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Lithium-ion Stationary Battery Storage Market Size

Report ID: GMI5339
Published Date: Sep 2022
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Lithium-ion Stationary Battery Storage Market Size in 2023:	USD 61.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	18.8%
2032 Value Projection:	USD 327.7 Billion
Historical Data for:	2019 to 2023
No. of Pages:	500
Tables, Charts & Figures:	852
Segments covered:	Chemistry, Application
Growth Drivers:	Favorable regulatory framework Positive outlook toward the renewable energy sector Decline in battery costs
Pitfalls & Challenges:	Overheating of lithium-ion batteries

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Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of lithium-ion stationary battery storage crossed over USD 61.3 billion in 2023 and is anticipated to record a CAGR of more than 18.8% through 2032, due to the rising emphasis on mitigating greenhouse gas emissions.

The NMC segment is slated to exhibit a CAGR of over 16% from 2022 to 2032, driven by the growing acceptance of NMC batteries in solar plus storage deployments.

The grid services segment surpassed more than USD 19 billion in 2021, on account of rapid industrialization and urbanization. It is projected to witness substantial gains through 2032.

The European market is predicted to observe a 16% growth rate till 2032, due to the growing preference for clean energy and favorable reforms on maintaining energy efficiency.

Some of the key companies partaking in the industry include Johnson Controls, Panasonic Corporation, Hitachi Energy Ltd., LG Chem, Toshiba Corporation, Siemens Energy, Tesla, BYD Company Ltd., SK Innovation Co Ltd, and others.