How Has the Stationary Battery Storage Market Evolved Historically and What is its Current Size?
The stationary battery storage market has seen considerable growth due to a variety of factors.
• The market for stationary battery storage has seen an explosive growth in the past few years. It is anticipated to increase from a value of $46.48 billion in 2024 to $58.18 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 25.2%.
The factors contributing to this significant growth during the historical period include stability and reliability of the grid, government incentives and policies, the electrification of transportation, energy independence, and peak shaving and load management, as well as the development of microgrids.
What is the Forecasted Market Size and CAGR for the Stationary Battery Storage Market?
The stationary battery storage market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, it's predicted that the stationary battery storage market will experience a significant increase. By 2029, the estimated market value will be around $132.55 billion with a Compound Annual Growth Rate (CAGR) of 22.9%.
Factors contributing to this growth in the forecasted period comprise upgrades to the power grid, advances in utility business structures, residential energy management measures, climate resilience initiatives, and hybrid power plant deployments. The period of projection also expects to witness various trends such as enhancements in battery technologies, hybrid energy storage systems, energy management strategies, behind-the-meter systems, and decentralized energy storage systems.
What Key Factors and Trends Are Driving The Growth Stationary Battery Storage Market?
The fast-growing implementation of renewable energy is anticipated to propel the expansion of the stationary battery storage market. Implementing renewable energy entails employing resources like solar, wind, hydropower, and geothermal energy for electricity generation and to satisfy various energy requirements. The swift proliferation of renewable energy sources requires effective energy storage solutions for grid stability and reliability, and stationary battery storage is emerging as a critical element in the evolving energy scenario by providing grid operators with enhanced flexibility and control, reducing the need for costly grid infrastructure upgrades. For example, according to an April 2023 report by the National Renewable Energy Laboratory (NREL), which is dedicated to promoting renewable energy and energy-efficient technologies, worldwide photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc), culminating in 1.2 terawatts of direct current (TWdc) throughout 2022. China saw a 57% increase in PV installations, accounting for 42% of the worldwide demand, mainly fueled by distributed PV. Annual installations are projected to surpass 300 GW by 2023 and exceed 400 GW by 2025. Thus, the fast-paced implementation of renewable energy will facilitate the growth of the stationary battery storage market. The escalating popularity of electric vehicles is projected to spur the expansion of the stationary battery storage market. Electric cars, which operate on one or more electric motors using electrical energy stored in rechargeable batteries, are witnessing rising adoption. Electric vehicle batteries can be repurposed through stationary battery storage, meeting short-term grid storage requirements and providing ample energy storage capacity. For instance, as per data from the International Energy Agency in June 2024, the electric car market is witnessing a notable expansion with sales nearing 14 million in 2023. The percentage of electric cars in overall car sales climbed from about 4% in 2020 to 18% in 2023. This solid growth in EV sales is likely to continue into 2024, with more than 3 million electric cars sold in the initial quarter alone. Hence, the mounting popularity of electric vehicles is aiding the expansion of the stationary battery storage market.
What Are The Market Segments In The Stationary Battery Storage Market?
The stationary battery storage market covered in this report is segmented –
1) By Type Of Energy Storage: Hydrogen And Ammonia Storage, Gravitational Energy Storage, Compressed Air Energy Storage, Liquid Air Storage, Thermal Energy Storage
2) By Battery: Lithium Ion, Sodium Sulphur, Lead Acid, Flow Battery, Other Batteries
3) By Application: Grid Services, Behind The Meter, Off Grid
Subsegments:
1) By Hydrogen And Ammonia Storage: Hydrogen Fuel Cells, Ammonia Storage Systems
2) By Gravitational Energy Storage: Pumped Storage Hydropower, Gravity-Based Energy Storage Systems
3) By Compressed Air Energy Storage: Underground Storage Systems, Above-Ground Storage Systems
4) By Liquid Air Storage: Cryogenic Energy Storage Systems, Liquid Air Energy Storage (LAES) Technologies
5) By Thermal Energy Storage: Sensible Heat Storage, Latent Heat Storage
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What Trends Are Reshaping The Future Of The Stationary Battery Storage Market?
Leading firms in the stationary battery storage market, such as Rimac Energy, are pioneering advanced technologies such as their stationary energy storage systems, to enhance their market profitability. Their cutting-edge battery build, Rimac Energy, achieves an impressive 50% reduction in efficiency losses and decreases the system's size by as much as 40%, surpassing current top-market solutions. For example, in May 2023, Rimac Technology, an automotive manufacturer based in Croatia, introduced Rimac Energy, a stationary energy storage technology. Using their extensive experience in crafting game-changing electric vehicle technology, they have produced the next evolution of stationary energy storage systems (ESS). The ingenious electrical framework that underpins Rimac Energy's ESS bestows it with significant advantages in performance, safety, and availability, such as energy losses lowered by up to 50% and a system footprint reduced by 40%.
Who Are the Key Players In The Stationary Battery Storage Market?
Major companies operating in the stationary battery storage market report are:
• Uniper SE
• Hitachi Ltd.
• Tesla Inc.
• Siemens AG
• General Electric Company
• Lockheed Martin Corporation
• Panasonic Corporation
• BYD Company Ltd.
• LG Chem Ltd.
• Toshiba Corporation
• Johnson Controls International PLC
• Samsung SDI Co. Ltd.
• Furukawa Battery Co. Ltd.
• GS Yuasa International Ltd.
• Exide Technologies
• East Penn Manufacturing Co. Inc.
• Narada Power Source Co. Ltd.
• Saft Groupe S.A.
• Duracell Inc.
• Fluence Energy LLC
• Schmid Group
• Hoppecke Batteries
• HydraRedox
• CMBlu Energy AG
• Durapower Group
• JenaBatteries GmbH
What Are The Regional Insights Into The Stationary Battery Storage Market?
North America was the largest region in the stationary battery storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the stationary battery storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
