Global Stationary Battery Storage Market

Stationary Battery Storage Market Size, Share, Growth Analysis, By Battery (Lithium-ion, Lithium Iron Phosphate (LFP)), By Application(Grid Services, Frequency Regulation) - Industry Forecast 2024-2031


Report ID: SQMIG55F2052 | Region: Global | Published Date: April, 2024
Pages: 183 | Tables: 78 | Figures: 72

Stationary Battery Storage Market Insights

Global Stationary Battery Storage Market size was valued at USD 71 Billion in 2022 and is poised to grow from USD 90.17 Billion in 2023 to USD 610.23 Billion by 2031, growing at a CAGR of 27% in the forecast period (2024-2031).

The global stationary storage battery market is dynamic and evolving, with a combination of technological advancements, regulatory developments, changing consumer preferences, and market trends driving the Advancement in battery chemistries, strategies manufacturing, and energy management systems drive innovation in stationary battery storage technology. Market players are focusing on improving energy levels, cycle life, safety and cost effectiveness to meet the evolving customer and application needs. The market is witnessing growth as established players are seeking to strengthen its market position through mergers, acquisitions and strategic partnerships. Battery manufacturing, infrastructure, technology suppliers and investment partnerships are common, enabling synergies in manufacturing, distribution and market access. The global stationary storage battery market is dynamic and evolving, with a combination of technological advancements, regulatory developments, changing consumer preferences, and market trends driving the advancement in battery chemistries, strategies manufacturing, and energy management systems drive innovation in stationary battery storage technology.

Market snapshot - (2024-2031)

Global Market Size

USD 71 Billion

Largest Segment

Grid Services

Fastest Growth

Frequency Regulation

Growth Rate

27% CAGR

Global Stationary Battery Storage Market ($ Bn)
Country Share for North America Region (%)
Global Stationary Battery Storage Market By Application ($ Bn)
Global Stationary Battery Storage Market By Application (%)

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Stationary Battery Storage Market Segmental Analysis

Based on battery the market is segmented as, lithium-ion, lithium iron phosphate (LFP), nickel manganese cobalt (NMC), sodium sulphur, lead acid, flow battery, others. Based on application the market is segmented as, grid services, frequency regulation, flexible ramping, black start services, energy shifting & 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. Based on Region the market is segmented as, North America, Europe, CIS & Eurasia, Asia Pacific, Middle East & Africa.

Analysis by Battery

Lead-acid batteries have been the dominant technology in the global stationary battery storage market for decades, valued for their reliability, low cost, and well-established manufacturing process. Sulfuric acid electrolytes for storing and releasing energy from these batteries. Lead plates are embedded-used, for convenience, durability and ubiquity. From back-up electrical systems for residential and commercial buildings to on-site electrical work farther on, lead acid batteries are commonly used in many stationary applications. Their versatility, affordability, and know-how make lead batteries popular in areas where energy demand is lowest and most cost-effective.

Sodium-sulfur (NaS) batteries are emerging as an important player in the global stationary storage battery market, especially in large-scale energy storage applications, these batteries are known for their high capacity, long cycle life and heat resistance against this good provides, making it ideally suited for storing and delivering large amounts of energy over long periods of time NaS batteries use molten sodium and sulfur as reactants, and the two are separated by a solid electrolyte. This unique design allows NaS batteries to operate at higher temperatures, typically around 300-350°C, which contributes to better energy efficiency and efficiency. In the global stationary battery storage market, NaS batteries are commonly used in utility projects to support grid stabilization, load leveling, and renewable energy integration Their ability to store large amounts of energy and dispose of it quickly offload renewable energy generation.

Analysis by Application

Grid utilization is the dominant segment in the market which represents important applications in the global stationary battery storage market, playing a key role in ensuring grid stability, reliability and efficiency. Fixed battery storage systems provide valuable grid services through dynamic change in their charging and discharging processes to meet real-time power grid requirements. regulations and supporting services.

Frequency regulation is the fastest growing segment in the market. The frequency of the power grid must be set to a narrow range for the stability and reliability of the power supply. Fluctuations in electricity demand and supply can cause grid frequency to drift, causing imbalances that can lead to outages or mechanical damage Stationary battery storage systems are able to respond quickly to changes a occurs at grid frequency by injecting or absorbing energy as needed. When grid frequency rises above nominal levels, batteries can absorb excess energy to help reduce frequency, while at lower frequencies batteries release stored energy to provide additional power to the grid. This dynamic frequency regulation capability provided by battery storage systems stabilizes the grid and modulates energy production reducing the need for expensive and less flexible conventional.

