Press release
Renewable Energy's Rapid Growth Drives Stationary Battery Storage Market to $107.58 Billion by 2028, Fueled by Next-Gen Technologies
Stationary Battery Storage Market Report
The stationary battery storage market size is expected to see exponential growth in the next few years. It will grow to $107.58 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. The growth in the forecast period can be attributed to grid modernization initiatives, evolving utility business models, residential energy management, climate resilience initiatives, hybrid power plants. Major trends in the forecast period include advancements in battery technologies, hybrid energy storage systems, energy management solutions, behind-the-meter systems, decentralized energy storage systems.
Market Overview -
Stationary battery storage is a system that stores electrical energy and can release it when needed to supply power to static or fixed applications. It plays a vital role in the transition to a more sustainable, reliable, and flexible energy infrastructure by providing solutions for grid management, renewable energy integration, and backup power supply in various sectors.
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Rapid Renewable Energy Deployment Fuels Growth In The Stationary Battery Storage Market
The rapid deployment of renewable energy is expected to propel the growth of the stationary battery storage market going forward. The deployment of renewable energy refers to the implementation of renewable energy sources, such as solar, wind, hydropower, and geothermal energy, to generate electricity and meet various energy needs. The rapid expansion of renewable energy sources necessitates efficient energy storage solutions to ensure grid stability and reliability, and stationary battery storage is becoming a crucial component in the evolving energy landscape by offering grid operators increased flexibility and control while mitigating the need for expensive grid infrastructure upgrades. For instance, in April 2023, according to a report published by the National Renewable Energy Laboratory (NREL), a US-based research institution dedicated to advancing renewable energy and energy efficiency technologies, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc), totaling 1.2 terawatts of direct current (TWdc) cumulatively in 2022. China's annual PV installations surged by 57%, accounting for 42% of global demand, primarily driven by distributed PV, while annual installations are forecast to exceed 300 GW by 2023 and surpass 400 GW by 2025. Therefore, the rapid deployment of renewable energy will drive the growth of the stationary battery storage market.
Competitive Landscape -
Major companies operating in the stationary battery storage market report are Uniper SE, Hitachi Ltd., Tesla Inc., Siemens AG, General Electric Company, Lockheed Martin Corporation, Panasonic Corporation, BYD Company Ltd, LG Chem Ltd., Toshiba Corporation, Johnson Controls International plc, Samsung SDI Co. Ltd., Furukawa Battery Co. Ltd., GS Yuasa International Ltd., Exide Technologies, East Penn Manufacturing Co. Inc., Narada Power Source Co. Ltd., Saft Groupe S.A., Duracell Inc., Fluence Energy LLC, Schmid Group, Hoppecke Batteries, HydraRedox, CMBlu Energy AG, Durapower Group, JenaBatteries GmbH
Embrace Next-Generation Technologies Like Rimac Energy For Enhanced Efficiency And Performance
Major companies operating in the stationary battery storage market are developing advanced technologies, such as Rimac Energy stationary energy storage systems, to increase profitability in the market. Rimac Energy is a technologically advanced battery architecture that achieves a remarkable 50% reduction in efficiency losses and shrinks the system's footprint by up to 40%, outperforming current industry-leading solutions. For instance, in May 2023, Rimac Technology, a Croatia-based automotive manufacturer, launched Rimac Energy, a stationary energy storage technology. This system develops the next generation of stationary energy storage systems (ESS) by utilizing its expertise in developing market-defining electric vehicle technology. The innovative electrical structure that supports Rimac Energy's ESS gives it considerable performance, safety, and availability advantages, including up to 50% lower energy losses and a 40% smaller system footprint.
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Key Segments -
The stationary battery storage market covered in this report is segmented -
1) By Type Of Energy Storage: Hydrogen And Ammonia Storage, Gravitational Energy Storage, Compressed Air Energy Storage, Liquid Air Storage, Thermal Energy Storage
2) By Battery: Lithium Ion, Sodium Sulphur, Lead Acid, Flow Battery, Other Batteries
3) By Application: Grid Services, Behind The Meter, Off Grid
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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