Stationary Energy Storage Market Estimated to Witness Rapid Growth Due to Rising Demand for Clean Energy Sources
Stationary energy storage involves large-scale stationary applications that deliver power on demand for off-grid and grid-connected applications. It includes products such as batteries and flywheels to store electricity generated from renewable sources such as solar and wind for usage during peak hours or power outages. With increased focus on renewable energy adoption to reduce carbon emissions, stationary energy storage comes as a viable solution to overcome the intermittency issues associated with renewable power generation.
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 Dynamics:
One of the major drivers for the growth of the stationary energy storage market is the rising demand for clean energy sources across the globe. With policies and incentives promoting renewable installations, electricity generation from renewable sources is on the rise. However, renewable sources such as solar and wind are dependent on weather conditions and hence produce intermittent power. Stationary energy storage helps overcome this challenge by storing power when renewable generation is high and supplying it when generation drops or during peak hours, thus increasing the flexibility of grid integration of renewables. Furthermore, battery energy storage solutions provide ancillary services to the grid such as frequency regulation and grid stabilization, which is another factor driving the market growth over the forecast period.
SWOT Analysis
Strength: The stationary energy storage market offers several advantages like reduced energy costs, enhancing power reliability and quality. Storage helps balance supply and demand of electricity by storing excess power produced and supplying it when needed. This optimizes grid operations.
Weakness: High initial installation and hardware costs of stationary storage systems act as a barrier. Battery performance degrades over time requiring replacement after 5-10 years. Correct sizing of storage capacity is also challenging.
Opportunity: Growing demand for clean and renewable energy presents a major opportunity. Storage helps maximize the usage of solar and wind power by storing electricity when produced and supplying later. Supportive government policies and subsidies boost the market.
Threats: Technological advancements can make existing storage solutions obsolete quickly. Established players may lose market share. Declining battery costs can increase competition. Grid uncertainties and delays in projects pose risks.
Key Takeaways
Global Stationary Energy Storage Market Size is expected to witness high growth. 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.
Asia Pacific region dominates currently due to high renewable energy targets and supportive policies in China, Japan and India. China leads with over 50% installed storage capacity driven by increasing integration of renewables in the grid and carbon neutral goals.
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, among others. Abbott holds the largest market share given its product range and global presence. Players are investing in R&D to develop more sustainable, efficient and cost-effective energy storage technologies. Partnerships are also growing between manufacturers, utilities and project developers to boost deployment.
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