Stationary Battery Storage Market Worth US$ 1218.20 Billion By 2033 | CAGR 29.0% – By FMI
During the forecast period 2023-2033, the stationary battery storage market is expected to grow at a value of 29% CAGR, according to Future Market Insights. By the year 2033, the global market for stationary battery storage is expected to rise up to a market valuation of US$ 1218.20 Billion.
Due to their simple charging processes and low waste electrolyte liquid re-energization, battery energy storage systems are expected to increase and become more widely used. Additionally, it is expected that rising applications in backup power, portable power, and stationary applications will enhance market growth.
The market is being driven by constant innovation in energy storage technology. Industry leaders including the U.S.-based Power Electronics are developing twin solar-inverter-plus-storage solutions and growing their selection of solar charging systems. Particularly in fire-sensitive areas where lithium-ion batteries are still viewed as somewhat unsafe, there is an increasing demand for lithium-ion technology alternatives like zinc technology.
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Furthermore, policy makers along with key players are focusing on following and maintaining regulations to offer safe and standardized stationary battery storage systems. North America and Asia Pacific are major regions contributing to the stationary battery storage systems owing to the development of data centers and rural areas respectively.
Key Takeaways from the Market Study
- By battery, flow battery segment is poised to register over 30% growth rate through 2033
- By application, the behind-the-meter application is predicted to observe nearly 25% gains till 2033.
- North America is expected to possess 40% market share for stationary battery storage market in North America.
- Asia Pacific stationary battery storage market size is anticipated to reach USD 445 billion by 2033
“Rapid deployment of energy resources along with favorable initiatives by government authorities across the globe are creating lucrative opportunities for stationary battery storage market.” comments a Future Market Insights analyst.
Key players in the stationary battery storage market are Tesla, Durapower Group, Johnson Controls, Exide Technologies, Duracell, Inc, BYD Company Ltd, Toshiba Corporation, Samsung SDI Co., Ltd, Panasonic Corporation, GS Yuasa International Ltd, A123 Systems, LLC, LG Chem Ltd, Furukawa Battery Co., Ltd., HydraRedox, Narada Power Source Co. Ltd, Siemens, Lockheed Martin Corporation, CMBlu Energy AG, JenaBatteries GmbH and SCHMID Group
- In July 2022, Durapower Group, introduced universal DP Omni battery pack for electric buses and retrofits. The battery is designed to get charged in less than hour. In addition, the battery can be customized according to client need.
- In March 2021, Toshiba Corporation launched lithium-ion batteries that focus on providing energy to different end user industries. Through this, the company is forcing on developing decarbonized industries.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global stationary battery storage market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of battery (lithium-ion, Sodium Sulphur, Lead Acid, Flow Battery, Other Batteries), by application (Grid services, behind-the-meter, off grid) and regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Key Segments Profiled in the Stationary Battery Storage Industry Survey
- Lithium Iron Phosphate
- Nickel Manganese Cobalt
- Sodium Sulphur
- Lead Acid
- Flow Battery
- Other Batteries
- Grid Services
- Frequency Regulation
- Flexible Ramping
- Black Start Services
- Energy Shifting & Capacity Deferral
- T&D Congestion Relief
- Capacity Firming
- Reduced RE Curtailment
- Reduced Reliance on Diesel Gensets
- Behind the Meter
- Electricity Consumers
- System Operation
- Mini Grids
- Off Grid
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About the Chemical & materials at Future Market Insights
The chemical & materials domain team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide.
With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.