiba Corporation, Johnson Controls, and Tesla, represent 50% of the share. This tier signifies the most prominent and influential players in the sector, highlighting their dominant position.
Tier 2 consists of companies with a capitalization ranging from USD 100 million to 500 million. Companies like Stem, Panasonic Corporation, Exide Technologies, Furukawa Battery Co., Ltd., GS Yuasa International Ltd, Nippon Koei Energy Solutions, and Duracell are included in this category, which holds 30% of the share. These companies are significant but not as dominant as those in Tier 1.
Tier 3 encompasses companies with a capitalization of up to USD 100 million. Invinity Energy Systems, Redflow Limited, Durapower Group, SCHMID Group, HydraRedox, CMBlu Energy AG, and Gurin Energy are part of this tier, capturing 25% of the total share. These are the small-scale players in the sector, indicating emerging or niche companies with growth potential.
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The United States, India, Germany, and South Korea are among the leading economies in the stationary battery storage market report. India is a key battery storage contender in this field, with multiple opportunities.
The country is in a favorable position compared to these nations, suggesting a high potential for growth and advancement in battery storage. This demonstrates how crucial India has played in fostering the emergence of energy storage technology worldwide.
| Countries | CAGR 2024 to 2034 |
|---|---|
| United States | 33.3% |
| India | 35.8% |
| France | 43.1% |
| Germany | 36.7% |
| South Korea | 36.1% |
Due to strong renewable energy objectives and a push for electrification, China's stationary battery storage market is gaining ground. The country’s demand for battery storage solutions has witnessed remarkable expansion because of government support and advantageous policies.
China's emphasis on energy security and resilience influences the countrywide expenditures in battery storage systems. The country is establishing itself as a global leader in battery manufacturing and technology due to the continually increasing demand for energy storage. China is projected to witness a CAGR of 29.5% in the forecast period.
The stationary battery storage market is expanding significantly in the United States, prompted by initiatives to modernize the grid and the growing penetration of renewable energy sources. State-level regulations and policy incentives across the country foster large-scale installations of battery storage systems. Greater flexibility and dependability in the distribution of electricity are made possible by the country’s power sector's transformation due to the deployment of energy storage technology.
Germany is witnessing a rise in the adoption of battery storage systems due to the spread of solar PV systems and the phase-out of nuclear power. To improve self-consumption and lessen dependency on the grid, the country is seeing an increase in the adoption of battery storage systems in residential and commercial buildings. Benefiting from advantageous subsidies and regulatory frameworks, Germany's shift to renewable energy is advancing the stationary battery storage market.
Australia is witnessing a rapid increase in the adoption of stationary battery storage solutions due to government incentives, subsidies, and falling battery costs. To promote energy independence and sustainability, the country’s isolated and off-grid communities opt for stationary battery storage as a viable substitute for diesel generators. High electricity prices, grid instability, and abundant renewable energy supplies have bolstered Australia's stationary battery storage industry, which is expanding rapidly.
Based on thorough research, the lithium-ion segment is the leading battery type in the segmented industry analysis of stationary battery storage. In terms of energy capacity, the 251kWh to 1MWh range is widely prevalent.
The findings emphasize the vital role of lithium-ion technology in stationary storage solutions, particularly in medium- to large-scale applications. The section also indicates a trend toward systems with high energy capacities for effective energy management and storage.
| Segment | Lithium-ion (Battery Type) |
|---|---|
| Value Share (2024) | 92% |
Lithium-ion technology is becoming more efficient with each new development, propelling its adoption in stationary battery storage. Due to its exceptional performance in varying weather, lithium-ion batteries provide a dependable power source all year.
Lithium-ion batteries are the sector leader because they have a higher energy density and hold more power in a smaller space. Faster charging times are one of the advantages of lithium-ion batteries, which guarantees quick energy replacement when needed.
| Segment | Grid Services (Application) |
|---|---|
| Value Share (2024) | 64% |
Stationary battery storage systems are increasingly being utilized for grid services due to the ability to provide a means to store excess electricity generated during periods of low demand or high renewable energy production, such as from wind or solar sources. This stored energy can then be discharged during peak demand periods, helping to stabilize the grid and reduce reliance on fossil fuel-based power plants.
