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Stationary Energy Storage Market Key Players Analysis - Tesla, Duracell Power Center, Durapower Group, Exide Industries, Johnson Controls.
Stationary Energy Storage Market
The global stationary energy storage market is estimated to reach over USD 447.2 billion by the year 2034, exhibiting a CAGR of 24.0% during the forecast period.
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A stationary energy storage system typically consists of a battery array, an electronic control system, an inverter, and a thermal management system. System energy storage refers to a range of strategies employed for large-scale energy storage within a power grid. The rapid adoption of renewable energy sources, coupled with supportive government initiatives aimed at reducing carbon emissions, is the primary driver behind the growth of the grid-scale stationary battery storage market.
Moreover, the ongoing integration of sustainable energy systems, such as solar and wind, necessitates the development of cost-efficient technologies to synchronize various networks, further fueling market expansion. The increasing demand for reliable electricity supply and grid stability is also contributing to the positive market outlook. Continued investments in grid infrastructure, along with the rising electricity consumption driven by the growth of industrial and commercial sectors, are expected to accelerate the growth of Japan's stationary battery storage market. Additionally, growing concerns about supply security are likely to encourage further adoption of these energy storage solutions.
List of Prominent Players in the Stationary Energy Storage Market:
• Tesla
• Duracell Power Center
• Durapower Group
• Exide Industries
• Johnson Controls
• TOSHIBA CORPORATION
• BYD Motors Inc.
• Panasonic
• Hitachi Ltd.
• Hoppecke Batteries Inc.
• THE FURUKAWA BATTERY CO. LTD.
• LG Energy Solutions
• SAMSUNG SDI CO., LTD.
• GS Yuasa International Ltd.
• ENERSYS.
• ION Energy Inc.
• Peak Power
• GBatteries
• 24M
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Market Dynamics:
Drivers:
The evolution of wireless technology and the expansion of communication networks are expected to significantly contribute to the growth of the stationary battery storage market. The lack of efficient monitoring systems in emerging economies, coupled with frequent power failures and outages, is anticipated to further drive market development. Additionally, rapid advancements in distributed generation technology are expected to promote the acceptance and adoption of stationary battery storage solutions.
Challenges:
The market expansion may face challenges due to fluctuating investment opportunities across various industrial sectors and the absence of standardized practices. These factors are creating difficulties for investors in committing capital to grid-scale stationary batteries. Moreover, stationary lithium-ion battery systems are encountering strong competition from alternative energy solutions such as diesel generators and lead-acid batteries.
Regional Trends:
The Asia-Pacific region is expected to hold a significant share of the stationary energy storage market in terms of revenue and is projected to experience robust growth in the near future. Government incentives and renewable energy initiatives are expected to foster the adoption of stationary battery storage solutions, particularly in Germany. For instance, the Renewable Energy Sources Act (EEG) offers exemptions from grid rates and charges for energy storage systems, stimulating their installation. Furthermore, the European Union's efforts to enhance power access in rural areas through the expansion of distribution networks are expected to increase awareness of the critical role of energy storage devices in ensuring greater grid flexibility.
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Recent Developments:
• In July 2022, The MISO (Midcontinent Independent System Operator) approved the construction of nearly 2,000 miles of new long-distance transmission lines. This transmission line project, the largest proposed in the United States, was anticipated to provide electricity to 12 million residences, driving the usage of stationary power storage devices.
Segmentation of Stationary Energy Storage Market-
By Application-
• Front of the Meter
• Behind the Meter
By Product Type-
• Lithium-Ion (Li-ion) Battery
• Lead Acid Battery
• Redox Flow 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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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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