Press release
Shaping the Stationary Battery Storage Market in 2025: Embrace Next-Generation Technologies Like Rimac Energy For Enhanced Efficiency And Performance
Stationary Battery Storage Market Growth
In the past few years, there has been a significant expansion in the size of the stationary battery storage market. It is projected to grow from $46.48 billion in 2024 to $58.18 billion in 2025, signifying a compound annual growth rate (CAGR) of 25.2%. The historic period growth is driven by factors such as improved grid stability and reliability, government incentives and policies, the electrification of transport, energy independence, peak shaving and load management, as well as microgrid development.
The market size for stationary battery storage is projected to experience remarkable expansion in the coming years. It is anticipated to surge to $132.55 billion by 2029 with a compound annual growth rate (CAGR) of 22.9%. The projected growth during the forecast period can be linked to factors such as initiatives to modernize the grid, changes in utility business models, management of residential energy, climate resiliency initiatives, and hybrid power plants. The forecast period is also likely to see major trends like progress in battery technologies, hybrid energy storage systems, solutions for managing energy, behind-the-meter systems, and decentralized energy storage systems.
What Are the Primary Growth Drivers for the Stationary Battery Storage Market?
The stationary battery storage market's growth is predicted to be driven by the swift implementation of renewable energy. Introducing renewable energy components such as solar, wind, hydro, and geothermal power serves to generate electricity and satisfy diverse energy demands. The speedily expanding use of renewable energy sources ultimately necessitates dependable energy storage solutions for ensuring grid dependability and stability. Stationary battery storage is increasingly becoming a vital element in the evolving energy landscape, providing grid operators with more adaptability and management and reducing the need for pricey grid structure enhancements. For example, as per a report published by the National Renewable Energy Laboratory (NREL) in April 2023, global photovoltaic (PV) installations reached 231 GWdc, amassing a total of 1.2 TWdc in 2022. There was a 57% hike in China's annual PV installations, which accounted for 42% of global demand, primarily powered by distributed PV. It's projected that by 2023, the annual installations will surpass 300 GW and exceed 400 GW by 2025. Thus, the market for stationary battery storage is expected to grow due to the rapid implementation of renewable energy. The escalation in electric vehicle usage is poised to promote the growth of the stationary battery storage market. Electric vehicles (EVs) are cars propelled by one or more electric engines, using electric power stored in rechargeable batteries. Stationary battery storage can be useful for electric vehicles by extending EV battery life, fulfilling short-term grid storage requirements and offering ample capacity for energy storage. As per the International Energy Agency's June 2024 report, the electric car market is witnessing impressive growth, with sales nearing 14 million in 2023. The share of electric cars in total vehicle sales swelled from approximately 4% in 2020 to 18% in 2023. This robust trend in EV sales is expected to continue in 2024, with more than 3 million electric cars sold in the first quarter alone. Hence, the increased usage of electric vehicles is propelling the stationary battery storage market's progress.
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Who Are the Dominant Companies Influencing Stationary Battery Storage Market Trends?
Major companies operating in the stationary battery storage market report are 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
How Is the Stationary Battery Storage Market Evolving?
The stationary battery storage market is brimming with significant companies, such as Rimac Energy, which are tapping into cutting-edge technologies like stationary energy storage systems to enhance their market profitability. Rimac Energy's advanced battery architecture allows for a substantial 50% reduction in efficiency losses and a 40% decrease in the system's spatial needs, thus outperforming presently leading solutions in the industry. This point is highlighted by the May 2023 launch of Rimac Energy by Rimac Technology, an automotive manufacturer based in Croatia. Drawing upon their proficiency in pioneering electric vehicle technology, Rimac Technology presented the Rimac Energy system that pioneers the future of stationary energy storage systems (ESS). The groundbreaking electrical framework underpinning Rimac Energy's ESS imparts noteworthy performance, safety, and accessibility benefits, such as up to 50% reduced energy wastage and a 40% decremented system size.
What Are the Different Segmentations in the Stationary Battery Storage Market?
The stationary battery storage market covered in this report is segmented -
1) By Type Of Energy Storage: Hydrogen And Ammonia Storage, Gravitational Energy Storage, Compressed Air Energy Storage, Liquid Air Storage, Thermal Energy Storage
2) By Battery: Lithium Ion, Sodium Sulphur, Lead Acid, Flow Battery, Other Batteries
3) By Application: Grid Services, Behind The Meter, Off Grid
Subsegments:
1) By Hydrogen And Ammonia Storage: Hydrogen Fuel Cells, Ammonia Storage Systems
2) By Gravitational Energy Storage: Pumped Storage Hydropower, Gravity-Based Energy Storage Systems
3) By Compressed Air Energy Storage: Underground Storage Systems, Above-Ground Storage Systems
4) By Liquid Air Storage: Cryogenic Energy Storage Systems, Liquid Air Energy Storage (LAES) Technologies
5) By Thermal Energy Storage: Sensible Heat Storage, Latent Heat Storage
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Which Region Is at the Forefront of the Stationary Battery Storage Market?
North America was the largest region in the stationary battery storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the stationary battery storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Stationary Battery Storage Global Market Report?
- Market Size Analysis: Analyze the Stationary Battery Storage Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Stationary Battery Storage Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Stationary Battery Storage Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Stationary Battery Storage Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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