The Global Stationary Energy Storage Market Size accounted for USD 37.9 Billion in 2022 and is projected to achieve a market size of USD 334.6 Billion by 2032 growing at a CAGR of 24.6% from 2023 to 2032.
Stationary Energy Storage Market Highlights
- Global Stationary Energy Storage Market revenue is expected to increase by USD 334.6 Billion by 2032, with an 24.6% CAGR from 2023 to 2032
- Asia-Pacific region led with more than 44% of Stationary Energy Storage Market share in 2022
- In the United States, the residential energy storage market is projected to grow at a compound annual growth rate (CAGR) of over 20% from 2021 to 2026
- According to a research study, the global energy storage market is expected to grow to a cumulative capacity of 1,095 gigawatt-hours (GWh) by 2040
- By battery type, the lithium ion segment captured the largest market share in 2022
- Increasing deployment of renewable energy sources, such as solar and wind power, drives the Stationary Energy Storage Market value
Stationary energy storage refers to the technology and systems used to store electrical energy for later use in fixed locations, such as power plants, commercial buildings, and residential homes. These storage systems play a crucial role in balancing the supply and demand of electricity, improving grid stability, and integrating renewable energy sources into the power grid.
The market growth of stationary energy storage has been significant in recent years and is expected to continue expanding at a rapid pace. One of the primary drivers of this growth is the increasing deployment of renewable energy sources, such as solar and wind power. As the share of renewables in the global energy mix grows, the need for energy storage becomes more critical to mitigate the intermittent nature of these sources and ensure a steady supply of electricity. Additionally, the decreasing costs of energy storage technologies, particularly lithium-ion batteries, have made them more economically viable and attractive for various applications. Another factor driving market growth is the increasing focus on grid resiliency and reliability. Stationary energy storage provides a range of grid services, including frequency regulation, peak demand management, and backup power during outages.
Global Stationary Energy Storage Market Trends
Market Drivers
- Increasing deployment of renewable energy sources, such as solar and wind power
- Declining costs of energy storage technologies, particularly lithium-ion batteries
- Supportive government policies and incentives promoting energy storage
- Advancements in battery technologies, enhancing performance and efficiency
- Expanding applications in electric vehicle (EV) charging infrastructure and microgrids
Market Restraints
- High upfront capital costs associated with energy storage systems
- Limited standardization and regulatory frameworks for energy storage deployment
- Challenges related to recycling and disposal of battery components
Market Opportunities
- Development of innovative storage technologies beyond lithium-ion batteries, such as flow batteries, compressed air energy storage, and thermal storage systems
- Integration of energy storage with renewable energy installations for increased grid stability and reduced curtailment
Stationary Energy Storage Market Report Coverage
Market |
Stationary Energy Storage Market
|
Stationary Energy Storage Market Size 2022 |
USD 37.9 Billion |
Stationary Energy Storage Market Forecast 2032 |
USD 334.6 Billion |
Stationary Energy Storage Market CAGR During 2023 - 2032 |
24.6% |
Stationary Energy Storage Market Analysis Period |
2020 - 2032 |
Stationary Energy Storage Market Base Year |
2022 |
Stationary Energy Storage Market Forecast Data |
2023 - 2032 |
Segments Covered |
By Battery, By Energy Storage Type, By Application, And By Geography
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Key Companies Profiled |
Tesla Energy, BYD Company Limited, LG Chem, Samsung SDI, Fluence Energy, Saft Group, NEC Energy Solutions, Panasonic Corporation, ABB, Siemens Energy, Hitachi, Ltd., and ESS Inc.
|
Report Coverage
|
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis |
Stationary Energy Storage Market Dynamics
Stationary energy storage refers to the technology and systems used to store electrical energy for later use in fixed locations. These storage systems are designed to provide a reliable and efficient solution for storing excess electricity generated during periods of low demand and releasing it during times of high demand. By storing energy, these systems help to balance the supply and demand of electricity, improve grid stability, and enable the integration of renewable energy sources into the power grid.
The applications of stationary energy storage are diverse and span various sectors. One of the primary applications is grid support and stabilization. Energy storage systems can provide frequency regulation, voltage control, and reactive power support, helping to maintain the stability and reliability of the electrical grid. They can also enable smoother integration of intermittent renewable energy sources by mitigating fluctuations in generation and providing backup power during outages.
