New York , March 20, 2024 (GLOBE NEWSWIRE) -- The global stationary battery storage market size is expected to expand at 30% CAGR from 2024 to 2036. The market is anticipated to garner a revenue of USD 2908 billion by the end of 2036, up from a revenue of USD 96 billion in the year 2023. The increasing global energy demand is driving the need for energy storage solutions. It was noted that global primary energy consumption in 2022 was estimated at 600 exajoules, rising practically 1.4 percent above the recessionary 2021 amounts.
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With the growing population and economy, demand for electricity is expected to surge to new heights. Energy storage is vital in meeting the rising demand. These solutions can provide a stable and reliable source of energy, and can also help to reduce energy costs. In addition, energy storage solutions can be used to store excess energy during times of overproduction, which can then be released when needed.
Stationary Battery Storage Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Behind the Meter segment to garner the highest growth
- Market in North America to grow at a significant rate
Advancements in Battery Technology to Boost Market Growth
Advancements in battery technology have led to increased energy density, allowing for more energy to be stored in a smaller and lighter battery. This increased energy density has made battery storage systems more efficient and capable of storing larger amounts of energy.
Battery technology has also improved in terms of lifespan. Batteries now have a longer cycle life, meaning they can be charged and discharged more times without significantly degrading their performance. Manufacturers require the lithium-ion batteries to last at least 2, 000 or a minimum of 5 years. These efforts have significantly improved the reliability and lifespan of the battery storage system. Additionally, the battery storage system has become more performance efficient. Another study reported that in one charge/discharge cycle, most of the batteries have <∼96 % energy efficiency. This study demonstrates that the battery storage system has become more energy-efficient in terms of energy lost during storage and discharge. Consequently, it has been more economical investment to store and release energy.
Stationary Battery Storage Industry: Regional Overview
The global stationary battery storage market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Energy Demand, Focus on Infrastructural Improvements to Drive the Growth in the Asia Pacific Region
The stationary battery storage market in Asia Pacific region is estimated to garner the largest revenue by the end of 2036, driven by the increasing energy demand, focus on infrastructural improvements and the electrification of rural areas. A sustainability initiative by TP Renewable Microgrid, commenced operation in December 2021, connected 2.800 rural homes to storage battery systems. Further, the possibility of growth could also be supported by the expanding EV market, which has grown to more than 2.3 million cars as of March 2023. In 2022, 16% of the domestic car sales were electric, but in 2022, this share increased to 29%. This equals 6.9 million new EVs as of last year. Electric vehicles and smart grids require large amounts of energy, which can be supplied by stationary batteries. As more electric vehicles are adopted and smart grids are implemented, the demand for stationary batteries is expected to increase.
Increasing Demand for Renewable Energy Sources to Drive the Growth in the North America Region
The North America stationary battery storage market is estimated to garner the largest revenue by the end of 2036. This is attributed to the rise of renewable energy sources, including wind and solar, which have an intermittent power production profile and would require energy storage in order to create a more reliable electricity source. For the first time, U.S. Renewable energy production and consumption were nearly 13% (13.40 quads) of total energy production and 13% (13.18 quads) of total energy consumption in 2022. With the demand for renewable energy sources on the rise, the need for energy storage is also increasing. Stationary battery storage is a cost-effective and reliable way to store energy, and it is also more sustainable than other energy storage methods. Moreover, the region also contains a lot of electric vehicles charging station, which also availed more than tens of thousands of electric vehicles charging stations to use.
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Stationary Battery Storage Segmentation by Battery
- Lithium Ion
- Sodium Sulphur
- Lead Acid
- Flow Battery
The flow battery segment in stationary battery storage market is anticipated to hold the largest revenue by the end of 2036 due to its unique advantages over other types of batteries. Flow batteries are based on a liquid electrolyte that can be replaced and, therefore, have a longer cycle life and more efficient energy storage. NASA promised a cycle life of 1,000 cycles without degradation for the flow battery. Furthermore, they are more easily transportable and can be installed in distance locations; hence they are used in autonomous or off-grid applications. Additionally, flow batteries are well-suited for long-duration energy storage applications, such as grid-scale energy storage and renewable energy integration.
Stationary Battery Storage Segmentation by Application
- Grid Services
- Behind the Meter
The behind the meter segment in stationary battery storage market is anticipated to hold the largest revenue by the end of 2036 due to its ability to provide energy storage solutions for commercial and industrial applications. Behind the Meter system gives customers to store energy onsite and tap into it when required. It is more efficient and cost-efficient than depending on traditional sources of energy. They include LG Chem’s lithium battery storage systems, which are built for residential and commercial use. The company has been growing its partnerships with utilities and renewables vendors to facilitate its energy storage solutions to utilities in more critical projects. Also, the company has also been investing in research and development to improve the efficiency and performance of its batteries.
Stationary Battery Storage Segmentation by Types of Energy Storage
- Hydrogen & Ammonia Storage
- Gravitational Energy Storage
- Compressed Air Energy Storage
- Liquid Air Storage
- Thermal Energy Storage
A few of the well-known market leaders in the global stationary battery storage market that are profiled by Research Nester are Tesla, Exide Technologies, Durapower Group, Duracell, INC, Siemens AG, BYD Company Ltd., Samsung SDI Co., Ltd, A123 Systems, LLC, LG Chem Ltd., and Lockheed Martin Corporation., and other key market players.
Recent Development in the Market
- March 2022: The Tesla said it was to establish new energy storage system production plants in Queensland. As a result, the publicly owned generator, CS Energy, would provide Queenslanders with more reliable, affordable, sustainable electricity with a grid scale battery to be built near Chinchilla.
- November 2021: the product of Duracell Power Center will be equipped with 5 kW and 10 kW inverter outputs with batteries expandable from 14 kWh to 84 kWh. The Duracell Power Center’s exclusive bi-directional inverter technology enables new and current solar panels owners to save extra solar power for evening use while receiving the uttermost amount from the sunshine.
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