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Stationary Battery Storage Market Size, Segmentation And Growth Report 2024
Stationary Battery Storage Market Size
According to The Business Research Company's, The stationary battery storage market size has grown exponentially in recent years. It will grow from $37.06 billion in 2023 to $46.48 billion in 2024 at a compound annual growth rate (CAGR) of 25.4%. The growth in the historic period can be attributed to grid stability and reliability, government incentives and policies, electrification of transportation, energy independence, peak shaving and load management, microgrid development.
The stationary battery storage market size is expected to see exponential growth in the next few years. It will grow to $107.58 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. The growth in the forecast period can be attributed to grid modernization initiatives, evolving utility business models, residential energy management, climate resilience initiatives, hybrid power plants. Major trends in the forecast period include advancements in battery technologies, hybrid energy storage systems, energy management solutions, behind-the-meter systems, decentralized energy storage systems.
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Market Drivers and Trends:
The expansion of large-scale energy storage technologies is expected to propel the growth of the vanadium market going forward. Energy storage technologies are systems that store energy for later use to smooth out fluctuations in energy supply and demand, to provide backup power during outages and to store energy for transportation or other applications. Vanadium is used in energy storage technologies like vanadium redox flow batteries (VRFBs) and enables storing and releasing large amounts of energy over long periods. For instance, in July 2023, according to a report published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, total installed grid-scale battery storage capacity stood at close to 28 GW at the end of 2022 and installations increased by more than 75% over 2021, with roughly 11 GW of storage capacity installed. Furthermore, the installed grid-scale battery capacity for storage is predicted to expand 35-fold, almost 970 GW, between 2022 and 2030. Therefore, developing large-scale energy storage technologies will drive the vanadium market.
Major companies operating in the stationary battery storage market are developing advanced technologies, such as Rimac Energy stationary energy storage systems, to increase profitability in the market. Rimac Energy is a technologically advanced battery architecture that achieves a remarkable 50% reduction in efficiency losses and shrinks the system's footprint by up to 40%, outperforming current industry-leading solutions. For instance, in May 2023, Rimac Technology, a Croatia-based automotive manufacturer, launched Rimac Energy, a stationary energy storage technology. This system develops the next generation of stationary energy storage systems (ESS) by utilizing its expertise in developing market-defining electric vehicle technology. The innovative electrical structure that supports Rimac Energy's ESS gives it considerable performance, safety, and availability advantages, including up to 50% lower energy losses and a 40% smaller system footprint.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Stationary Battery Storage Market 2024 Key Insights:
• The stationary battery storage market is expected to grow to $107.58 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%.
• Rapid Renewable Energy Deployment Fuels Growth In The Stationary Battery Storage Market
• Embrace Next-Generation Technologies Like Rimac Energy For Enhanced Efficiency And Performance
• North America was the largest region in the stationary battery storage market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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