Grid Scale Stationary Battery Storage Market worth over $590 Bn by 2032

Grid Scale Stationary Battery Storage Market size is set to surpass USD 590 billion by 2032, according to a new research report by Global Market Insights Inc.
 

The increasing reliance on renewable energy technologies including wind and solar for electricity generation is one of the prominent drivers for grid-scale battery energy storage systems demand. Based on statistics from the IEA, by 2026, global clean energy capacity is projected to grow by over 60% from 2020 levels. These sustainability trends will bolster the installation of stationary battery storage systems since they can stabilize and support renewable energy supply in electricity grids. Likewise, government efforts to curb carbon emissions have further resulted in increased funding for the development of grid-scale battery storage technologies.
 

Sodium sulfur to gain traction as a cost-efficient stationary energy storage technology

Grid scale stationary battery storage market from the sodium sulfur segment is poised to depict over 28% CAGR through 2032. The report claims that the low costs, temperature stability, sustainable energy, and power density, and other safety prospects associated with the product will augment the usage of sodium sulfur battery storage solutions. Other prominent reasons driving the adoption of this battery as a promising energy storage technology in large-grid applications include peak shaving and long-life cycles, among other unique benefits.
 

Rising clean power demand fuels battery use for capacity-firming applications

Grid scale stationary battery storage market size from the transmission and distribution congestion relief applications is predicted to observe more than 29% gains till 2032, on account of the increased reliability and efficiency of these power grid battery storage systems in reducing transmission congestion. The escalating electricity demand has also pushed power prices and emissions to record levels over recent years, leading to transmission and distribution congestion issues. The report claims that these serious implications associated with electricity delivery will drive the installation of grid-scale stationary battery storage solutions.
 

The capacity firming application segment in the grid scale stationary battery storage market recorded around USD 855 million in 2022. Stationary storage systems have the capability to control ramp rates and smooth the output to eliminate rapid voltage and power swings. Additionally, power generation from clean energy sources has gained significant traction, further augmenting the requirement for storage solutions for renewable grid-firming applications.
 

Browse key industry insights spread across 550 pages with 754 market data tables & 26 figures & charts from the report, “Grid Scale Stationary Battery Storage Market Size By Battery (Lithium-Ion {Lithium Iron Phosphate (LFP), Nickel Manganese Cobalt (NMC)}, Sodium Sulphur, Lead Acid, Flow Battery), By Application (Frequency Regulation, Flexible Ramping, Black Start Services, Energy Shifting and Capacity Deferral, Transmission and Distribution Congestion Relief, Capacity Firming, Reduced RE Curtailment, Reduced Reliance on Diesel Gensets) COVID- 19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/grid-scale-stationary-battery-storage-market
 

Renewable energy transition boosts grid-scale stationary storage unit installation in Europe

Europe grid scale stationary battery storage market is projected to witness nearly 20% growth rate through 2032, due to the changing structures of existing electricity networks. Consumers have also been making a rapid transition towards 100% renewable energy. Based on data from Eurostat, in 2020, clean energy sources accounted for 37% of the gross electricity consumption across the EU, a substantial rise from 34% in 2019. These factors are expected to promote the manufacturing of stationary battery systems for renewable energy storage applications.
 

Advanced product development strategies to influence industry dynamics

Key participants operating in the grid scale stationary battery storage market are Tesla, Johnson Controls, Durapower Group, Exide Technologies, TOSHIBA CORPORATION, BYD, Samsung SDI Co., Ltd., GS Yuasa International Ltd., Panasonic Corporation, LG Chem Ltd., Siemens, Narada Power Source Co. Ltd., Lockheed Martin Corporation, JenaBatteries GmbH, CMBlu Energy AG, SCHMID Group, and Invinity Energy Systems. These companies are emphasizing product range expansion strategies to foster their footprint in the industry.