The stationary energy storage market has been experiencing robust growth and is expected to continue expanding in the coming years. The market growth is primarily driven by the increasing deployment of renewable energy sources and the need for grid stability and reliability. As the share of renewable energy installations, such as solar and wind power, continues to rise, the intermittent nature of these sources necessitates effective energy storage solutions to balance supply and demand. This creates a significant demand for stationary energy storage systems. Additionally, declining costs of energy storage technologies, particularly lithium-ion batteries, have played a pivotal role in driving the Stationary Energy Storage Market growth.
Stationary Energy Storage Market Segmentation
The global Stationary Energy Storage Market segmentation is based on battery, energy storage type, application, and geography.
Stationary Energy Storage Market By Battery
- Lithium Ion
- Lead Acid
- Sodium Sulphur
- Flow Battery
According to the stationary energy storage industry analysis, the lithium-ion segment accounted for the largest market share in 2022. Lithium-ion batteries have become the preferred choice for energy storage due to their high energy density, longer lifespan, and fast charging capabilities. These batteries offer efficient and reliable storage solutions for a wide range of applications, including residential, commercial, and utility-scale projects. One of the primary drivers of the lithium-ion segment's growth is the decreasing cost of lithium-ion batteries. Over the past decade, there has been a remarkable reduction in the cost of lithium-ion batteries, primarily driven by economies of scale, technological advancements, and increased manufacturing efficiency. This cost decline has made lithium-ion batteries more accessible and financially viable for stationary energy storage applications, resulting in an increased adoption rate across various sectors. Another factor contributing to the growth of the lithium-ion segment is the expanding deployment of renewable energy sources, such as solar and wind power.
Stationary Energy Storage Market By Energy Storage Type
- Hydrogen and Ammonia Storage
- Liquid Air Storage
- Compressed Air Energy Storage
- Gravitational Energy Storage
- Thermal Energy Storage
In terms of energy storage types, the hydrogen and ammonia storage segment is expected to witness significant growth in the coming years. Hydrogen and ammonia are emerging as promising energy carriers for long-duration energy storage, especially in applications that require high energy density and longer discharge durations. Hydrogen storage systems utilize electrolysis to produce hydrogen from excess renewable energy, which can be stored and later converted back into electricity through fuel cells or combustion engines. Hydrogen offers advantages such as high energy density and scalability, making it suitable for applications like grid-level storage, industrial processes, and transportation. The increasing focus on decarbonization and the utilization of hydrogen as a clean energy source are driving the growth of hydrogen storage solutions in the stationary energy storage market.
Stationary Energy Storage Market By Application
- Grid Services
- Behind the Meter
According to the stationary energy storage market forecast, the grid services segment is expected to witness significant growth in the coming years. Grid services refer to the range of functions and capabilities provided by energy storage systems to support and optimize the operation of the electrical grid. Energy storage technologies are increasingly recognized for their ability to enhance grid stability, reliability, and flexibility, leading to the growing adoption of grid services applications. One of the primary drivers of the grid services segment's growth is the increasing deployment of renewable energy sources, such as solar and wind power. Energy storage systems play a crucial role in mitigating the intermittency of these renewable sources by storing excess energy during periods of high generation and releasing it when demand exceeds supply. This enables better management of the grid's supply-demand balance, improves grid stability, and reduces the need for fossil fuel-based backup generation. Moreover, energy storage systems offer various grid services, including frequency regulation, voltage support, and peak shaving.
Stationary Energy Storage Market Regional Outlook
North America
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa
- South Africa
- GCC Countries
- Rest of the Middle East & Africa (ME&A)
Stationary Energy Storage Market Regional Analysis
Asia-Pacific is dominating the stationary energy storage market for several reasons, contributing to its leading position in the industry. Firstly, the region is experiencing rapid growth in renewable energy installations, particularly in countries like China, India, Japan, and South Korea. These nations have made significant commitments to increase their renewable energy capacity, driven by concerns about energy security, environmental sustainability, and the need to reduce greenhouse gas emissions. The integration of renewable energy sources, such as solar and wind power, necessitates robust energy storage solutions to mitigate their intermittent nature and ensure a stable and reliable power supply. The growing emphasis on renewable energy in Asia-Pacific has spurred the demand for stationary energy storage systems, driving the market's dominance in the region. Moreover, Asia-Pacific is witnessing significant investments and supportive government policies that promote energy storage deployment. Governments in the region are implementing favorable regulations, incentives, and financial mechanisms to encourage the adoption of energy storage technologies.