Stationary battery storage systems offer operational flexibility. These can be located strategically at various points on the grid, including near renewable energy installations or in areas prone to grid congestion. This localization is anticipated to help mitigate transmission losses and optimize energy distribution, thereby improving overall efficiency.
Several significant stationary battery storage manufacturers have established themselves as trailblazers fostering innovation and dependability in the highly competitive sector. Leading the way are stationary battery storage providers that demonstrate a dedication to cutting-edge technology and reliable solutions, like BYD Company Limited, Tesla, and L.G. Chem.
The distinctive potential that Panasonic Corporation, Samsung SDI Co., Ltd., and NEC Corporation each facilitates the evolution of battery storage technologies. With their creative ideas and global perspectives, stationary battery storage companies such as Fluence Energy, LLC, Kokam Co., Ltd., and Saft Groupe S.A. significantly influence the sector. The market is geared for continuous evolution and growth as long as these stationary battery storage suppliers continue to push the constraints of stationary battery storage.
Industry Updates
In terms of battery type, the sector is segmented into lithium-ion, sodium-sulfur, lead acid, and flow battery. The lithium-ion segment is further bifurcated into nickel manganese cobalt and lithium iron phosphate.
Based on energy capacity, the industry is divided into up to 250Kwh, 251kWh to 1MWh, 1.1MWh to 10MWh, and 10.1 MWh to 20 MWh.
A few key applications include grid services, off-grid, and behind-the-meter. Grid services are further segregated into frequency regulation, flexible ramping, black start services, energy shifting and capacity deferral, T&D congestion relief, capacity firming, reduced RE curtailment, and reduced reliance on diesel gensets. The behind-the-meter category is trifurcated into system operation, mini-grids, and electricity consumers.
Information is given about countries across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
The market is set to reach USD 18443.8 million in 2024.
The market is estimated to reach USD 304211.4 million by 2034.
The market is set to expand at a CAGR of 32.4% through 2034.
From 2019 to 2023, the market recorded a 9.7% CAGR.
The lithium-ion segment is set to achieve a share of 92% in 2024.
Grid services are likely to dominate by 2034.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis by Battery Capacity
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 by Segments
6.1. Battery Type
6.2. Energy Capacity
6.3. Application
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Battery Type
7.1. Lithium-Ion
7.1.1. Lithium Iron Phosphate
7.1.2. Nickel Manganese Cobalt
7.2. Sodium Sulphur
7.3. Lead Acid
7.4. Flow Battery
7.5. Other Batteries
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Energy Capacity
8.1. Up to 250 kWh
8.2. 251 kWh to 1 MWh
8.3. 1.1 MWh to 10 MWh
8.4. 10.1 MWh to 20 MWh
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
9.1. Grid Services
9.1.1. Frequency Regulation
9.1.2. Flexible Ramping
9.1.3. Black Start Services
9.1.4. Energy Shifting and Capacity Deferral
9.1.5. T&D Congestion Relief
9.1.6. Capacity Firming
9.1.7. Reduced RE Curtailment
9.1.8. Reduced Reliance on Diesel Gensets
9.2. Behind the Meter
9.2.1. Electricity Consumers
9.2.2. System Operation
9.2.3. Mini-Grids
9.3. Off Grid
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
10.1. North America
10.2. Asia Pacific
10.3. Europe
10.4. Rest of the world
11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
12. Asia Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. Rest of the world Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. Sales Forecast 2024 to 2034 by Battery Type, Energy Capacity, and Application for 14 Countries
16. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
17. Company Profile
17.1. Exide Technologies
17.2. LG Energy Solution
17.3. Tesla
17.4. Panasonic Corporation
17.5. Durapower Group
17.6. Lockheed Martin Corporation
17.7. Johnson Controls
17.8. Duracell
17.9. BYD Company Ltd
17.10. Furukawa Battery Co., Ltd.
17.11. HydraRedox
17.12. Siemens Energy
17.13. CMBlu Energy AG
17.14. TOSHIBA CORPORATION
17.15. Invinity Energy Systems
17.16. Redflow Limited
17.17. Stem
17.18. Gurin energy
17.19. Nippon Koei Energy Solutions
17.20. GS Yuasa International Ltd
Oil and Gas
November 2023
REP-GB-18491
324 pages
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Stationary Battery Storage Market
