Stationary Energy Storage Market Size to Hit US$ 224.3 Bn by 2030

Ottawa, Feb. 15, 2022 (GLOBE NEWSWIRE) -- The global stationary energy storage market size was valued at US$ 31.22 billion in 2021. The stationary energy storage market witness strong growth due to increased renewable energy investments, global expansion in the electric vehicle sector, and regulatory changes requiring energy efficiency. Energy policy in both developed and developing countries are being revised to accommodate a significant part of generation produced from renewable energy sources such as wind and solar. Government financial incentives and associated returns are expanding renewable energy investments, which is likely to strengthen the stationary energy storage industry.

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In addition, increased attempts to provide uninterrupted electricity supply during power outages, as well as advances in lithium-ion battery performance characteristics, are likely to boost stationary energy storage market expansion in the coming years. In addition, increasing clean energy system integration, such as wind and solar, for network synchronization, is expected to provide sufficient growth prospects for the stationary energy storage market in the near future. Furthermore, rising environmental degradation and climate change awareness are motivating many key players to implement sustainable energy strategies and invest heavily in environmentally friendly power generation technologies in order to promote sustainable development among various nations around the world. Such factors are expected to boost the stationary energy storage market's development in the upcoming years.

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Report Highlights

Report Highlights:

• Based on the battery, the sodium sulphur segment dominated the global stationary energy storage market in 2020 with highest market share. Rising concerns about greenhouse gas emissions have prompted legislators to introduce favorable regulatory framework for energy storage systems in the previous decade, which will drive the market for stationary energy storage systems. The rising urbanization, rising infrastructural investments, and surge in demand for energy storage is driving is the growth of the segment.
• In 2020, the hydrogen and ammonia storage segment accounted largest revenue share in 2020.
• North America is the largest segment for stationary energy storage market in terms of region. The region’s rise is attributed to increased investment in the rehabilitation of outdated grid networks as well as the growing integration of renewable energy technology. Furthermore, different states in the country have different emission reduction targets, which benefit the stationary energy storage market.
• Europe region is the fastest growing region in the stationary energy storage market. The region’s stationary energy storage market will benefit from rising energy security concerns along with ongoing advancements to improve energy efficiency.

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Future of Stationary Energy Storage Market

The stationary energy storage market is becoming more differentiated in terms of storage duration and application such as behind the meter (BTM) and front of the meter (FTM). Overall, two primary elements will continue to drive the market such as renewable energy penetration and power grid flexibility. As a result, these factors will create prospects for the growth of the global stationary energy storage market in the near future.

COVID-19 Impact Analysis:

• An unanticipated outbreak of the coronavirus, often known as COVID-19 affected the world economy hard, influencing market movements as well.
• Governments all throughout the world enforced stringent lockdowns, resulting in the closure of different manufacturing sites.
• Due to labor shortages and supply chain disruptions, various projects including energy storage have been postponed, which is negatively impacting the growth of the global stationary energy storage market.
  
  

Key Developments in the Marketplace:

• Reliance Industries Ltd. announced a $ 144 million investment in Massachusetts-based energy storage business Ambri Inc. in August 2021. Ambri's long-duration energy storage devices will overcome the safety and economic restrictions of lithium-ion batteries in grid-scale stationary storage applications.
• Tesla plans to deploy 85 MW of solar and 1,274 MWh of storage in 2021. Large-scale battery storage initiatives accounted for the majority of the rise in storage installations, however household storage deployments also grew year over year.
• In February 2017, ABB developed an innovative microgrid in Anchorage, Alaska, that combines battery and flywheel-based storage technologies to evaluate scalability and improve power stability for around 300,000 people.
• Samsung SDI Co., Ltd., a major battery storage manufacturer, teamed up with Dynapower, a leading storage inverter manufacturer, in December 2016 to develop an all-in-one storage solution for commercial and industrial customers. It's a move that will cut out middlemen, reduce installation costs, and encourage more people to adopt behind-the-meter batteries.
• GS Yuasa Corporation revealed in March 2016 that it had developed a new advanced Nano-Carbon Lead Acid battery. The new SLR-1000 is a two-volt advanced lead battery that offers an industry-leading 5000 cycles at 70% depth of discharge.
• Samsung SDI Co., Ltd. and ABB Ltd. formed a strategic business agreement in March 2015 to develop and commercialize energy storage microgrid systems.

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Segments Covered in the Report

By Battery

• Lithium Ion
• Sodium Sulphur
• Lead Acid
• Flow Battery

By Type of Energy Storage

• Hydrogen and Ammonia Storage
• Gravitational Energy Storage
• Compressed Air Energy Storage
• Liquid Air Storage
• Thermal Energy Storage
  
  

By Application

• Grid Services
• Behind the Meter

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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