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Global Stationary Energy Storage Market Size |
Stationary energy storage systems provide reliable electricity supply around
the clock for critical infrastructure and off-grid applications. They use
rechargeable batteries or electro-chemical cells to store excess energy
generated from renewable sources like solar and wind for later use. This helps
reduce dependence on fossil fuels and offset intermittency issues associated
with renewable energy sources.
The global
stationary energy storage market is estimated to be valued at US$ 43.48 Mn in 2023 and is expected to exhibit a CAGR of 44% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The rapid adoption of renewable energy owing to supportive government policies
and global commitment towards decarbonization is a key factor driving the
stationary energy storage market growth. Battery energy storage is
indispensable for enabling the clean energy transition as it helps overcome the
problem of unreliable power supply from renewable sources like solar and wind
that depend on weather conditions. Technological advancements in battery
chemistries have increased their life span, charging capability and energy
density over the years. This is supporting large-scale deployment of battery
energy storage systems across industries, critical infrastructure, utilities
and off-grid applications.
Segment Analysis
The global stationary energy storage market is segmented on the basis of
technology, end-user and geography. The technology segment is further divided
into pumped hydro storage, battery energy storage, flywheel energy storage and
compressed air energy storage. Among these, the battery energy storage segment
dominates the market and is expected to witness highest growth during the
forecast period. The battery energy storage technology has gained prominence
over others due to its flexibility in terms of location and application.
Lithium-ion batteries offer higher energy density while decreasing costs have
further boosted the adoption of battery storage systems.
Key Takeaways
Global
Stationary Energy Storage Market Size is expected to witness high
growth during the forecast period of 2023 to 2030. Rapid technological
advancements in battery technology along with declining battery costs are
fueling the adoption of stationary storage systems across various end-use
industries. The global stationary energy storage market is estimated to be
valued at US$ 43.48 Mn in 2023 and is expected to exhibit a CAGR of 44% over the forecast period
2023 to 2030.
Regional analysis
North America is currently the dominant as well as the fastest growing regional
market for stationary energy storage. Presence of favorable government policies
and initiatives supporting the deployment of renewable energy projects in the
US and Canada is driving the demand for stationary storage in the region.
Growing implementation of battery storage with solar and wind installations is
further augmenting the North America market. In addition, strategic investments
by prominent battery manufacturers are expected to strengthen the regional
industry landscape over the coming years.
Key players
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. Abbott and Danaher are the leading players
owing to their diversified product portfolio and strong global presence. New
product launches and strategic collaborations for technology advancement remain
key focus areas of these players to gain competitive edge in the high growth
stationary energy storage industry.
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