- Â Frequency Regulation
- Flexible Ramping
- Black Start Services
- Energy Shifting and Capacity Deferral
- Transmission and Distribution Congestion Relief
- Capacity Firming
- Reduced RE Curtailment
- Reduced Reliance on Diesel Gensets
Grid Scale Stationary Battery Storage Market size is estimated to be valued at USD 10,376.3 Million in 2021 and is poised to grow at a significant CAGR of 12.5% over 2022-2028. The battery storage system is vital in generating a relentless and steady power supply. It also involves one of the most important solutions for integrating effective share of wind and solar renewable in power systems worldwide. They have applications in various industries delivering exceptional connectivity and energy storage. High capacities batteries are installed as a backup source to provide stability to the electrical grade and the supply power during power failure and outage. Increasing renewable sources' usage worldwide and strengthening government policy to lower carbon emissions will propel product adoption during the forecast period. Based on the battery type, the global grid-scale stationary battery storage market is segmented into Lithium Ion, Sodium Sulphur, Lead Acid, and Flow Battery. The lithium-ion batteries segment is anticipated to grow due to the higher adoption in the renewable energy sector and plug-in vehicles. Moreover, advancement in lithium-ion batteries, which has increased the focus on R&D and the growing adoption of lithium-ion batteries in various new applications due to the decline in prices, is also anticipated to drive the marketâ€™s growth shortly. Moreover, the market players are focusing on launching new products, acquisitions, and collaborations to maintain growth in the market. For instance, In February 2022, Panasonic Holdings Corporation will establish a production facility in Wakayama Factory in western Japan to manufacture new "4680" lithium-ion batteries for electric vehicle to expand its business globally. Productivity verification and mass production are likely to begin from the end of the fiscal year 2024. Growing efforts to offer uninterrupted power supply during power outages and increased clean energy system integration, such as wind and solar, for network synchronization will likely create enough development opportunities for the stationary energy storage industry. Furthermore, growing awareness of environmental deterioration and climate change are anticipated to drive the growth of the stationary energy storage market in the future years.
Fastest Growing Market
Increased environmental degradation and climate change awareness are projected to drive the development of the stationary energy storage market in the future years. However, the world economy has been seriously harmed by an unanticipated pandemic of the new coronavirus, which has had a significant impact on the global market. The pandemic has caused considerable delays in a wide range of projects, including renewable integration and energy storage, due to widespread disruption in supply chains and a scarcity of staff, weighing heavily on total market growth. Moreover, government initiatives for renewable energy are propelling market growth. For instance, the government of India has come up with an ambitious plan to deliver 450 GW of renewables by 2030, committing to generate 40% power from clean energy sources by 2032.
The grid-scale stationary battery storage market is projected to expand at a CAGR of 12.5% during the forecast period
GS Yuasa Corp., Johnson Controls, Inc., Exide Technologies, Inc., Enersys, Inc., Northstar Battery Company LLC, C&D Technologies, Inc., Robert Bosch GmbH, Saft Groupe S.A., East Penn Manufacturing Co.
Global is the fastest-growing region for grid-scale stationary battery storage market