Global Stationary Energy Storage Market Overview
Stationary Energy Storage Market Size was valued at USD 34.2 Billion in 2022. The Stationary Energy Storage Market industry is projected to grow from USD 43.87 Billion in 2023 to USD 322.15 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.60% during the forecast period (2023 - 2032). The growing need for renewable sources of energy and favorable government policies. Additionally, increasing demand for EVs and rapid industrialization are expected to be a significant market drivers for the Stationary Energy Storage Market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Stationary Energy Storage Market Trends
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Rising carbon footprint across the world and increasing demand for renewable energy sources is driving the market growth
Market CAGR for stationary energy storage is being driven by the rising carbon footprint across the world and increasing demand for renewable energy sources. The rising carbon footprint across the world and increasing demand for renewable energy sources is a driving force behind the growth in market revenue. The rising global carbon footprint has garnered significant attention from governments and regulatory bodies worldwide. This heightened focus on energy-efficient technologies aligns with the growing commitment to achieving net-zero emissions targets. These initiatives and programs aimed at reducing carbon emissions are expected to drive the adoption of grid-scale battery energy storage systems. Such systems play a critical role in accommodating a higher share of renewable energy sources and enhancing grid stability. Global carbon dioxide (CO2) emissions from energy combustion and industrial processes grew by 0.9%, or 321 million metric tonnes, in 2022, setting a new record high of 36.8 gigatons, according to figures from the International Energy Agency (IEA).
Furthermore, there is a surging demand for renewable energy sources, with solar photovoltaic (PV) capacity witnessing the most substantial expansion in 2020, adding nearly 125 gigawatts of new capacity globally. This underscores the growing importance of renewable energy in the global energy landscape. As a result, it is anticipated that throughout the projection period, demand for the stationary energy storage market will increase due to the rising carbon footprint across the world and increasing demand for renewable energy sources. Thus, driving the Stationary Energy Storage Market revenue.
Stationary Energy Storage Market Segment Insights
Stationary Energy Storage Market Battery Insights
The Stationary Energy Storage Market segmentation, based on Battery includes Lithium Ion, Sodium Sulphur, Lead Acid, and Flow Battery. The lithium ion segment dominated the market, accounting for 58% of market revenue (20.0 Billion). The primary driver behind the growth of this segment is the increasing awareness of the numerous benefits associated with lithium-ion batteries, including their cost-effectiveness, durability, extended battery life, minimal maintenance requirements, and more. Additionally, the widespread adoption of lithium-ion batteries in various electrical products and electronic devices such as e-bikes, electric vehicles, smartphones, laptops, and others has further bolstered the segment's growth. Furthermore, recent technological advancements in lithium-ion batteries are expected to create new opportunities for segment expansion.
Figure 1: Stationary Energy Storage Market, by Battery, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Stationary Energy Storage Market Type of Energy Storage Insights
The Stationary Energy Storage Market segmentation, based on Type of Energy Storage, includes Hydrogen and Ammonia Storage, Gravitational Energy Storage, Compressed Air Energy Storage, Liquid Air Storage, and Thermal Energy Storage. The hydrogen and ammonia storage segment dominated the market, accounting for 55% of market revenue (18.7 Billion). Hydrogen is considered a versatile and clean energy carrier. In this segment, energy storage systems are designed to store hydrogen gas. Hydrogen can be generated through various methods, including electrolysis, and stored for later use. When needed, the stored hydrogen can be converted back into electricity or heat through fuel cells or combustion processes. Ammonia is another chemical compound used for energy storage. In this context, ammonia can be produced through the synthesis of nitrogen and hydrogen, typically using renewable energy sources. Ammonia can serve as an energy carrier and be stored for later use in various applications.
Stationary Energy Storage Market Application Insights
The Stationary Energy Storage Market segmentation, based on Application, includes Grid Services, Behind the Meter. The grid services segment dominated the market, accounting for 60% of market revenue (20.4 Billion). One key aspect of Grid Services is demand response, where energy storage systems are used to manage peak demand periods effectively. By storing excess electricity during off-peak hours and releasing it during peak demand, energy providers can alleviate strain on the grid and avoid costly power generation during high-demand times.
Stationary Energy Storage Market Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. In North America, there is a rising demand for battery storage systems across various industries to ensure uninterrupted power supply during emergencies, such as grid failures or disruptions. This is particularly crucial for businesses as it safeguards their essential equipment and operations. Secondly, the market is experiencing increased demand from data centers and telecommunications companies. These sectors require reliable and uninterruptible power supply to enhance corporate productivity. Battery energy storage systems play a pivotal role in meeting these needs.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Stationary Energy Storage Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Stationary Energy Storage Market accounts for the second-largest market share as in Europe there is a growing awareness among consumers about the importance of power supply security. Additionally, countries like Germany are implementing stringent regulatory frameworks to encourage the adoption of energy-efficient solutions. The challenging climatic conditions in the region also create a favorable environment for battery manufacturing companies. Further, the German Stationary Energy Storage Market held the largest market share, and the UK Stationary Energy Storage Market was the fastest-growing market in the European region
The Asia-Pacific Stationary Energy Storage Market is expected to grow at the fastest CAGR from 2023 to 2032. The growth of this sector is primarily influenced by heightened investments in expanding power generation capacities and the rising electricity demand from industrial sectors. Additionally, the ongoing industrialization in countries like China and India has placed a greater emphasis on grid stability and the need for reliable electricity supply. Furthermore, efforts to reduce carbon emissions through the modernization of renewable energy infrastructure are expected to positively impact the market's outlook. Moreover, China’s Stationary Energy Storage Market held the largest market share, and the Indian Stationary Energy Storage Market was the fastest-growing market in the Asia-Pacific region.
