- Growing utilization in energy storage applications in wind power plants and solar panel bolstering lithium-ion battery market for stationary application market size; improvement in Li-ion battery technologies to catalyze adoption in electric vehicles and portable consumer electronics
ALBANY, N.Y., April 13, 2022 (GLOBE NEWSWIRE) -- Lithium-ion battery has been massively commercialized in stationary energy storage increasingly in industrial, grid, and telecom sectors. The lithium-ion battery market for stationary application market has been witnessing a steady robust impetus from the growing adoption in wide range of storage applications. The global valuation of the lithium-ion battery market for stationary application is projected to rise at CAGR of 17.4% during 2021–2031, reaching valuation of US$ 4.1 Bn by 2031.
The authors of the TMR note that decline in battery storage costs have enabled end users to offset the technical limitations of lithium-ion (Li-ion) batteries. On the other hand, the study by TMR also finds that the technology has continuously evolved with advancements in battery chemistries that enables high power and long cycle life, thus making these batteries a major source of power in several consumer electronics.
Li-ion battery packs are increasingly being paired with large-scale solar panels and other in various other grid-storage technologies in the manufacturing industry, catalyzing profitable opportunities, observe the TMR study on the lithium-ion battery market for stationary application. Rising stationary deployment of Li-ion batteries in renewable energy sector has made the renewables power highly competitive, since the energy storage significantly reduces intermittency in solar and wind power.
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Key Findings of Lithium-ion Battery Market for Stationary Application Study
- Deployment of Stationary Energy Storage for Renewables Spurring Revenue Streams: Lithium-ion batteries have witnessed substantial sales on the back of steady focus of economies on development of some renewable energy sources. Governments and industry players are emphasizing on energy storage for using intermittent renewable energy efficiently. Thus, firms in the lithium-ion battery market for stationary application are garnering stable revenue gains from the rise in deployment of the battery in grid-level energy storage systems. The constant drive for sustainable and low-carbon power grid systems is enriching the prospects of the lithium-ion battery market for stationary application. Further, the analysts at TMR reiterate that growing electric vehicles sales will offer value-grab opportunities to industry stakeholders.
- Preference for Li-ion Battery Tech in Consumer Electronics and Multiple Industries Propelling Revenue Growth: Consumer electronics manufacturers have leveraged the potential of Li-ion battery. However, Li-ion battery aging or calendar aging is the inherent limitation of the battery, which has hindered the commercialization prospect. Nonetheless, ongoing research will help overcome the challenges and boost the lithium-ion battery market for stationary application.
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Lithium-ion Battery Market for Stationary Application: Key Drivers
- Growing number of renewable energy projects in various developing and developed economies is a key driver for prospects of the lithium-ion battery market for stationary application. Of note, the battery technologies are gaining popularity in off-grid renewable energy solutions.
- The bevy of energy-storage applications where Li-ion battery has expanded considerably over the decades, mainly on the back of low maintenance aspect, long battery lifetime, and overall cost. Subsequently, the methods of improving their performance will attract more lucrative opportunities in the lithium-ion battery market for stationary application.
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Lithium-ion Battery Market for Stationary Application: Regional Growth Dynamics
Asia Pacific held a major share of the global lithium-ion battery market for stationary application in 2020, and is anticipated to hold dominance during the forecast period. Rise in deployment of Li-ion batteries in the massive development of renewable energy sources has generated substantial revenue streams.
A thriving electric vehicle industry is expected to open up new revenue streams, assert an in-depth study by TMR. China, Korea, and Japan have witnessed vast lucrative opportunities, with rising deployment in residential and commercial buildings. The authors of the TMR study on the lithium-ion battery market for stationary application market find that growing production of renewable energy will open up new frontiers in India and China.
Lithium-ion Battery Market for Stationary Application: Key Players
Some of the key players in the lithium-ion battery market for stationary application are Electrovaya, Contemporary Amperex Technology Co., Limited, PowerTech Systems, GS Yuasa International Ltd., Hitachi, Ltd., LG Energy Solution, BYD Motors Inc., SAMSUNG SDI CO., LTD, Freyr AS, Flux Power, and Siemens.
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Global Lithium-ion Battery Market for Stationary Application: Segmentation
Lithium-ion Battery Market for Stationary Application, by Type
- Lithium Nickel Manganese Cobalt Oxide (NMC)
- Lithium Cobalt Oxide (LCO)
- Lithium Iron Phosphate Battery (LFP)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
- Others (Lithium Titanate)
Lithium-ion Battery Market for Stationary Application, by Capacity
- 0 -3,000 mAh
- 3,000 mAh -10,000 mAh
- 10,000 mAh -60,000 mAh
- Above 60,000 mAh
Lithium-ion Battery Market for Stationary Application, by End-user
- Industry
- Grid-connected
- Telecom
- Others (EV Charging Stations)
Lithium-ion Battery Market for Stationary Application, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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