Stationary energy storage systems help balance the intermittent nature of renewable energy resources like solar and wind power by storing excess energy for future use. They improve grid efficiency and enable greater integration of renewable energy sources.
The global Stationary Energy Storage Market is estimated to be valued at US$ 50.09 Bn in 2024 and is expected to exhibit a CAGR of 44.% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The increasing deployment of renewable energy sources across the globe has been a key driver of growth in the stationary energy storage market. As the proportion of power generated from solar and wind increases, there is a need for energy storage technologies that can help address the intermittency inherent in these renewable resources. By storing excess power when generation is high and supplying power during times of low renewable generation, stationary energy storage systems improve grid reliability and allow greater renewable energy penetration without compromising power quality or supply. Many countries have set ambitious renewable energy targets for the coming years which will require further development of associated energy storage infrastructure, thereby accelerating the demand for stationary energy storage systems in the forecast period.
Segment Analysis
Stationary Energy Storage Market is dominated by lithium-ion battery sub-segment and it is expected to continue its dominance during the forecast period. Lithium-ion batteries have high energy density as compared to lead-acid and flow batteries which makes them ideal for stationary energy storage applications like frequency regulation, peak shaving, and renewable energy integration among others. Furthermore, the lithium-ion battery prices have declined substantially over the past decade which has boosted their adoption across industries.
Key Takeaways
The Global Stationary Energy Storage Market Demand is expected to witness high growth.
Regional analysis: North America currently dominates the global market and is expected to maintain its position during the forecast period. This is attributed to supportive government policies promoting renewable energy and energy storage projects in countries like the US and Canada.
Key players operating in the Stationary Energy Storage Market are Abbott, Danaher, Quidel, BD, LifeScan, Siemens Healthineers, F. Hoffmann-La Roche, and Ascensia Diabetes Care Holdings. Lithium-ion battery manufacturers are focusing on developing low-cost and advanced batteries to gain significant market share. Leading energy storage solution providers are investing heavily in R&D to develop innovative stationary storage technologies and solutions. Strategic partnerships are emerging as a popular strategy adopted by various market players to expand their global footprint
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