Lead Acid Stationary Battery Storage Market Analysis

Lead Acid Stationary Battery Storage Market Analysis

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Based on application, the market is segmented as grid services, behind the meter, and off grid. The grid services segment accounted for more than USD 2 billion in 2022. Some key grid services offered by the battery energy storage systems include frequency regulation, flexible ramping, black start services, energy shifting & capacity deferral, among others. Frequency regulation involves synchronization of generation assets for effective grid operation.
 

Ongoing integration of clean energy systems has created a need for cost effective technologies for network synchronization which is set to drive the demand for BES systems. Black start is the restoration of power function to an electric grid or network and generator without the utilization of external transmission lines. Growing demand for power system resilience on account of increased electricity outages or power failures has stimulated the demand for effective systems to initiate black start.
 

The Asia Pacific lead acid stationary battery storage market is set to grow at 29% CAGR through 2032. Paradigm shift towards clean energy sources and rural electrification has led to positive growth in the industry across the region. Governments in countries like China, India, Japan, and South Korea are actively working to reduce CO2 emissions and achieve their energy transition objectives. Moreover, the declining cost of batteries will further encourage the deployment of lead acid battery storage systems.