Stationary Energy Storage Market Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Stationary Energy Storage market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Stationary Energy Storage industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Stationary Energy Storage industry to benefit clients and increase the market sector. In recent years, the Stationary Energy Storage industry has offered some of the most significant advantages to the power grid and energy infrastructure. Major players in the Stationary Energy Storage Market, including Tesla, Durapower, Exide Technologies, Duracell, Toshiba Corporation, Panasonic Corporation, Samsung SDI, Johnson Controls, Philips, and Hoppecke Batteries are attempting to increase market demand by investing in research and development operations.
Tesla is a diversified company operating in the automotive and energy sectors. It is engaged in the design, development, manufacturing, sale, and lease of electric vehicles, as well as energy generation and storage systems. The company's product portfolio includes various vehicle models such as Model Y, Model 3, Model X, Model S, Cybertruck, Tesla Semi, and Tesla Roadster. In addition to vehicles, Tesla also provides energy solutions, including the installation and maintenance of energy systems, solar electricity sales, and comprehensive clean energy products that encompass energy generation, storage, and consumption. Tesla reaches its customers through company-owned stores and galleries. The company has manufacturing facilities located in the United States, Germany, and China, with a presence across the Asia Pacific and Europe. Tesla's corporate headquarters is situated in Austin, Texas, in the United States. In 2021, Tesla made significant strides in renewable energy by installing 85 megawatts of solar capacity and 1,274 megawatt-hours of storage capacity. While home storage deployments increased compared to the previous year, the majority of the growth in storage installations came from large-scale battery storage projects.
Exide Technologies is a leading provider of stored energy solutions, specializing in the manufacturing and distribution of batteries and related equipment. The company offers a wide range of battery technologies, including absorbent glass mats, enhanced cycling mats, gel, flooded, and VLRA batteries. These batteries cater to various sectors, including original-equipment and aftermarket automotive, heavy-duty trucks, agriculture, marine, hybrid vehicles, and industrial applications such as telecommunications, electric utilities, railroads, photovoltaic systems, uninterruptible power supply, and commercial vehicles like lift trucks and mining equipment. Exide Technologies doesn't just provide batteries; it also offers comprehensive services such as logistics, order processing, after-sales support, expert guidance on battery technologies, and on-site operational analysis. The company operates manufacturing facilities across North America, Europe, and South Asia, along with distribution centers in North America, Europe, and the Pacific Rim. Additionally, Exide has recycling facilities located in the United States, Spain, and Portugal, reinforcing its commitment to environmental sustainability. Exide Technologies is headquartered in Milton, Georgia, in the United States, and has established itself as a prominent player in the stored energy solutions industry.
Key companies in the Stationary Energy Storage Market include
- Tesla
- Durapower
- Exide Technologies
- Duracell
- Toshiba Corporation
- Panasonic Corporation
- Samsung SDI
- Johnson Controls
- Philips
- Hoppecke Batteries
Stationary Energy Storage Industry Developments
November 2021: In November 2021, Duracell formed a strategic partnership with Power Center+ to introduce the Duracell Power Center product line of Home Energy Storage solutions to the North American and Caribbean markets.
March 2022: In March 2022, Tesla unveiled plans to establish new production facilities for energy storage systems in Queensland. This initiative aims to enhance the reliability, affordability, and sustainability of electricity supply for the residents of Queensland. To achieve this goal, the state-owned electricity generator, CS Energy, will construct a large-scale grid battery facility near Chinchilla. This battery, based on Tesla's Megapack technology, will have a substantial capacity of 100 megawatts and 200 megawatt-hours and will be integrated into CS Energy's energy center at Kogan Creek.
Stationary Energy Storage Market Segmentation
Stationary Energy Storage Market Battery Outlook
- Lithium Ion
- Sodium Sulphur
- Lead Acid
- Flow Battery
Stationary Energy Storage Market Type of Energy Storage Outlook
- Hydrogen and Ammonia Storage
- Gravitational Energy Storage
- Compressed Air Energy Storage
- Liquid Air Storage
- Thermal Energy Storage
Stationary Energy Storage Market Application Outlook
- Grid Services
- Behind the Meter
Stationary Energy Storage Market Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 34.2 Billion |
| Market Size 2023 |
USD 43.87 Billion |
| Market Size 2032 |
USD 322.15 Billion |
| Compound Annual Growth Rate (CAGR) |
28.30% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Battery, Type of Energy Storage, and Application, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Tesla, Durapower, Exide Technologies, Duracell, Toshiba Corporation, Panasonic Corporation, Samsung SDI, Johnson Controls, Philips and Hoppecke Batteries |
| Key Market Opportunities |
·      Hybrid systems combining lithium-ion and flow/solid-state batteries |
| Key Market Dynamics |
·      Advancements in battery management systems and power conversion technologies. |
Frequently Asked Questions (FAQ) :
The Stationary Energy Storage Market size was valued at USD 34.2 Billion in 2022.
The Stationary Energy Storage Market is projected to grow at a CAGR of 28.30% during the forecast period, 2023-2032.
North America had the largest share of the global market
The key players in the market are Tesla, Durapower, Exide Technologies, Duracell, Toshiba Corporation, Panasonic Corporation, Samsung SDI, Johnson Controls, Philips and Hoppecke Batteries
The Lithium-Ion Battery dominated the market in 2022.
The Grid Services base had the largest share in the global market.
