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Rapid Renewable Energy Deployment Fuels Growth In The Stationary Battery Storage Market Driver: Leading Transformation in the Stationary Battery Storage Market in 2025
Stationary Battery Storage Market
Expectations are high that the stationary battery storage market will grow significantly due to the fast-paced adoption of renewable energy. This extensive deployment of renewable energy entails the use of diverse sources, including solar, wind, hydropower, and geothermal energy for power production and meeting broad energy requirements. Escalating reliance on renewable energy calls for reliable energy storage solutions to maintain the stability and reliability of the grid system. Stationary battery storage is emerging as an essential element in this changing energy scene, providing grid operators with more flexibility and control, whilst lessening the demand for costly grid infrastructure enhancements. For example, a report by the National Renewable Energy Laboratory (NREL) in April 2023 indicated that global PV installations had hit 231 GWdc, with cumulative direct current totalling 1.2 TWdc in 2022. Consequently, China's annual PV installations increased by 57%, contributing to 42% of worldwide demand, driven largely by distributed PV. Future installations are projected to top 300 GW by 2023 and exceed 400 GW by 2025. As a result, the fast-paced deployment of renewable energy will stimulate the growth of the stationary battery storage market. The anticipated growth of the stationary battery storage market is attributed to the rise in electric vehicle adoption. Electric vehicles (EVs), cars driven by electric motors and powered by rechargeable batteries, increasingly underscore the vitality of stationary battery storage. By extending the life of EV batteries and providing adequate storage for short-term grid power, stationary battery storage aids EV functionality. A report by the International Energy Agency in June 2024 showed surging electric car sales nearing 14 million in 2023. From a meagre 4% in 2020, electric cars now represent approximately 18% of total car sales in 2023. This robust EV sales trend is expected to continue through 2024, with the first quarter alone seeing the sale of over 3 million electric cars. Therefore, the rising adoption of electric vehicles is expected to drive the growth of the stationary battery storage market.
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What is the future CAGR of the stationary battery storage market, and how will it impact industry expansion?
The market size of stationary battery storage has seen an incredible growth in the past few years. It is projected to expand from $46.48 billion in 2024 to $58.18 billion by 2025, experiencing a compound annual growth rate (CAGR) of 25.2%. Factors contributing to the earlier growth include stability and reliability of grid, government support and strategies, electrifying transportation, energy self-sufficiency, management of peak demand and load, and development of microgrids.
The market size of stationary battery storage is projected to experience a massive increase over the coming years, escalating to a value of $132.55 billion in 2029 with a compound annual growth rate (CAGR) of 22.9%. This notable surge during the forecasted time frame is linked to initiatives associated with modernizing the grid, changing utility business models, residential energy management, climate resilience programs, and hybrid power plants. The period is also anticipated to see major developments such as improved battery technologies, hybrid energy storage systems, energy management solutions, behind-the-meter systems, and decentralized energy storage systems.
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What are the most significant trends transforming the stationary battery storage market today?
Companies dominating the stationary battery storage market, such as Rimac Energy, are innovating with advanced technologies to enhance profitability in their sector. Rimac Energy offers an impressive battery infrastructure that cuts efficiency losses by a substantial 50% and lessens the system's size by as much as 40%, thus surpassing other prevalent industry solutions. Rimac Technology, an automotive manufacturing company based in Croatia, introduced Rimac Energy, a fixed energy storage technology, in May 2023. Using their own knowledge in devising market-leading electric vehicle technology, the forthcoming line of stationary energy storage systems (ESS) has been developed. The distinctive electrical framework supporting the ESS of Rimac Energy confers notable benefits in performance, security, and accessibility, including energy losses trimmed down by half and a system size reduction of 40%.
Which key market segments comprise the stationary battery storage market and drive its revenue growth?
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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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
Who are the leading players fueling growth in the stationary battery storage market?
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
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What Is Covered In The Stationary Battery Storage Global Market Report?
•Market Size Forecast: Examine the stationary battery storage market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the stationary battery storage market for a structured understanding.
•Key Players Overview: Analyze major players in the stationary battery storage market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the stationary battery storage market.
•Segment Contributions: Evaluate how different segments drive overall growth in the stationary battery storage market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the stationary battery storage market.
•Industry Challenges: Identify potential risks and obstacles affecting the stationary battery storage market.
•Competitive Landscape: Review strategic developments in the stationary battery storage market, including expansions, agreements, and new product launches.
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