The stationary energy storage market comprises products like batteries and flywheels that are used for storing energy generated from sources like solar panels and wind turbines at commercial and industrial facilities. Energy storage systems play a crucial role in maximizing the benefits of renewable energy by absorbing excess power produced during non-peak hours and supplying it when needed. They help address the intermittent nature of renewable sources and maintain grid stability. Batteries remain the most popular energy storage technology due to their versatility and scalability.
The Global Stationary Energy Storage Market is estimated to be valued at US$ 129.9 Mn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 To 2031. Key Takeaways Key players operating in the Stationary Energy Storage are Abbott, Danaher, Quidel, BD, LifeScan, Siemens Healthineers, F. Hoffmann-La Roche, and Ascensia Diabetes Care Holdings, among others. The growing demand for electricity from various industries and increasing investments in grid infrastructure development are driving the stationary energy storage market. Various countries globally are also undertaking initiatives to expand their renewable energy capacity, thereby propelling the adoption of stationary storage systems. Market key trends One of Stationary Energy Storage Market Demand is the rising integration of lithium-ion batteries. Lithium-ion technology offers higher energy density and longer lifecycles compared to conventional lead-acid batteries. This makes them highly suitable for large-scale stationary applications. Moreover, continual technological advancements are further enhancing the efficiency and capacity of lithium-ion batteries. Porter's Analysis Threat of new entrants: High capital requirements and economies of scale act as barriers for new players. Bargaining power of buyers: Large buyers can negotiate for better prices and terms due to high demand. Bargaining power of suppliers: Suppliers have moderate power due to differentiated products and solutions. Threat of new substitutes: Emerging technologies like battery storage can be a substitute in future. Competitive rivalry: Intense competition exists among existing players to gain market share through product innovation. Geographical Regions North America holds the major share of the Stationary Energy Storage Market Companies in terms of value as the region is focused on mitigating carbon emissions. The US government invests heavily in developing large stationary battery storage projects. Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rapid industrialization and urbanization in countries like China and India. Countries are supporting the deployment of renewable energy through policy incentives which will drive the need for energy storage systems.
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