Stationary Energy Storage : Market Size, Share, Prominent Players, Types, Regions and Applications Research Report, Segmentations, Market drivers and Development , Business Strategies, Forecast by 2031

The Global Stationary Energy Storage Market Size is estimated to be 43.48 billion in 2023 and is expected to grow to 215.10 billion by 2031, with a compound annual growth rate (CAGR) of 22.25% during the forecast period of 2024-2031.

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A stationary energy storage system frequently includes an array of batteries, an electronic control system, an inverter, and a thermal management system. System energy storage is the term used to describe a collection of methods for storing energy on a large scale within a power grid. Primary market drivers for grid-scale stationary battery storage are the rapid deployment of renewable energy and favorable government policies to reduce carbon emissions.

Additionally, the ongoing integration of sustainable energy systems, including solar and wind, mandates the development of cost-effective technology for synchronising diverse networks. This is expected to promote market expansion. Additionally, the market forecast is bolstered by the increasing demand for electricity supply and grid stability. The stationary battery storage market in Japan will experience growth due to the increasing consumption of electricity and the ongoing investments in grid network construction, which are driven by the industrial and commercial sectors. Furthermore, the growing apprehension regarding its security will facilitate the adoption of the product.

List of Prominent Players in the Stationary Energy Storage Market:

• LG Energy Solutions
• SAMSUNG SDI CO., LTD.
• GS Yuasa International Ltd.
• ENERSYS.
• ION Energy Inc.
• Peak Power
• GBatteries
• 24M
• TOSHIBA CORPORATION
• BYD Motors Inc.
• Panasonic
• Hitachi Ltd.
• Hoppecke Batteries Inc.
• THE FURUKAWA BATTERY CO. LTD.
• Tesla
• Duracell Power Center
• Durapower Group
• Exide Industries
• Johnson Controls

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Market Dynamics:

Drivers-

The stationary battery storage industry will expand due to the expansion of communication networks and the advancement of wireless technology design. Corporate growth will be further exacerbated by the absence of effective monitoring units in emerging economies and recurring power failures and disruptions. Additionally, the rapid advancement of distributed generation technology will facilitate product acceptance.

Challenges:

The market expansion is anticipated to be impeded by the absence of standardization and the volatile investment opportunities across multiple industrial sectors. Consequently, investors are encountering difficulties in investing in stationary batteries used on a grid-scale. Diesel generators and lead-acid batteries pose significant challenges to advancing stationary Li-ion battery systems.

Regional Trends:

The Asia Pacific stationary energy storage market is anticipated to maintain a significant market share in revenue and to experience a high compound annual growth rate soon. The installation of stationary battery storage devices will be facilitated by subsidies and renewable energy programs, particularly in Germany. For instance, the Renewable Energy Sources Act (RESA) encourages the development of energy storage facilities by exempting them from grid rates and charges. The EU also plans to enhance the reliability of electricity access in rural areas by expanding distribution networks. These factors will increase awareness of the significance of energy storage devices in ensuring increased grid flexibility.

Recent Developments:

• In July 2022, the Midcontinent Independent System Operator (MISO) authorized the development of nearly 2,000 miles of new long-distance transmission lines. This transmission line project, which is the largest proposed in the United States, was expected to supply electricity to 12 million residences, thereby increasing the use of stationary power storage devices.

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Segmentation of Stationary Energy Storage Market-

By Application-
• Behind the Meter
• Front of the Meter

By Product Type-
• Lead Acid Battery
• Redox Flow Battery
• Lithium-Ion (Li-ion) Battery
• Sodium Sulfur (NaS) Battery

By Region-

North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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