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Stationary Energy Storage Market Is Estimated To Witness Significant Growth Owing To Increasing Demand For Energy Storage Solutions

Leena Shedmake
Stationary Energy Storage Market Is Estimated To Witness Significant Growth Owing To Increasing Demand For Energy Storage Solutions

The stationary energy storage market consists of energy storage solutions that are used for stationary applications such as residential, industrial and utility-scale purposes. Stationary energy storage solutions are used to store electric energy generated by renewable sources such as solar and wind energy for later use. These solutions help in mitigating the intermittent nature of renewable energy sources and reducing wastage by storing excess energy generated during off-peak hours. The advantages associated with stationary energy storage includes improved grid reliability and stability by balancing demand and supply of electricity in real-time.

The global stationary energy storage market is estimated to be valued at US$ 50.09 Bn in 2024 and is expected to exhibit a CAGR of 44.% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The increasing demand for energy storage solutions from the utility sector presents a major market opportunity for stationary energy storage. Renewable energy integration is increasing globally to meet decarbonization targets which is presenting new challenges related to management and stability of power grids. Energy storage solutions help mitigate the variability of renewable energy sources by storing excess power during off-peak generation and supplying it during peak demand hours. This ability of stationary energy storage to balance grid demand and supply in real-time is fueling their adoption among utility providers. The flexibility and reliability provided by stationary batteries is helping utility companies seamlessly integrate larger shares of intermittent renewable energy into electricity grids.

Porter's Analysis

Threat of new entrants: The stationary energy storage market requires high initial investments in R&D, manufacturing facilities and technology which make it difficult for new companies to enter this market.

Bargaining power of buyers: The presence of several utility companies and commercial establishments as buyers of stationary energy storage systems increases their bargaining power.

Bargaining power of suppliers: Key battery component suppliers like lithium-ion battery manufacturers hold strong bargaining power due to their specialized product offerings and capabilities.

Threat of new substitutes: Emerging energy storage technologies like zinc-air and solid-state batteries pose potential threats to established lithium-ion battery substitutes in stationary applications.

Competitive rivalry: Major players compete based on product performance, reliability and pricing resulting in competitive rivalry in the market.

SWOT Analysis

Strength: Stationary storage technologies offer flexible, reliable power back-up solutions for utilities and reduce transmission loses. Supportive regulatory schemes and climate change initiatives promote renewable energy integration.

Weakness: High initial costs and storage lifetime issues limit widespread commercial adoption. Dependence on imported battery components increases supply risks.

Opportunity: Expanding renewable sector along with decling battery prices drive opportunites. Developing nations targeting carbon reduction present new markets.

Threats: Emergence of newer chemistries pose threats. Changing customer preferences towards alternative technologies.

Key Takeaways

The Global Stationary Energy Storage Market Growth is expected to witness high growth over the forecast period of 2024 to 2030.

The Asia Pacific region dominated the global market in 2024 with China and Japan being the major markets. Supportive government policies promoting renewable integration and ongoing grid modernization programs are driving the regional market.

North America is expected to grow at the fastest rate during the forecast period led by US. Presence of prominent battery manufacturers along with initiatives towards electrification of transportation and stationary storage applications will propel regional demand.

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. Major players are investing in product development and partnerships to capitalize on opportunities arising from declining battery costs and the expanding renewable sector.

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Leena Shedmake
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