August 30, 2019
Global stationary battery storage market is expected to exceed US $35 billion by the year 2030, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2030.
The establishments around the globe are focusing on strengthening the power distribution grid networks stimulating the growth of stationary battery storage market. The product is known for several favorable properties such as high gravimetric densities, high voltage capacity, and high volumetric densities. Its ability to provide high power capacity, in consort with increasing adoption of sustainable power technologies will accelerate the market growth in the upcoming years.
Moreover, recurring instances of power failures and outages along with the lack of effective monitoring systems will encourage the deployment of stationary battery storage. Other factors contributing towards the market growth include increasing adoption of distributed energy generation technology, advancement in wireless technologies, and development of communication network, cites the report.
Considering the battery type, stationary battery storage market from flow battery segment witnessed a contribution of 3.5% in 2017 and is expected to register significant growth over the forecast period, owing to the product’s capability to enhance efficiency and provide longer shelf life.
In terms of regional landscape, Japan stationary battery storage market is expected to grow substantially during analysis period, pertaining to rapid industrialization and growing commercialization in the region. The increasing consumption of electricity is compelling the government to invest in grid network development to provide secure and uninterrupted supply of power.
Similarly, stationary battery storage market of the United States is presumed to witness substantial expansion in the upcoming years. Growing demand for continuous and reliable power supply is the key factor driving the restoration of prevailing electrical infrastructure and adoption of advanced storage systems.
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The study cites that the availability of inexpensive raw material, along with efficient manufacturing process, and bulk production substantially reduce stationary battery cost, thereby propelling the growth of stationary battery storage market.
Stationary battery storage market growth is fueled by the cross-investments by various countries for the development of electrical infrastructure, in consort with collaborations among leading market players to expand their regional outreach and product range. The key players profiles in the study include Exide Technologies, GS Yuasa Duracell, Panasonic, Hitachi Maxwell, Roofer Technology, ACDelco, A123 Systems, Valence Technology, Tesla, and Samsung SDI among others.
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