Jersey City, NJ, April 27, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Stationary Energy Storage Market Size, Share & Trends Analysis Report By Application (Front Of The Meter And Behind The Meter) And Battery Type (Lithium-Ion (Li-Ion) Batteries, Lead Acid Batteries, Redox Flow Batteries, And Sodium Sulfur (Nas) Batteries)- Market Outlook And Industry Analysis 2031"
The global stationary energy storage market is estimated to reach over USD 215.34 billion by 2031, exhibiting a CAGR of 22.19% during the forecast period.
A stationary energy storage system frequently includes an array of batteries, an electronic control system, an inverter, and a thermal management system. A group of strategies for storing energy on a large scale within a power grid is referred to as system energy storage. The rapid deployment of renewable energy coupled with favorable government measures to reduce carbon emissions is the primary market driver for grid-scale stationary battery storage.
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Furthermore, the continued integration of sustainable energy systems such as solar and wind necessitates cost-effective technology for synchronizing diverse networks, which is likely to drive market expansion. Also, the rising demand for electricity supply and grid stability boosts the market forecast. Ongoing investments in grid network construction and rising electricity consumption due to the propelling industrial and commercial segments will enhance Japan's stationary battery storage market growth. Additionally, increasing concerns about supply security will promote product uptake.
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.
List of Prominent Players in the Stationary Energy Storage Market:
- Tesla
- Duracell Power Center
- Durapower Group
- Exide Industries
- Johnson Controls
- Contemporary Amperex Technology Co., Limited (CATL)
- 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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Stationary Energy Storage Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 35.93 Bn |
| Revenue forecast in 2031 | USD 215.34 Bn |
| Growth rate CAGR | CAGR of 22.19 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Application And Battery Type |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
The advancement of wireless technology design, as well as the expansion of communication networks, will expand the stationary battery storage industry. The lack of effective monitoring units in emerging economies, along with recurring power failures and outages, will exacerbate corporate growth. Furthermore, quick technological advancements for the improvement of distributed generating technology will encourage product acceptance.
Challenges:
The volatile investment opportunities across several industrial sectors and the absence of standardization are projected to stymie market expansion. As a result, investors are finding it challenging to invest in grid-scale stationary batteries. The development of stationary Li-ion battery systems faces stiff competition from diesel generators and lead-acid batteries.
Regional Trends:
Asia Pacific stationary energy storage market is expected to register a major market share in terms of revenue and is projected to develop at a high CAGR in the near future. Subsidies and renewable energy plans will encourage the installation of stationary battery storage devices, particularly in Germany. For example, the EEG, or Renewable Energy Sources Act, promotes energy storage facilities by exempting them from grid rates and charges. The EU also intends to increase dependable power access in rural areas by expanding distribution networks. These considerations will raise awareness of the importance of energy storage devices in guaranteeing greater grid flexibility.
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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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