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Rising Adoption Of Renewable Energy Driving Growth Of Market Due To Growing Need For Energy Reliability: An Emerging Driver Transforming The Stationary Energy Storage Market Landscape
Stationary Energy Storage
What Is the Projected Growth of the Stationary Energy Storage Market?
The stationary energy storage market size has grown exponentially in recent years. It will grow from $36.83 billion in 2024 to $44.84 billion in 2025 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to rising demand for emergency power back-ups during power outages, growing transition from fossil fuel to green energy, rising environmental decarbonization policy, rising production of electric vehicles, and growing focus on energy resilience and reliability.
Over the upcoming years, the stationary energy storage market is projected to witness a sharp increase in size, reaching a value of $97.85 billion in 2029 with a compound annual growth rate (CAGR) of 21.5%. Factors influencing this anticipated growth include increased investments in efficient grid infrastructure, a surge in battery demand for grid services, the expansion of solar and wind power projects, supportive government policies and incentives, and a heightened demand for electricity and grid stability. Key trends to watch during this forecast period encompass advancements in battery management systems, breakthroughs in technology, innovative practices in the energy storage industry, progressive developments in renewable technology, and technological refinement in storage techniques.
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What Are the Different Stationary Energy Storage Market Segments?
The stationary energy 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
3) By Application: Grid Services, Behind The Meter
4) By End-User: Residential, Commercial And Industrial, Other End Users
Subsegments:
1) By Hydrogen And Ammonia Storage: Liquid Hydrogen Storage, Gaseous Hydrogen Storage, Liquid Ammonia Storage, Solid-state Hydrogen Storage
2) By Gravitational Energy Storage: Pumped Hydroelectric Storage, Solid Block-Based Gravitational Systems, Tower-Based Gravitational Systems
3) By Compressed Air Energy Storage (CAES): Diabatic Compressed Air Storage, Adiabatic Compressed Air Storage, Isothermal Compressed Air Storage
4) By Liquid Air Storage: Liquid Air Tanks, Heat Exchanger Systems, Cryogenic Compressors
5) By Thermal Energy Storage: Sensible Heat Storage, Latent Heat Storage, Thermochemical Energy Storage
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What Are the Primary Drivers Shaping the Stationary Energy Storage Market?
The surge in usage of renewable energy sources is anticipated to impel the expansion of the stationary energy storage market in the foreseeable future. Renewable energy sources, such as solar, wind, hydro, geothermal and biomass, which are naturally renewable, are utilized for eco-friendly power production. Renewable energy usage is on the rise due to concerns about the environment, as it lowers carbon emissions and helps in combating climate change. Stationary energy storage is employed by renewable energy sources to store surplus energy created during peak production times, which can be used during periods of low production or high demand. For example, projections by the Energy Information Administration, a US government agency, in January 2024 suggested that US solar power generation would swell by 75%, increasing from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh in 2025, while growth in wind power generation is anticipated at 11%, rising from 430 billion kWh in 2023 up to 476 billion kWh in 2025. Thus, the growing usage of renewable energy sources is stimulating the expansion of the stationary energy storage market.
Which Companies Are Leading in the Stationary Energy Storage Market?
Major companies operating in the stationary energy storage market are Engie S.A., Tesla Inc., Siemens AG, General Electric Company, BYD Company Limited, Panasonic Holdings Corporation, Contemporary ere*x Technology Co. Limited (CATL), LG Chem Ltd., Mitsubishi Heavy Industries Ltd., ABB Ltd., Eaton Corporation plc, Johnson Controls International plc, Samsung SDI Co. Ltd., The AES Corporation, Fluence Energy Inc., Saft Groupe S.A., Duracell Power Center, Enel X S.r.l., Sonnen Batterie GmbH, 24M Technologies Inc.
What Are the Major Trends Shaping the Stationary Energy Storage Market?
Foremost companies in the stationary energy storage market are prioritizing technological innovations like integrated Vehicle-to-Home (V2H) charging to boost energy resilience, streamline power consumption, and offer users increased autonomy over their household energy administration. Vehicle-to-Home (V2H) charging is a sophisticated feature that empowers electric vehicles to deliver power to a home, facilitating energy reinforcement during power disruptions and streamlining utility usage. For example, in October 2024, GM Energy LLC, an industrial machinery production firm based in the US, unveiled the power bank, a special stationary energy storage system engineered to gather and distribute energy from the grid for electric vehicle users. Offered in 10.6 kWh and 17.7 kWh capacities, it's capable of providing backup energy during blackouts and lowering household electricity expenses. Clients have the option to pair two power banks for a total storage capacity of 35.4 kWh, sufficient to run a typical U.S home for 20 hours. This mechanism is a component of the GM energy home system package, which is compatible with GM vehicle apps for remote energy oversight and supports vehicle-to-home (V2H) charging.
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What Are the Top Revenue-Generating Geographies in the Stationary Energy Storage Market?
North America was the largest region in the stationary energy storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the stationary energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Stationary Energy Storage Market?
2. What is the CAGR expected in the Stationary Energy Storage Market?
3. What Are the Key Innovations Transforming the Stationary Energy Storage Industry?
4. Which Region Is Leading the Stationary Energy Storage Market?
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