Stationary Energy Storage Market Player
Some of the top stationary energy storage market companies offered in the professional report include Tesla Energy, BYD Company Limited, LG Chem, Samsung SDI, Fluence Energy, Saft Group, NEC Energy Solutions, Panasonic Corporation, ABB, Siemens Energy, Hitachi, Ltd., and ESS Inc.
CHAPTER 1. Industry Overview of Stationary Energy Storage Market
1.1. Definition and Scope
1.1.1. Definition of Stationary Energy Storage
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Stationary Energy Storage Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Stationary Energy Storage Market By Battery
1.2.3. Stationary Energy Storage Market By Energy Storage Type
1.2.4. Stationary Energy Storage Market By Application
1.2.5. Stationary Energy Storage Market By Region
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Battery
2.2.1. Secondary Battery
2.2.2. Primary Battery
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restraint 1
3.2.2. Restraint 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Stationary Energy Storage Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Stationary Energy Storage Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Price Trend of Key Raw Material
3.8.1. Raw Material Suppliers
3.8.2. Proportion of Manufacturing Cost Structure
3.8.2.1. Raw Material
3.8.2.2. Labor Cost
3.8.2.3. Manufacturing Expense
3.9. Regulatory Compliance
3.10. Competitive Landscape, 2022
3.10.1. Player Positioning Analysis
3.10.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Manufacturing Plant Analysis
