Selbyville, Delaware,, Dec. 12, 2022 (GLOBE NEWSWIRE) --
The grid scale stationary battery storage market valuation is anticipated to reach USD 590 billion by 2032, as reported in a research study 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.
Sodium sulfur to gain traction as a cost-efficient stationary energy storage technology
The sodium sulfur segment is poised to grow at over 28% CAGR from 2023 to 2032. The low costs, temperature stability, sustainable energy, and power density, and other safety prospects associated with the product will escalate the use of sodium sulfur battery storage solutions. Other prominent reasons for increasing 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.
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Rising clean power demand fuels battery use for capacity-firming applications
The grid scale stationary battery storage market from transmission and distribution congestion relief applications is slated to register around 29% growth rate between 2023 and 2032. This is 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 support the installation of grid-scale stationary battery storage solutions.
The capacity firming applications exceeded 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.
Renewable energy transition accelerates grid-scale stationary storage unit installation in Europe
From a regional frame of reference, the Europe grid scale stationary battery storage market is projected to depict a 20% gains 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
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 are some of the key players profiled in the grid scale stationary battery storage market. These companies are emphasizing product range expansion strategies to enhance their footprint in the industry.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Grid scale stationary battery storage industry 3600 synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Battery trends
2.1.3 Application trends
2.1.4 Regional trends
Chapter 3 Grid Scale Stationary Battery Storage Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Vendor Matrix
3.2 Price trend analysis
3.3 Regulatory Landscape
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.1.1 Favorable regulatory framework
3.4.1.2 Growth in the renewable energy sector
3.4.1.3 Decline in battery costs
3.4.2 Industry pitfalls and challenges
3.4.2.1 Safety concerns
3.5 Porter's Analysis
3.6 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
