STATIONARY ENERGY STORAGE MARKET ANALYSIS

Market Challenges And Opportunities

Global Stationary Energy Storage Market Drivers:

Rise in demand for renewable energy to foster market growth

The stationary battery storage market is a rapidly growing segment of the global energy storage market. This growth can be attributed to several factors, including the increased use of renewable energy sources due to growing environmental concerns.

Growing government policies and incentive schemes to expand market size

The market is projected to grow owing to favorable government policies and regulations. For instance, in February 2021, the Spanish government published its Energy Storage Strategy, wherein it set a target of deploying 20 GW of behind the meter and grid-scale storage in the country by 2030.Similarly, in July 2021, the Chinese government announced its plan to install more than 30 GW of energy storage in the country by the year 2025. This is expected to increase the country’s capacity by eight times when compared to 2021.

Global Stationary Energy Storage Market Opportunities:

The stationary energy storage market is a highly lucrative market that offers significant opportunities for players in the energy sector. As the global economy continues to improve, stationary battery storage is an ideal solution for storing energy to meet growing demand. In fact, it is projected that the global stationary energy storage market will grow to 370 GW by 2030.

Growing penetration of electric vehicle is expected to provide additional market opportunities for growth over the forecast period. Lithium-ion battery is widely used in electric vehicle. Lithium-ion is a good option for commercial and utility applications because it has a long shelf life and can be recharged quickly. It can also be used to support electric vehicle charging and solar arrays.

Global Stationary Energy Storage Market Restraints:

Safety issues associated with batteries to restrict market growth

Some of the hazards associated with the usage of batteries are fire, toxicity, and high voltage risk. - The most common problem with the use of lithium-ion batteries is a fire hazard and as energy storage uses more battery cells per string, it can raise the voltage levels and puts employees at risk.

High capital cost to hamper market growth

The disadvantages of stationary energy storage include their high capital cost, risks of energy loss and short service life. In addition, they are difficult to standardize and require complex maintenance. Despite these limitations, stationary energy storage is an important technology that will continue to be developed and deployed in the future as more and more countries embrace a path to net-zero energy