PUBLISHER: The Business Research Company | PRODUCT CODE: 1733569
PUBLISHER: The Business Research Company | PRODUCT CODE: 1733569
Stationary battery storage refers to energy storage systems (ESS) that are fixed in place and designed to store and release electrical energy. Unlike portable batteries (such as those in smartphones or electric vehicles), stationary battery systems are installed in a specific location and connected to electrical grids, homes, or industrial sites. These systems typically use advanced battery chemistries such as lithium-ion, lead-acid, sodium-sulfur, or flow batteries to store excess electricity for later use. The primary purpose is to store electricity during low-demand periods and release it during peak demand or outages.
The stationary battery storage market consists of sales by entities (organizations, sole traders and partnerships) of stationary battery storage that is used by utilities, commercial and industrial facilities and residential consumers to store excess electricity generated from renewable sources such as solar and wind or during periods of low demand. It is deployed to provide backup power, improve energy reliability and enable demand response programs.
The global stationary battery storage market was valued at $25,364.87 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 12.00%.
Rising Fuel Costs
Rising fuel costs contributed to the growth of the stationary battery storage market in the historic period. As the cost of fossil fuels rises, businesses and consumers seek cost-effective and sustainable energy sources, driving the adoption of renewable energy like solar and wind. However, these sources are intermittent, creating a need for reliable energy storage. Stationary battery storage enables efficient energy management by storing excess renewable energy for use during peak demand, reducing reliance on expensive fuel-based power generation. For instance, according to the report published in August 2022 by Bureau of Transportation Statistics, part of the United States Department of Transportation, from January to June 2022, in the USA, the price of regular motor gasoline rose 49% and the price of diesel fuel rose slightly more, at 55%. Also in Singapore, on average, the first five-month petrol prices in 2022 until May, rose by 49.95% over the same period last year. Therefore, rising fuel costs drove the growth of the stationary battery storage market.
Embrace Next-Generation Technologies Like Rimac Energy For Enhanced Efficiency And Performance
Major companies operating in the stationary battery storage market are developing advanced technologies, such as energy stationary energy storage systems, to increase profitability in the market. Energy stationary energy by Rimac is a technologically advanced battery architecture that achieves a remarkable 50% reduction in efficiency losses and shrinks the system's footprint by up to 40%, outperforming current industry-leading solutions. For instance, in May 2023, Rimac Technology, a Croatia-based automotive manufacturer, launched Rimac Energy, a stationary energy storage technology. This system develops the next generation of stationary energy storage systems (ESS) by utilizing its expertise in developing market-defining electric vehicle technology. The innovative electrical structure that supports Rimac Energy's ESS gives IT (Information Technology) considerable performance, safety, and availability advantages, including up to 50% lower energy losses and a 40% smaller system footprint.
The global stationary battery storage markets is fragmented, with large players operating in the market. The top 10 competitors in the market made up 24.36% of the total market in 2023.
Stationary battery storage Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global stationary battery storage market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for stationary battery storage? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The stationary battery storage market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider stationary battery storage market; and compares it with other markets.