The Stationary Energy Storage Market is estimated to be valued at US$ 35.17 Billion in 2022 and is expected to exhibit a CAGR of 23.64% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Stationary energy storage involves storing electricity of intermittent renewable power resources like solar and wind to ensure reliable supply of energy. It comprises battery systems that store energy for later use, at both small scale residential level as well as large-scale utility level. These systems allow use of stored renewable energy during nighttime and off-peak hours.
Market Dynamics:
The market is witnessing high growth on the back of rising demand for clean energy sources globally. Countries across the globe are investing heavily in renewable energy to reduce reliance on fossil fuels and curb carbon emissions. Additionally, supportive policies by governments such as tax incentives, mandatory renewable purchase targets are propelling installations of stationary energy storage systems. The growing demand for reliable power supply is another key factor boosting adoption. Deployment of energy storage helps in managing integration challenges of variable renewable power into grid and ensures uninterrupted electricity to consumers even during supply fluctuations from solar and wind resources. This reduces probability of blackouts. Furthermore, declining costs of lithium-ion batteries is making energy storage economically viable.
Key Takeaways:
The global stationary energy storage market is expected to witness high growth, exhibiting CAGR of 23.64% over the forecast period, due to increasing investments in renewable energy integration and distributed energy resources. Driven by supportive policies and declining costs, stationary storage is increasingly becoming a ubiquitous resource to firm up renewable energy.
Regional analysis: The US dominates the global stationary energy storage market owing to supportive government initiatives and the presence of favorable policies that promote the adoption of stationary storage technologies. It is estimated to hold around 30% of the total market share by 2030. China and Japan are other major markets in the Asia Pacific region due to proactive efforts to decarbonize their power sectors through renewable energy integration aided by energy storage deployment.
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