Press release
Future of the Stationary Battery Storage Market: Trends, Innovations, and Key Forecasts Through 2034
Stationary Battery Storage
Stationary Battery Storage Market Size Growth Forecast: What to Expect by 2025?
The market size for stationary battery storage has seen a significant upsurge in the past few years. The market that stands at $46.48 billion in 2024 is anticipated to escalate to $56.06 billion in 2025, marking a compound annual growth rate (CAGR) of 20.6%. Factors such as increased grid stability and reliability, supportive government incentives and policies, the rise in electrification of transportation, the push for energy independence, peak shaving and load management, as well as microgrid development have all contributed to the remarkable growth observed during the historic period.
How Will the Stationary Battery Storage Market Size Evolve and Grow by 2029?
The market size of stationary battery storage is projected to experience significant growth in the years to come. The market is estimated to reach $120.91 billion by 2029, growing at a compound annual growth rate (CAGR) of 21.2%. Factors contributing to this expected growth during the forecasted period include initiatives in grid modernization, changes in utility business practices, management of residential energy, actions towards climate resilience, and the development of hybrid power plants. During the forecast period, notable trends include advancements in battery technology, the emergence of hybrid energy storage systems, strides in energy management solutions, development of behind-the-meter systems, and the rise in decentralized energy storage systems.
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What Drivers Are Propelling the Growth of Stationary Battery Storage Market Forward?
The fast-paced implementation of renewable energy is projected to drive the growth of the stationary battery storage market in the future. The integration of renewable energy involves employing sources such as solar, wind, hydropower, and geothermal energy for electricity generation and addressing various energy needs. The quick proliferation of these energy sources requires effective energy storage solutions to safeguard grid stability and dependability, making stationary battery storage an essential component in the changing energy scene. This provides grid operators with greater flexibility and regulation while reducing the need for costly grid infrastructure enhancements. For example, in April 2023, a study by the National Renewable Energy Laboratory (NREL), an American research institution committed to pioneering renewable energy and energy efficiency technologies, reported that global photovoltaic (PV) installations topped 231 gigawatts of direct current (GWdc), with a cumulative total of 1.2 terawatts of direct current (TWdc) in 2022. China's yearly PV installations saw a striking increase of 57%, contributing 42% to global demand, largely due to distributed PV. The yearly installations are expected to cross 300 GW by 2023 and go beyond 400 GW by 2025. Hence, the accelerated implementation of renewable energy will fuel the growth of the stationary battery storage market.
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What Are the Key Trends Driving Stationary Battery Storage Market Growth?
Leading businesses in the stationary battery storage market, such as Rimac Energy, are innovating and introducing advanced technologies like stationary energy storage systems to boost their market profitability. The technological edge of these Rimac Energy battery architectures is indeed noteworthy, boasting a significant 50% drop in efficiency losses and up to 40% reduction in the system's size, positioning it ahead of other industry leaders. As an example, Rimac Technology, a renowned automotive manufacturer from Croatia, unveiled their new stationary energy storage technology, Rimac Energy, in May 2023. With their established expertise in formulating groundbreaking electric vehicle technology, they have succeeded in designing the subsequent generation of stationary energy storage systems (ESS). This state-of-the-art electrical configuration of Rimac Energy's ESS contributes to its superior performance, safety, and availability, offering remarkable benefits like energy losses reduced by up to 50% and a 40% compact system footprint.
What Are the Key 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 Key Players Shaping the Stationary Battery Storage Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in 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
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