Global Stationary Battery Storage Market By Application (%), 2022 (%)

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Stationary Battery Storage Market Regional Insights

North America is the key region for innovation and adoption in the global stationary storage battery market and a dominant region. The rise in awareness about climate change and the growing inclination towards sustainable options automatically augments the demand for gadgets an products running on either rechargeable or replaceable batteries. In any case, this augments the need for stationary battery storage. The United States is likely to witness significant growth in consumer storage batteries backed by sound regulatory frameworks, government incentives and increasing investments in renewable energy integration. Besides this, the rise in awareness about the need to reduce greenhouse gas emissions, coupled with the increase in support towards low-carbon economy are further projected to help North America continue dominating this market in the forecast duration.

Asia-Pacific is projected to emerge as the fastest region for the global stationary battery storage market. Asia-Pacific is poised to become a major stationary battery storage hub, driven by rapid technological development, urbanization and growing demand for reliable energy consumption it increases Countries like China, Japan and South Korea are leading the way in battery manufacturing, innovation and deployment. Government initiatives aimed at promoting clean energy, improving grid reliability and reducing carbon emissions are driving significant investment in stationary battery storage projects across the Asia Pacific region to capitalize on the growing demand for energy storage solutions, sustainable energy systems It also presents compelling opportunities for market players to participate in the transition to the sector.

Global Stationary Battery Storage Market By Geography, (2024-2031)
  • Largest
  • Fastest

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Stationary Battery Storage Market Dynamics

Drivers

Increasing Demand for Reliable Power

  • With frequent power cuts and the need for uninterrupted power supply, there is a growing demand for standby battery storage solutions for power generation energy backup in the event of a power failure. Effective energy storage solutions are needed to reduce intermittent disruptions when the transition to renewable sources such as solar and wind energy Standby storage batteries play an important role in storing surplus energy from renewable sources for use during periods of low generation.

Rise in Focus on Infrastructural Development

  • The market in Asia-Prashant Kshetra is projected to have the highest revenue in the end. And associated with Bhandaran Baitry schemes. Furthermore, potential growth could also support the expanding EV market, which reaches 2.3 million vehicles sold by March 2023. In 2022, 16% of vehicles sold in the country would be electric energy, but by 2022 this share will increase to 29%. This equates to 6.9 million new EVs last year. Electric vehicles and smart grids require a lot of energy, which can be generated by stationary batteries. As more electric vehicles are adopted and smart grids are deployed, the demand for stationary batteries is expected to rise.

Restraints

Initial Capital Costs

  • The biggest obstacle to the adoption of solid storage batteries is the high investment prior to first deployment Although the cost of battery storage technologies continues decreases though, but still represents a significant portion of the overall project cost. The initial costs associated with purchasing batteries, power conversion systems, installation, and connectivity to existing infrastructure can be prohibitive, especially for small businesses or organizations with limited budgets.

Legal and Regulatory Challenges

  • Regulatory and regulatory uncertainties pose another important restriction to the global stationary battery storage market. The regulatory framework governing energy storage varies across regions and jurisdictions, creating challenges and inconsistencies for market participants Inconsistent regulations, permitting procedures, and grid-interconnection standard types can lengthen project timelines, increase compliance costs and create barriers to market entry, of grants, subsidiary structures or the lack thereof can undermine investor confidence, and hindering industry scalability. Addressing these regulatory and policy challenges is essential to creating an environment for the widespread adoption and deployment of stationary battery storage technologies.

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Stationary Battery Storage Market Competitive Landscape

The nature of the market is highly competitive on account of the presence of multiple players. To further increase their market share, these companies use various strategies, such as mergers and acquisitions, partnerships, joint ventures, licensing agreements and new type launches.

Top Player’s Company Profiles

  • Exide Technologies
  • LG Chem Ltd.
  • Tesla
  • Panasonic Corporation
  • Durapower Group
  • Lockheed Martin Corporation
  • SCHMID Group
  • Johnson Controls
  • Duracell
  • BYD
  • Furukawa Battery Co., Ltd.
  • HydraRedox
  • Siemens
  • CMBlu Energy AG
  • TOSHIBA CORPORATION
  • Invinity Energy Systems
  • and Redflow Limited

Recent Developments

  • In May 2022, BYD announced plans to purchase 6 lithium-ion guns across Africa to strengthen its position in the lithium-ion technology market. This was aimed at giving the company a strong position in the lithium-ion stationary battery and storage industry worldwide.
  • In February 2022, Beam Global, a provider of creative, sustainable materials and electric vehicle (EV) charging technologies, acquired ALLCell Technology LLC for an undisclosed amount Through this acquisition, Beam Global has established eyes to include two entrepreneurs and other manufacturers with U.S. basis will combine to create a strong, Build a company with global competitiveness highly. AllCell Technology LLC is a U.S.-based company. stationary energy storage solutions, including lithium-ion batteries.
  • In December 2021, TP Renewable Microgrid launched India’s largest sustainability program for rural areas. Such initiatives will increase consumer awareness of energy storage efficiency and consequently drive the demand for fixed battery storage.