4.1. Manufacturing Plant Location and Establish Date of Major Manufacturers in 2022
4.2. R&D Status of Major Manufacturers in 2022
CHAPTER 5. Stationary Energy Storage Market By Battery
5.1. Introduction
5.2. Stationary Energy Storage Revenue By Battery
5.2.1. Stationary Energy Storage Revenue (USD Billion) and Forecast, By Battery, 2020-2032
5.2.2. Lithium Ion
5.2.2.1. Lithium IonMarket Revenue (USD Billion) and Growth Rate (%), 2020-2032
5.2.3. Lead Acid
5.2.3.1. Lead Acid Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
5.2.4. Sodium Sulphur
5.2.4.1. Sodium Sulphur Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
5.2.5. Flow Battery
5.2.5.1. Flow Battery Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
CHAPTER 6. Stationary Energy Storage Market By Energy Storage Type
6.1. Introduction
6.2. Stationary Energy Storage Revenue By Energy Storage Type
6.2.1. Stationary Energy Storage Revenue (USD Billion) and Forecast, By Energy Storage Type, 2020-2032
6.2.2. Hydrogen and Ammonia Storage
6.2.2.1. Hydrogen and Ammonia Storage Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
6.2.3. Liquid Air Storage
6.2.3.1. Liquid Air Storage Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
6.2.4. Compressed Air Energy Storage
6.2.4.1. Compressed Air Energy Storage Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
6.2.5. Gravitational Energy Storage
6.2.5.1. Gravitational Energy Storage Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
6.2.6. Thermal Energy Storage
6.2.6.1. Thermal Energy Storage Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
CHAPTER 7. Stationary Energy Storage Market By Application
7.1. Introduction
7.2. Stationary Energy Storage Revenue By Application
7.2.1. Stationary Energy Storage Revenue (USD Billion) and Forecast, By Application, 2020-2032
7.2.2. Grid Services
7.2.2.1. Grid Services Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
7.2.3. Behind the Meter
7.2.3.1. Behind the Meter Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
CHAPTER 8. North America Stationary Energy Storage Market By Country
8.1. North America Stationary Energy Storage Market Overview
8.2. U.S.
8.2.1. U.S. Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
8.2.2. U.S. Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
8.2.3. U.S. Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
8.3. Canada
8.3.1. Canada Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
8.3.2. Canada Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
8.3.3. Canada Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
8.4. North America PEST Analysis
CHAPTER 9. Europe Stationary Energy Storage Market By Country
9.1. Europe Stationary Energy Storage Market Overview
9.2. U.K.
9.2.1. U.K. Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
9.2.2. U.K. Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
9.2.3. U.K. Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
9.3. Germany
9.3.1. Germany Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
9.3.2. Germany Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
9.3.3. Germany Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
9.4. France
9.4.1. France Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
9.4.2. France Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
9.4.3. France Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
9.5. Spain
9.5.1. Spain Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
9.5.2. Spain Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
9.5.3. Spain Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
9.6. Rest of Europe
9.6.1. Rest of Europe Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
9.6.2. Rest of Europe Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
9.6.3. Rest of Europe Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
9.7. Europe PEST Analysis
CHAPTER 10. Asia Pacific Stationary Energy Storage Market By Country
10.1. Asia Pacific Stationary Energy Storage Market Overview
10.2. China
10.2.1. China Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
10.2.2. China Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
10.2.3. China Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
10.3. Japan
10.3.1. Japan Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
10.3.2. Japan Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
10.3.3. Japan Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
10.4. India
10.4.1. India Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
10.4.2. India Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
10.4.3. India Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
10.5. Australia
10.5.1. Australia Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
10.5.2. Australia Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
10.5.3. Australia Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
10.6. South Korea
10.6.1. South Korea Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
10.6.2. South Korea Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
10.6.3. South Korea Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
10.7. Rest of Asia-Pacific
10.7.1. Rest of Asia-Pacific Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
10.7.2. Rest of Asia-Pacific Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
10.7.3. Rest of Asia-Pacific Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
10.8. Asia Pacific PEST Analysis
CHAPTER 11. Latin America Stationary Energy Storage Market By Country
11.1. Latin America Stationary Energy Storage Market Overview
11.2. Brazil
11.2.1. Brazil Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
11.2.2. Brazil Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
11.2.3. Brazil Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
11.3. Mexico
11.3.1. Mexico Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
11.3.2. Mexico Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
11.3.3. Mexico Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
11.4. Rest of Latin America
11.4.1. Rest of Latin America Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
11.4.2. Rest of Latin America Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
11.4.3. Rest of Latin America Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
11.5. Latin America PEST Analysis
CHAPTER 12. Middle East & Africa Stationary Energy Storage Market By Country
12.1. Middle East & Africa Stationary Energy Storage Market Overview
12.2. GCC
12.2.1. GCC Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
12.2.2. GCC Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
12.2.3. GCC Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
12.3. South Africa
12.3.1. South Africa Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
12.3.2. South Africa Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
12.3.3. South Africa Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
12.4. Rest of Middle East & Africa
12.4.1. Rest of Middle East & Africa Stationary Energy Storage Revenue (USD Billion) and Forecast By Battery, 2020-2032
12.4.2. Rest of Middle East & Africa Stationary Energy Storage Revenue (USD Billion) and Forecast By Energy Storage Type, 2020-2032
12.4.3. Rest of Middle East & Africa Stationary Energy Storage Revenue (USD Billion) and Forecast By Application, 2020-2032
12.5. Middle East & Africa PEST Analysis
CHAPTER 13. Player Analysis Of Stationary Energy Storage Market
13.1. Stationary Energy Storage MarketCompany Share Analysis
13.2. Competition Matrix
13.2.1. Competitive Benchmarking Of Key Players By Price, Presence, Market Share, And R&D Investment
13.2.2. New Product Launches and Product Enhancements
13.2.3. Mergers And Acquisition In Global Stationary Energy Storage Market
13.2.4. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 14. Company Profile
14.1. Tesla Energy
14.1.1. Company Snapshot
14.1.2. Business Overview
14.1.3. Financial Overview
14.1.3.1. Revenue (USD Billion), 2022
14.1.3.2. Tesla Energy 2022 Stationary Energy Storage Business Regional Distribution
14.1.4. Product /Service and Specification
14.1.5. Recent Developments & Business Strategy
14.2. BYD Company Limited
14.3. LG Chem
14.4. Samsung SDI
14.5. Fluence Energy
14.6. Saft Group
14.7. NEC Energy Solutions
14.8. Panasonic Corporation
14.9. ABB
14.10. Siemens Energy
14.11. Hitachi, Ltd.
14.12. ESS Inc.