Dublin, Feb. 16, 2024 (GLOBE NEWSWIRE) -- The "Stationary Energy Storage Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
New research offers comprehensive insights into the Global Stationary Energy Storage Market, with a focus on its significant transformation driven by the rising demand for sustainable energy solutions. This detailed analysis delves into market dynamics, trends, and regional growth factors that shape the industry between 2018-2028.
The report highlights the domination of Compressed Air Energy Storage (CAES) alongside lithium-ion powered applications due to their efficiency and scalability, fulfilling the needs of both residential and utility-scale segments. The integration of behind-the-meter applications has notably advanced, evidencing a decisive shift toward decentralized energy systems.
Renewable Energy Integration Catalyzes Market Expansion
With a keen focus on enhancing grid stability, the global market is experiencing an upsurge as it addresses the variable nature of renewable energy sources. Stationary energy storage systems are instrumental in smoothing out the discrepancies between supply and demand, ensuring consistent energy availability.
Technological Innovations and Declining Costs Propel Adoption
Ongoing improvements in battery technology have been pivotal in driving down costs, making stationary energy storage more attractive across various sectors. Notably, the increasing adoption of electric vehicles has generated a symbiotic growth opportunity for the deployment of energy storage systems, optimizing infrastructure for charging capabilities and energy management.
Asia Pacific Leads with Significant Market Share
The Asia Pacific region dominates the stationary energy storage market, primarily driven by heightened energy demands and a robust transition toward renewable energy integration. Proactive governmental policies and significant advancements in manufacturing have further cemented the region's leadership position in the global market.
This burgeoning market is characterized by the rise of behind-the-meter applications, particularly in the commercial and residential sectors. Additionally, the evolving concept of Virtual Power Plants spotlights the integration of stationary storage systems, offering innovative solutions for energy resource management and grid support.
- Application Insights: Behind the Meter segment exhibits significant market dominance, underpinned by consumer desire for energy optimization and grid resilience.
- Energy Storage Type Insights: Compressed Air Energy Storage continues to lead, favored for its long-term reliability and versatility in various scales of application.
- Regional Insights: The Asia Pacific region remains at the forefront, with countries like China and India contributing substantially to market expansion.
In summary, the comprehensive research underscores the pivotal developments and growth drivers in the architecture of the Stationary Energy Storage market. This evolving landscape reflects a broader commitment to sustainable energy practices, state-of-the-art technological advancements, and the relentless drive for global market innovation.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 182 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $36.78 Billion |
| Forecasted Market Value (USD) by 2028 | $140.28 Billion |
| Compound Annual Growth Rate | 24.8% |
| Regions Covered | Global |
Report Scope:
In this report, the Global Stationary Energy Storage Market has been segmented into the following categories:
Stationary Energy Storage Market, By Application:
- Front of the Meter (FTM) or Grid Application
- Behind the Meter
Stationary Energy Storage Market, By Type of Energy Storage:
- Hydrogen & Ammonia Storage
- Gravitational Energy Storage
- Compressed Air Energy Storage
- Liquid Air Storage
- Thermal Energy Storage
Stationary Energy Storage Market, By Product:
- Lithium-ion (Li-ion)
- Lead Acid
- Flow Battery
- Sodium Sulfur
Companies Profiled
- LG Energy Solution
- Contemporary Amperex Technology Co., Ltd.
- BYD Company Limited
- Samsung SDI Co., Ltd.
- Panasonic Corporation
- Tesla, Inc.
- AES Corporation
- Fluence Energy, Inc.
- Enel X S.r.l.
- Sumitomo Electric Industries, Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/oocbur
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