Stationary Battery Storage Key Market Trends

Rise in Focus on Energy Conservation

  • An emerging trend in the fixed battery storage market is the increased focus on energy conversion. With severe weather, power outages, and other problems on the rise, businesses, communities, and businesses are looking for solutions to ensure uninterrupted power supply Can be planned these types have joined renewable energy sources such as solar panels to provide turn-off -grid or microgrid solutions that provide reliable and independent power along with advances in energy management software and intelligent control systems for seamless transitions between grid-connected and islanded modes For example As transition has become a top priority for government, industry and homeowners, the demand for stationary battery storage solutions that provide energy security its confidence is high will continue to grow, spurring innovation and investment.

Stationary Battery Storage Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

Stationary Battery Storage Market is growing rapidly due to increasing integration of renewable energy, technological advancements in battery technology and supportive regulatory framework. Increasing demand for integrated renewable energy, affecting the need for grid stability and flexibility, in various industries Fueling the adoption of stationary battery storage systems, lithium-ion batteries dominate the market, with their high capacity, longevity. However, high initial costs and regulatory uncertainty remain major barriers to market expansion. However, technological innovation, falling battery prices, and favorable government policies are anticipated to fuel the steady growth of the stationary battery storage market North America and Asia Pacific are the major regions it drives the growth of the market, where Opportunities exist for value-added participants to take advantage of the changing landscape of stationary battery storage.

Report Metric Details
Market size value in 2022 USD 71 Billion
Market size value in 2031 USD 610.23 Billion
Growth Rate 27%
Base year 2023
Forecast period (2024-2031)
Forecast Unit (Value) USD Billion
Segments covered
  • Battery
    • Lithium-ion, Lithium Iron Phosphate (LFP), Nickel Manganese Cobalt (NMC), Sodium Sulphur, Lead Acid, Flow Battery, and Others
  • Application
    • Grid Services, Frequency Regulation, Flexible Ramping, Black Start Services, Energy Shifting & 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, and Off Grid
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Exide Technologies
  • LG Chem Ltd.
  • Tesla
  • Panasonic Corporation
  • Durapower Group
  • Lockheed Martin Corporation
  • SCHMID Group
  • Johnson Controls
  • Duracell
  • BYD
  • Furukawa Battery Co., Ltd.
  • HydraRedox
  • Siemens
  • CMBlu Energy AG
  • TOSHIBA CORPORATION
  • Invinity Energy Systems
  • and Redflow Limited
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Stationary Battery Storage Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Stationary Battery Storage Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Stationary Battery Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Stationary Battery Storage Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Stationary Battery Storage Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Stationary Battery Storage Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Stationary Battery Storage Market size was valued at USD 71 Billion in 2022 and is poised to grow from USD 90.17 Billion in 2023 to USD 610.23 Billion by 2031, growing at a CAGR of 27% in the forecast period (2024-2031).

The nature of the market is highly competitive on account of the presence of multiple players. To further increase their market share, these companies use various strategies, such as mergers and acquisitions, partnerships, joint ventures, licensing agreements and new type launches. 'Exide Technologies', 'LG Chem Ltd.', 'Tesla', 'Panasonic Corporation', 'Durapower Group', 'Lockheed Martin Corporation', 'SCHMID Group', 'Johnson Controls', 'Duracell', 'BYD', 'Furukawa Battery Co., Ltd.', 'HydraRedox', 'Siemens', 'CMBlu Energy AG', 'TOSHIBA CORPORATION', 'Invinity Energy Systems', 'and Redflow Limited'

With frequent power cuts and the need for uninterrupted power supply, there is a growing demand for standby battery storage solutions for power generation energy backup in the event of a power failure. Effective energy storage solutions are needed to reduce intermittent disruptions when the transition to renewable sources such as solar and wind energy Standby storage batteries play an important role in storing surplus energy from renewable sources for use during periods of low generation.

An emerging trend in the fixed battery storage market is the increased focus on energy conversion. With severe weather, power outages, and other problems on the rise, businesses, communities, and businesses are looking for solutions to ensure uninterrupted power supply Can be planned these types have joined renewable energy sources such as solar panels to provide turn-off -grid or microgrid solutions that provide reliable and independent power along with advances in energy management software and intelligent control systems for seamless transitions between grid-connected and islanded modes For example As transition has become a top priority for government, industry and homeowners, the demand for stationary battery storage solutions that provide energy security its confidence is high will continue to grow, spurring innovation and investment.

North America is the key region for innovation and adoption in the stationary storage battery market and a dominant region. The rise in awareness about climate change and the growing inclination towards sustainable options automatically augments the demand for gadgets an products running on either rechargeable or replaceable batteries. In any case, this augments the need for stationary battery storage. The United States is likely to witness significant growth in consumer storage batteries backed by sound regulatory frameworks, government incentives and increasing investments in renewable energy integration. Besides this, the rise in awareness about the need to reduce greenhouse gas emissions, coupled with the increase in support towards low-carbon economy are further projected to help North America continue dominating this market in the forecast duration.

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