Lithium-ion Stationary Battery Storage Market Size - By Chemistry (LFP, NMC), By Application (Grid Services, Behind the Meter) COVID-19 Impact analysis & Global Forecast, 2024 - 2032

Lithium-ion Stationary Battery Storage Market Size

Lithium-ion Stationary Battery Storage Market was valued at USD 61.3 billion in 2023 and is projected to expand at over 18.8% CAGR from 2024 to 2032. Rising emphasis on mitigating greenhouse gas emissions will spur the product demand.
 

The shifting focus toward the adoption of sustainable energy to curb greenhouse gas emissions is becoming a prominent trend, especially in developing economies. Various programs to support low-carbon energy generation through the deployment of advanced technologies have been introduced. For instance, in January 2022, Canada launched applications for a USD 200 million funding through the Champions stream of the Low Carbon Economy Fund, to support pollution-reduction initiatives in the country. Projects such as these will escalate the adoption of lithium-ion battery storage systems for efficient renewable energy storage applications, thereby driving industry growth.
 

Concerns regarding product overheating may hamper market outlook

The stationary lithium-ion battery is susceptible to overheating and damage at high voltages, which may inhibit industry progress to certain extent in the coming years. This type of battery can also easily ignite, leading to issues in containing the resultant fire. To limit internal voltage and pressure, the battery also requires safety mechanisms, which causes increased weight and limited performance. These factors, alongside the rising product overheating concern, may create a hindrance to the lithium-ion stationary battery storage market development during the forecast timeframe.
 

Lithium-ion Stationary Battery Storage Market Analysis

The NMC chemistry segment is poised to exhibit a growth rate of around 16% through 2032 driven by increasing acceptance of NMC (nickel manganese cobalt) batteries in solar plus storage deployments. The growing popularity of this product can also be credited to the broad array of benefits associated with it including high efficiency, sustainability, and limited maintenance.
 

The grid services application segment in the lithium-ion stationary battery storage market registered revenue of over USD 19 billion in 2021, owing to rapid industrialization and urbanization. The strong focus on the mitigation of greenhouse gas emissions has also proliferated the use of low-carbon power grid systems in recent years.
 

Furthermore, the rise in deployment of small grids integrating renewable technologies will amplify the demand for stationary energy storage systems including lithium-ion batteries from the grid services segment.
 

European lithium-ion stationary battery storage market size is predicted to witness above 16% gains by 2032 due to the growing preference for clean energy alternatives and favorable reforms on maintaining energy efficiency. Energy companies have also been making investments to support clean energy adoption.
 

For instance, TotalEnergies, an energy company, planned to expand France’s commitment to energy storage systems through the introduction of a 61-MW BESS (battery energy storage system) and two more storage systems. Initiatives such as these will enhance the popularity of stationary Li-ion battery storage in the region.
 

Lithium-ion Stationary Battery Storage Market Share

Top participants operating in the lithium-ion stationary battery storage market are

• Johnson Controls
• Panasonic Corporation
• Leclanché SA
• Hitachi Energy Ltd.
• LG Chem
• Exide Technologies
• Toshiba Corporation
• GS Yuasa International Ltd
• Siemens Energy
• Tesla
• BYD Company Ltd.
• SK Innovation Co Ltd
• VARTA AG

These leaders are focusing on business expansions to strengthen their footprint in the global market.
 

Impact of COVID-19 Pandemic

Despite the rising acceptance of renewables, the COVID-19 outbreak has slowed progress toward sustainable energy goals. According to a report by the International Energy Agency, while early 2021 estimates suggested a return to pre-pandemic levels, the average improvement rate is expected to achieve only 2.3% per year during the 2020s.
 

However, renewable power capacity additions reached a record level in 2021, minimizing the pandemic-induced disruptions to supply chains and economic activity. These factors may drive the demand for Li-ion stationary battery storage devices over the forecast timeline, aiding in industry recovery.
 

The lithium-ion stationary battery storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2018 to 2032, for the following segments:

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Market Insights, By Chemistry

• LFP
• NMC
• Others

Market Insights, By Application

• Grid Services
  • Frequency Regulation
  • Flexible Ramping
  • Black Start Services
  • Reduced RE Curtailment
  • Energy Shifting & Capacity Deferral
  • Reduced Reliance on Diesel Gensets
  • T&D Congestion Relief
  • Capacity Firming
• Behind the Meter
  • Electricity Consumers
  • System Operation
  • Mini Grids
• Off Grid

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Spain
  • Italy
  • Russia
  • Romania
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • UAE
  • South Africa
  • Saudi Arabia
• Latin America
  • Brazil
  • Mexico