July 12, 2024

Global Stationary Energy Storage Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Renewable Energy Sources

The global Stationary Energy Storage Market is estimated to be valued at US$ 35.17 billion in 2022 and is expected to exhibit a CAGR of 23.64% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:
Stationary energy storage refers to the method of storing electrical energy for later use. It includes technologies such as batteries, flywheels, and compressed air energy storage systems. These storage systems play a crucial role in balancing the fluctuating electricity demand and supply, thereby ensuring grid stability. With the growing adoption of renewable energy sources, such as solar and wind power, the need for stationary energy storage systems is increasing. These systems help in storing excess energy generated during peak hours and supplying it during low-demand periods, thereby minimizing wastage and optimizing energy usage.

B) Market Dynamics:
The Stationary Energy Storage Market is driven by several factors. One of the key drivers is the increasing adoption of renewable energy sources. With the shift towards clean and sustainable energy, the demand for stationary energy storage systems is rising. These systems provide a reliable and efficient solution for storing energy generated from renewable sources, enabling continuous power supply even during periods of low renewable energy generation.

Another driver is the growing demand for grid stability. With the increasing integration of intermittent renewable energy sources into the grid, the stability of the electricity grid becomes crucial. Stationary energy storage systems help in maintaining grid stability by storing excess energy and supplying it when needed, thereby reducing the risk of blackouts and power outages.

C) Segment Analysis:
The global Stationary Energy Storage Market is segmented based on technology, storage type, and application. The battery technology segment dominates the market, owing to the widespread adoption of lithium-ion batteries for stationary energy storage. This technology offers advantages such as high energy density, long cycle life, and low self-discharge. The lithium-ion battery segment is expected to witness significant growth during the forecast period.

D) PEST Analysis:
– Political: Governments worldwide are promoting renewable energy sources and implementing policies and regulations to encourage the adoption of stationary energy storage systems.
– Economic: The declining costs of battery technologies and favorable government incentives for renewable energy storage are driving the growth of the stationary energy storage market.
– Social: Increasing environmental concerns and the need for sustainable energy solutions are shaping consumer preferences and driving the demand for stationary energy storage systems.
– Technological: Advances in battery technologies, such as the development of solid-state batteries and flow batteries, are driving innovation in the stationary energy storage market.

E) Key Takeaways:
– The global Stationary Energy Storage Market is expected to witness high growth, exhibiting a CAGR of 23.64% over the forecast period, due to the increasing adoption of renewable energy sources and the growing demand for grid stability.
– The Asia-Pacific region is expected to be the fastest-growing and dominating region in the stationary energy storage market, fueled by the presence of major economies such as China, India, and Japan, which are investing heavily in renewable energy and energy storage projects.
– Key players operating in the global Stationary Energy Storage Market include Tesla, Duracell Power Center, Durapower Group, Contemporary Amperex Technology Co., Limited (CATL), and Toshiba Corporation. These players are focusing on product advancements, strategic collaborations, and mergers and acquisitions to gain a competitive edge in the market.