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Major stationary battery storage market participants include Exide Technologies, LG Chem Ltd., Tesla, Panasonic Corporation, Lockheed Martin Corporation, Duracell, Samsung SDI Co., Ltd., Furukawa Battery Co., Ltd., HydraRedox, Siemens, among others.
Selbyville, Delaware, Nov. 29, 2022 (GLOBE NEWSWIRE) --
The stationary battery storage market is expected to record a valuation of USD 870 billion by 2032, according to a new research report by Global Market Insights Inc. Growing reliance on renewable energy is a prominent factor bolstering product demand. Power generation from clean energy sources will contribute to the global pathway to net-zero carbon emissions. Based on data from the IEA, renewables are projected to account for over a 95% increase in power capacity through 2026, with solar PV providing more than half the capacity. With the rising government efforts to curb emissions, stationary battery technology will emerge as a suitable solution to store energy from solar and other renewable energy sources.
In terms of battery, the stationary battery storage market from sodium sulfur segment is estimated to attain nearly 27.5% CAGR through 2032, given the sustainable power density and temperature stability. Solid-state sodium sulfur battery technology is also emerging as a viable substitute for lithium ion-based batteries for grid energy storage applications, considering their low costs. Since industries and governments are looking for energy storage options to support the clean energy transition, the consumption of these stationary energy storage batteries will further increase, states the report.
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Stationary battery storage market from grid service application segment recorded over USD 29 billion revenue in 2022. The ability to efficiently store and release electric energy, along with grid expansion projects, are among the key drivers for storage device demand. In July 2022, the MISO (Midcontinent Independent System) Operator approved a project to build close to 2,000 miles of new long-range transmission lines. This transmission line project, the largest portfolio proposed in the U.S., was expected to provide 12 million homes with electricity, thereby propelling the use of stationary power storage devices.
Europe stationary battery storage market size is predicted to observe more than 19% growth rate between 2023 and 2032. The introduction of subsidies and renewable energy schemes will augment stationary battery storage device installation, especially in nations such as Germany. The EEG or the Renewable Energy Sources Act, for example, incentivizes electric storage facilities through the exemption of grid tariffs and levies. The EU also aims to improve reliable power access in rural areas through distribution network expansions. These factors will boost awareness regarding the role of energy storage systems in ensuring more flexibility in the grid.