May 27, 2024
Stationary Energy Storage Market

Stationary Energy Storage Market driven by Increasing Adoption of Clean Energy Resources

The stationary energy storage market allows excess energy generated from renewable sources like solar and wind to be stored for later use. With the declining costs of lithium-ion batteries, stationary battery storage systems allow consumers to benefit from clean energy even when the sun isn’t shining or the wind isn’t blowing. These stationary battery systems offer energy security and reliability while reducing carbon emissions. They range in size from residential battery backups to utility-scale installations that support the electric grid.

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:
One of the key trends in the stationary energy storage market is the growing preference for lithium-ion battery technology. Lithium-ion batteries offer higher energy density compared to other battery chemistries, allowing for more kWh of storage in the same physical space. Their falling costs are also improving the competitiveness of stationary battery projects. Another trend is the increasing deployment of large-scale battery installations to support utility-scale renewable energy and provide grid services. As more renewable penetration occurs on national electric grids, battery storage plays a vital role in managing intermittent power flows and maintaining grid stability.

Porter’s Analysis
Threat of new entrants: The stationary energy storage market requires substantial capital investment in manufacturing facilities and technology. Therefore, the threat of new entrants is low.
Bargaining power of buyers: The bargaining power of buyers is moderate. While large energy and utility companies may negotiate prices, energy storage provides value to a wide variety of end users.
Bargaining power of suppliers: A limited number of suppliers provide critical components for energy storage systems such as batteries and control technologies. This gives them some bargaining power over manufacturers.
Threat of new substitutes: Alternative technologies exist but none currently combine the benefits of stationary energy storage in terms of its ability to decouple energy generation from consumption.
Competitive rivalry: The market is growing rapidly attracting many new players. Competition is high based on pricing, technology and service offerings.

Key Takeaways

The Global Stationary Energy Storage Market Size is expected to witness high growth over the forecast period from 2023 to 2030. 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.

North America is currently the largest and fastest growing regional market for stationary energy storage. Increasing investments in renewable energy integration and deployment of microgrids are fueling demand. Favorable government policies and incentives are supporting the use of battery storage in commercial and utility scale projects across the US. China is also emerging as a major market in the Asia Pacific region on the back of ongoing renewable energy expansion projects and carbon emission reduction targets.

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, among others. Companies are investing in developing innovative battery chemistries and systems integration to capitalize on the growing demand for reliable stationary storage solutions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it