The global stationary energy storage market is expected to reach USD 1,571.48 billion by 2034, with a compound annual growth rate of 29.0%

The global stationary energy storage market is projected to reach USD 123.14 billion in 2024. The sales of stationary energy storage are expected to register a solid CAGR of 29.0% during 2024-2034. demand for stationary battery storage The company’s value is expected to reach USD 1,571.48 billion by 2034.

The stationary energy storage market is expected to grow significantly due to the increasing demand for reliable energy storage solutions. The growth of the stationary battery storage market is expected to be driven by factors such as increasing use of renewable energy sources, grid modernization initiatives, and increased focus on energy efficiency.

The economic potential and adoption of stationary battery energy storage systems is increasing in many industries, including commercial, industrial, and residential, due to advances in battery technology and falling costs. The stationary battery energy storage industry is gaining momentum from government regulations that support renewable energy and carbon reduction programs.

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For the stationary battery storage market to grow, issues such as regulatory uncertainty and concerns about battery safety and recycling need to be addressed. The market is expected to grow rapidly, providing opportunities for stationary battery storage manufacturers.

“With the growing need for reliable energy storage solutions, the demand for stationary battery storage is constantly growing. Technological advances, expanding renewable energy integration initiatives and grid modernization are creating significant opportunities for market expansion..”, Analyst says at Future Market Insights, Inc.

Regional perspectives

Due to ambitious renewable energy targets, rapid industrialization, and ambitious renewable energy goals, China leads the Asia-Pacific stationary energy storage market. Growing demand for energy storage and grid stability in countries such as Australia and Japan is driving the Asia-Pacific stationary battery storage market.

The widespread adoption of renewable energy sources and electric vehicles is driving significant growth in the number of stationary energy storage installations in North America. The United States is the market leader in stationary energy storage in North America, largely due to state-level renewable energy regulations and incentives to deploy energy storage. Europe has become a significant market for stationary energy storage due to stringent environmental regulations and aggressive renewable energy targets. The expansion is being driven by supportive regulations, such as subsidies and incentives, that encourage the use of energy storage.

Key conclusions

• The lithium-ion battery segment is expected to reach 90.5% market share between 2024 and 2034.
• In the energy capacity category, the segment from 251 kWh to 1 MWh is expected to gain 30.6% of the market share in 2024–2034.
• Through 2024, sales of stationary energy storage in the United States are expected to grow at a compound annual growth rate (CAGR) of 32.4%.
• It is estimated that until 2024 the stationary energy storage market in Germany will grow at a compound annual growth rate (CAGR) of 28.8%.
• The stationary energy storage market in China is expected to grow at a CAGR of 33.4% until 2034.
• The Indian stationary energy storage market is expected to grow at a compound annual growth rate (CAGR) of 30.35% through 2024.
• The Australian stationary energy storage market is expected to grow at a compound annual growth rate (CAGR) of 21.2% through 2024.

Competitive Landscape

Many prominent manufacturers of stationary energy storage are fighting for dominance in the highly competitive market. Stationary energy storage suppliers are strengthening their position by focusing on technological improvements, regional expansion and strategic alliances. Leading suppliers of stationary energy storage are actively involved in research and development to offer innovative solutions and gain a competitive advantage in this rapidly changing market.

Manufacturers of key stationary battery storage facilities

• Tesla
• Durapower Group
• Johnson’s checks
• Exide Technologies
• Duracell, Inc
• BYD Limited Liability Company
• Toshiba Corporation
• Samsung SDI Co., Ltd
• Panasonic Corporation
• GS Yuasa International Ltd
• A123 Systems, LLC
• LG Chem Sp. z o. o.
• Furukawa Battery Co., Ltd.
• HydraRedox
• Narada Power Source Co. Ltd
• Siemens

Recent events

• In May 2022, BYD Company Ltd. announced that it intends to acquire six lithium-ion mines in Africa to advance its position in the lithium-ion technology industry and give the company a significant global presence in the stationary lithium-ion energy storage market.
• Tesla installed 1,274 MWh of battery storage and 85 MW of solar in 2021. Large-scale battery storage initiatives drove significant growth in battery storage installations, and residential battery storage installations also increased year over year.

Segmentation of the Stationary Battery Storage Industry

By battery type:

• Lithium-ion
  • Lithium iron phosphate
  • Nickel Manganese Cobalt
• Sodium sulfur
• Lead acid
• Flow battery
• Other batteries

By energy capacity:

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

By application:

• Network Services
  • Frequency adjustment
  • Flexible slope
  • Black Start Services
  • Shifting energy and postponing abilities
  • T&D Traffic Jam Relief
  • Firming capacity
  • Reduced RE restriction
  • Less dependence on diesel generators
• Behind the counter
  • Electricity consumers
  • System operation
  • Mini-nets
• Off the grid

By region:

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth insights into the factors driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical markets. With a large team of ~400 analysts worldwide, FMI provides global, regional and local expertise on various industry domains and trends in over 110 countries.

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