by Stationary energy storage refers to large-scale systems that store electricity generated from renewable energy sources such as solar and wind for use when energy production falls. These systems provide energy reliability and resilience while supporting the adoption of renewable sources.
The global stationary energy storage market is estimated to be valued at US$ 43.48 Mn in 2024 and is expected to exhibit a CAGR of 44% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Mass adoption of renewable energy sources such as solar and wind has been a key driver for growth in the stationary energy storage market. As the share of electricity from variable renewable energy sources increases, energy storage helps to balance electricity supply and demand by storing excess renewable energy and releasing it when production from solar and wind power drops. This allows greater penetration of renewable power while maintaining grid reliability. Rising government support in the form of subsidies and mandates for renewable energy as well as energy storage targets set by various countries have encouraged uptake of stationary battery storage paired with solar and wind projects. Continued policy push for clean energy transition and decarbonization of economies is expected to further propel the stationary energy storage market over the coming years.
SWOT Analysis
Strength: Stationary energy storage is gaining popularity due to benefits such as stable output and flexibility to integrate with renewable energy sources like solar and wind.
Weakness: High initial installation cost of stationary energy storage systems acts as a barrier for widespread adoption.
Opportunity: Increasing focus on deploying renewable energy worldwide along with supportive government policies and regulations presents an opportunity for stationary energy storage market growth.
Threats: Fluctuations in prices of raw materials needed for battery production can increase the overall costs.
Key Takeaways
Global Stationary Energy Storage Market Size is expected to witness high growth. The global stationary energy storage market is estimated to be valued at US$ 43.48 Mn in 2024 and is expected to exhibit a CAGR of 44% over the forecast period 2023 to 2030.
Regional analysis related content comprises Asia Pacific region is expected to dominate the stationary energy storage market during the forecast period. Rapid industrialization and urbanization along with supportive government initiatives to expand renewable energy adoption in countries like China and India is fueling market growth.
Key players related content comprises Key players operating in the stationary energy storage market are Abbott, Danaher, Quidel, BD, LifeScan, Siemens Healthineers, F. Hoffmann-La Roche, and Ascensia Diabetes Care Holdings, among others. These players are focusing on new product launches and mergers & acquisitions to strengthen their market position. For instance, in 2021, Siemens Energy acquired the energy storage company Fluence in a deal worth US$1 billion to expand its portfolio of energy storage solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
