Research Nester’s recent market research analysis on “Stationary Battery Storage Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global stationary battery storage market in terms of market segmentation by battery, type of energy storage, application, and by region.
Growing Concern for the Energy efficiency to Promote Global Market Share of Stationary Battery Storage
Due to a number of factors, including the increased use of renewable energy sources as a result of growing environmental concerns, the stationary battery storage industry is growing very quickly. By 2028, more than 42% of the electricity produced globally will originate from renewable sources, with 25% coming from solar and wind energy. In addition to this, favorable legislation and regulations are anticipated to cause the industry to grow. For instance, in February 2021, the Spanish government unveiled its Energy Storage Strategy, stating that the country aims to deploy 20 GW of behind-the-meter and grid-scale storage by 2030.
Some of the major growth factors and challenges that are associated with the growth of the global stationary battery storage market are:
Growth Drivers:
- Surge in Advancements in Digital Technologies
- Lower Costs and Advancements in Battery Technology
Challenges:
Proper battery care and cleaning are crucial elements. When cleaning batteries, there are certain safety precautions that must be taken. If not done carefully, these precautions can potentially be hazardous. Thus, each of these problems has an effect on the stationary battery storage industry. Despite their growing range of applications, energy storage devices with stationary batteries have been associated with brain and renal harm. The public's knowledge of these health issues may, in part, create obstacles to the industry's progress.
Access our detailed report at: https://www.researchnester.com/reports/stationary-battery-storage-market/5566
By battery, the global stationary battery storage market is segmented into lithium ion, sodium sulphur, lead acid and flow battery. The flow battery segment is to garner a highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. The segment is expanding as a result of increased attention being paid to the advancement of redox flow batteries. These energy-storage devices don't damage the environment and offer excellent power density, energy, lifespan, and efficiency at a lower cost of storage. Because of these qualities, flow batteries are being used by an increasing variety of end-user industries. The flow battery market is anticipated to grow over the course of the study period due to the lengthy service life of these batteries and their growing use in long-duration energy storage applications such as renewable power systems. Over the past ten years, installed renewable energy generation and capacity have been rising steadily worldwide. In 2021, the installed capacity of renewable energy worldwide grew by more than 9.1%, reaching 3063.93 GW. It is crucial to store energy for periods when demand is high since renewable energy sources like solar and wind provide power at different times and in varied amounts.
By region, the Europe stationary battery storage market is to generate the highest revenue by the end of 2036. Market share in the region will increase as a result of ongoing energy efficiency initiatives and increased concerns about supply security. Because of the tough climate in the area, battery manufacturing companies have found a favorable environment.
This report also provides the existing competitive scenario of some of the key players of the global stationary battery storage market which includes company profiling of Exide Technologies, Durapower Group, Duracell, INC, Siemens AG, Samsung SDI Co., Ltd, A123 Systems, LLC, LG Chem Ltd., BYD Company Ltd., Lockheed Martin Corporation, and others.
