Stationary Battery Storage Market size is expected to cross USD 2908 Billion by the end of 2036, growing at a CAGR of 30% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of stationary battery storage was over USD 96 Billion. The market is expanding at a very quick pace owing to numerous causes contribute to this expansion, one of which is the expanding usage of renewable energy sources as a result of growing environmental concerns. By 2028, electricity generated worldwide will come from renewable sources at a rate of over 42%, with solar and wind power producing 25% of the total.
In addition to these, the market is expected to expand as a result of advantageous laws and regulations. As an example, the Spanish government issued its Energy Storage Strategy in February 2021, outlining its goal of installing 20 GW of grid-scale and behind-the-meter storage throughout the nation by 2030.In a similar vein, the Chinese government declared in July 2021 that it intended to install over 30 GW of energy storage throughout the nation by 2025. In comparison to 2021, this is predicted to enhance the nation's capacity by an eight-fold margin.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
30% |
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Base Year Market Size (2023) |
USD 96 Billion |
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Forecast Year Market Size (2036) |
USD 2908 Billion |
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Regional Scope |
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Battery (Lithium Ion, Sodium Sulphur, Lead Acid, Flow Battery)
Based on battery, the flow battery segment in the stationary battery storage market is expected to hold largest revenue share of about 35% during the forecast period. The growth of the segment is because there is a growing focus on the development of redox flow batteries. These energy-storage systems can reduce storage costs and have great power density, energy, longevity, and efficiency without harming the environment. Consequently, a growing number of end-user sectors are using flow batteries as a result of these characteristics. Since flow batteries have a long service life and are increasingly being used in long-duration energy storage applications like renewable power systems, the market for these batteries is expected to expand throughout the course of the study period. Global installed renewable energy generation and capacity have been increasing steadily during the past ten years. Global installed renewable energy capacity increased by over 9.1% in 2021 to reach 3063.93 GW. Since renewable energy sources like solar and wind produce power at different times and in different amounts, it is essential to store this energy for times when demand is high.
Application (Grid Services, Behind the Meter)
Based on application, the behind the meter segment is projected to hold 55% share of the global stationary battery storage market during the forecast period. In addition to providing homes and buildings with a direct electricity supply, behind-the-meter storage (BTMS) systems also minimize grid impact and integrate EV charging. Research groups like the BTMS Consortium of the NREL have also been working with US labs to develop energy storage technologies for stationary uses that don't require more than 10MWh. The installation of behind-the-meter stationary battery storage systems is probably going to happen more quickly as a result of these measures, along with improvements in operational safety and efficiency.
Our in-depth analysis of the global stationary battery storage market includes the following segments:
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Battery |
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Type of Energy Storage |
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Application |
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APAC Market Forecast
Stationary battery storage market in Asia Pacific region is anticipated to hold largest revenue share of about 33% during the forecast period. The growth of the market in this region is because of the focus on infrastructural improvements and the electrification of rural areas. For instance, TP Renewable Microgrid introduced the biggest sustainability initiative for India's rural areas in December 2021. The demand for storage battery systems will be increased by initiatives like this. A number of establishments have also aimed to promote sustainability by augmenting their dependence on sustainable energy resources. For example, the Asian Development Bank authorized a USD 3 million credit in November 2022 to help with project preparations for renewable energy projects around the area. The purpose of this facility was to increase the energy sector's dependability and sustainability while encouraging private sector investment in renewable energy. Such initiatives will increase the region's adoption of stationary battery storage systems based on clean energy.
North American Market Statistics
Stationary battery storage market in North America is attributed to hold second largest market share of about 27% during the forecast period. The end-user markets, battery energy storage manufacturers, and equipment suppliers comprise the US market value chain. The process of creating a battery energy storage system requires the usage of bus bars, connections, cables, module packs, and batteries. The batteries are a big and crucial component of the battery energy storage system.
Author Credits: Payel Roy, Dhruv Bhatia
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