STATIONARY ENERGY STORAGE MARKET ANALYSIS

Stationary Energy Storage MarketSize and Trends

The global stationary energy storage market size was valued at US$ 35.17 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 23.64% from 2023 to 2030. The stationary energy storage market is rapidly growing on the account of growing demand for renewable source of energy and favorable government policies. Moreover, increasing demand for electric vehicles and rapid industrialization are other factors expected to propel market growth over the forecast period.

Global Stationary Energy Storage Market: Regional Insights

Figure 1. Global Stationary Energy Storage Market, By Regional, 2022

Global Stationary Energy Storage Market Trends:

Decreasing cost of batteries is expected to be a trend

According to the World Bank Li-ion battery pack's price has decreased by 87% to $156/kWh since 2010. By 2024, it is anticipated that the price will be close to $100/kWh. Moreover, according to the International Renewable Energy Agency (IREA), flow batteries, which are currently under development, might have a two-third reduction in total installed cost by 2030, high-temperature batteries by 56%-60%; flywheels by 35%, and compressed air energy storage by 17%.

Advancements in Digital Technologies

The advent of various technologies such as blockchain, artificial intelligence (AI), and predictive analytics is expected to act as trend for the SES market. The growth of new business models that combine customer-sited storage to provide various services to grid operators, utilities, and electrical users such as residential or commercial and industrial (C&I) are possibly the most thrilling developments among solution suppliers.