Press release
Stationary Battery Storage Industry Outlook 2025-2029: Market Set to Cross $132.55 Billion Milestone
Stationary Battery Storage Market
How Large Will the Stationary Battery Storage Market Size By 2025?
The market size of stationary battery storage has seen extraordinary growth in the recent past. It is projected to rise from $46.48 billion in 2024 to $58.18 billion in 2025, with a compound annual growth rate (CAGR) of 25.2%. Factors contributing to the growth during the historic period includes the stability and reliability of the grid, government incentives and policies, the electrification of transport, energy self-sufficiency, peak shaving and managing energy loads, as well as microgrid advancement.
How Big Is the Stationary Battery Storage Market Size Expected to Grow by 2029?
It is anticipated that the stationary battery storage market will undergo significant expansion in the coming years. This market is projected to reach a valuation of $132.55 billion in 2029 with a 22.9% compound annual growth rate (CAGR). Several factors contributing to this growth during the forecast period are grid modernization efforts, changes in utility business strategies, management of residential energy, initiatives for climate resiliency, and hybrid power plants. The forecast period is also likely to witness several key trends including advancements in battery technologies, hybrid energy storage systems, solutions for energy management, behind-the-meter systems, and decentralised energy storage systems.
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Which Key Market Drivers Powering Stationary Battery Storage Market Expansion and Growth?
The growth of the stationary battery storage market is anticipated to be significantly influenced by the swift implementation of renewable energy. This deployment involves the use of renewable energy resources like solar, wind, hydropower, and geothermal energy to fulfill comprehensive energy requirements. Faster enlargement of such sources prompts the need for excellent energy storage solutions, crucial for maintaining the reliability and stability of the grid. Stationary battery storage is becoming an essential component of the changing energy setting, allowing grid operators to have better control and flexibility, and eliminating the necessity for costly grid infrastructure improvements. In April 2023, as per a report by the National Renewable Energy Laboratory (NREL), a research institution in the US committed to the advancement of renewable energy and energy efficiency technologies, the worldwide installation of photovoltaic (PV) amounted to 231 gigawatts of direct current (GWdc), with a 2022 cumulative total of 1.2 terawatts of direct current (TWdc). China observed a 57% increase in annual PV installations, accounting for 42% of global demand, primarily due to distributed PV. The installations are predicted to go beyond 300 GW in 2023 and 400 GW by 2025. As a result, the swift implementation of renewable energy is expected to spur the growth of the stationary battery storage market. The escalation in electric vehicles' acceptance is predicted to stimulate the stationary battery storage market's progression. Electric vehicles (EVs), powered by one or multiple electric motors using electricity stored in rechargeable batteries, are gaining popularity. Stationary battery storage can prove advantageous for electric vehicles by extending the lifespan of EV batteries, meeting short demand for grid storage, and ensuring sufficient energy storage capacity. As per the International Energy Agency in June 2024, an autonomous intergovernmental institution based in France, the electric car market is trending, with nearly14 million sales recorded in 2023. EVs constituted roughly 4% of total vehicle sales in 2020, rocketing to 18% in 2023. This upward trend in EV sales is predicted to continue into 2024, with more than 3 million electric cars reportedly sold in the first quarter alone. Hence, the rise in electric vehicle acceptance is catalyzing the growth of the stationary battery storage market.
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Which Fast-Growing Trends Are Poised to Disrupt the Stationary Battery Storage Market?
Major players in the stationary battery storage market, such as Rimac Energy, are pioneering sophisticated technologies like stationary energy storage systems to boost their market profitability. Rimac Energy embodies a superior battery architecture that delivers an impressive 50% decrease in efficiency losses while diminishing the system's size by around 40%, thus surpassing prevalent industry-top options. For example, Rimac Technology, an automotive manufacturer from Croatia, rolled out Rimac Energy, a standstill energy storage technology, in May 2023. This system hones the forthcoming array of stationary energy storage systems (ESS), leveraging its proficiency in devising market-altering electric vehicle technology. The cutting-edge electrical infrastructure bolstering Rimac Energy's ESS renders substantial performance, safety, and availability merits, counting up to 50% lower energy losses and a 40% compact system footprint.
What Are the Emerging Segments 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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the Stationary Battery Storage Industry?
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
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