Stationary Energy Storage Market Analysis Growth, Industry Size, Qualitative Insights, and Regional Landscape 2024 to 2031 | Tesla, Duracell Power Center, Durapower Group

Market Overview:

Stationary energy storage includes batteries and other technologies used for electricity storage and release when needed to power homes, businesses, and the electric grid. Stationary storage provides backup power during outages and helps integrate renewable energy by capturing energy when demand is low.

Market Dynamics:

The growth of the stationary energy storage market is supported by increasing deployment of renewable energy sources such as solar and wind energy across the globe. According to the International Renewable Energy Agency, renewable capacity additions increased by 8% in 2020, with significant additions in wind and solar PV. However, renewable energy sources are intermittent in nature which requires energy to be stored. This is expected to drive the need for robust energy storage solutions during the forecast period. Additionally, favorable government policies and declining costs of energy storage technologies will also contribute to the market growth over the next few years.

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Top Companies Covered In This Report:

★ Tesla
★ Duracell Power Center
★ Durapower Group
★ Limited (CATL)
★ Toshiba Corporation

Detailed Segmentation:

By Application
✦ Front of the Meter (FTM) or Grid Application
✦ Behind the Meter

By Product
✦ Lithium-ion (Li-ion)
✦ Lead Acid
✦ Flow Battery
✦ Sodium Sulfur

Key Region/Countries are Classified as Follows:

⋆ North America (United States, Canada, and Mexico)
⋆ Europe (Germany, France, UK, Russia, Italy)
⋆ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
⋆ South America (Brazil, Argentina, Colombia)
⋆ Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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✦ Major Driver 1: Increasing Renewable Energy Adoption is Driving the Demand for Stationary Energy Storage

As the renewable energy sector continues to grow at a rapid pace, integrating renewable energy sources like solar and wind into the electric grid is becoming more challenging due to their intermittent nature. Grid-scale energy storage systems provide a solution by allowing excess renewable energy generated during periods of high production to be stored and released later when renewable production decreases or demand increases. This helps reduce curtailment of renewable energy and stabilize grid operations. Many countries and regions have set ambitious renewable energy targets which can only be achieved with sufficient energy storage support. For example, California has mandated that 60% of its electricity must come from renewable sources by 2030 and this kind of aggressive renewable adoption will drive huge demand for stationary energy storage.

✦ Major Driver 2: Growth in Demand Response and Behind-the-Meter Energy Storage Programs

Traditionally centralized generators controlled power generation and distribution. However, with policies promoting distributed energy resources, consumers now have more opportunities to participate in demand response programs by adjusting their electricity usage or installing behind-the-meter storage systems. This allows consumers to store energy when prices are low and use stored energy during peak demand periods to save on their electricity bills. Many utilities are actively deploying demand response and distributed energy programs using residential and commercial energy storage which is creating new market opportunities. The increasing interest in virtual power plants which aggregate distributed storage assets is also boosting stationary energy storage adoption.

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✦ Major Market Restraint: High Upfront Capital Costs of Battery Energy Storage Systems

While the stationary energy storage market has seen significant cost reductions in recent years driven by economies of scale and technological improvements, the upfront capital expenditure required for installing battery-based energy storage systems remains high compared to alternatives. This makes the economics challenging for many potential applications and projects. The levelized cost of storage needs to decrease further for storage to be widely deployed without policy support and incentive programs. Battery costs account for a major portion of overall energy storage system expenses and further breakthroughs are required in battery chemistries to lower costs substantially. This high initial investment has been a major barrier limiting the large-scale adoption of stationary energy storage.

✦ Major Market Opportunity: Increasing Integration of Stationary Storage With Electric Vehicles

As electric vehicles continue their projected rise in coming years, the batteries within EVs can potentially be utilized as distributed energy storage assets to support the grid. Aggregating the batteries of parked EVs can provide energy and ancillary services to the grid. Such vehicle-to-grid (V2G) integration can help optimize battery usage and provide additional revenue streams for EV owners. It also creates new opportunities for charging infrastructure providers and energy storage solution developers. Coordinating stationary and mobile battery assets offers benefits like increasing capacity available for shifting loads and stabilizing variability from renewable energy generation. Emerging business models leveraging synergies between transportation electrification and stationary storage present a major market opportunity.

✦ Major Market Trend: Focus is Shifting Towards Long-Duration Storage Solutions

While lithium-ion batteries remain dominant, most current stationary energy storage systems provide only a few hours of energy discharge duration. However, as the share of renewable energy on the grid increases, longer energy storage duration of 10 hours or more is desired to balance supply and demand over extended periods. This is driving research into innovative long-duration storage technologies like flow batteries, compressed air energy storage, and renewable hydrocarbons that can store energy cost effectively for weeks or months. Long-duration storage solutions will be critical for managing seasonal variations in renewable generation and consumption patterns. Hence, the stationary energy storage sector is expected to see growing focus and investments in the development of diverse, economical long-duration energy storage technologies and business models.

Key Questions Answered in the Report:

1. What are the growth opportunities for the new entrants in the global Stationary Energy Storage industry?
2. Who are the leading players functioning in the global Stationary Energy Storage marketplace?
3. What are the key strategies participants are likely to adopt to increase their share in the global Stationary Energy Storage industry?
4. What is the competitive situation in the global Stationary Energy Storage market?
5. What are the emerging trends that may influence the Stationary Energy Storage market growth?
6. Which product type segment will exhibit high CAGR in the future?
7. Which application segment will grab a handsome share in the global Stationary Energy Storage industry?
8. Which region is lucrative for the manufacturers?

Table of Contents:

1. Research Objectives and Assumptions
• Research Objectives
• Assumptions
• Abbreviations

2. Market Purview
• Report Description
- Market Definition and Scope
• Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Application
- Market Snippet, By Regions
- Market Snippet, By End-User
• Stratagem Opportunity Map (SOM)

3. Market Dynamics, Regulations, and Trends Analysis
• Market Dynamics
- Drivers
- Restraints
- Market Opportunities
• Impact Analysis
• Industry Trends
• Regulatory Scenario
• Acquisitions, Partnerships & Agreements
• Brand Analysis
• Pricing Analysis
• Epidemiology
• Porter's Analysis
• Value Chain Analysis
• Supply Chain Analysis
• Distribution Landscape

4. Stationary Energy Storage Market - Impact of Coronavirus (Covid-19) Pandemic
• COVID-19 Epidemiology
• Overall Impact on this Sector
• Impact of COVID-19 on Supply and Demand

5. Stationary Energy Storage Market, By Product Type, 2024-2031 (US$ Million)
• Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2024 - 2031
- Segment Trends

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