Stationary battery storage market to witness a double-digit CAGR over 2018-2030, China to emerge as a prominent regional contender
With grid connected battery storage systems getting into the mainstream power supply, stationary battery storage market is forecast to witness an upswing in the coming years. Energy storage has served as an interface between intermittent renewable power and the benefits of all time reliable, clean resilient energy supply. Utilities around the world are intrigued by the storage potential to address other needs such as releasing congestion and smoothening out power variations that occur even in renewable energy generation. One of the profound factors that is likely to act in favor of stationary battery storage industry augmentation is the unprecedented demand for electricity across the world. With the increasing global initiatives toward greenhouse gas emission abatement, a portion of the upcoming power generation should come from renewable sources.
UK Stationary Battery Storage Market Size, By Battery, 2017, 2024 & 2030 (USD Billion)
Statistics claim, stationary battery storage market valuation which was approximately USD 4 billion in 2017, is forecast to take a giant leap in the coming years in terms of revenue collection, with a target value of USD 35 billion by 2030. The industry landscape is quite regulatory driven, given that the system deployment has some profound environmental impact. The stringent regulatory framework and the economic structure that needs to be abided at various stages in energy storage systems deployments determines the competitiveness of the stationary battery storage industry landscape.
Product differentiation is one of the prime strategies adopted by the stationary battery storage industry giants to sustain their position. For instance, Tesla’s lithium ion based battery storage products, ‘Powerwall’ is indeed a breakthrough in the industry. Recently, the American automaker has launched the upgraded version of the storage solution, Powerwall 2 of in South Australia, to mitigate the problem of increasing blackouts in the continent. Some of the other biggies involved in stationary battery storage market include Hitachi Maxell, Koninklijke Philips, Valence Technology, A123 Systems, and Exide Technologies.
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With energy crisis issue coming on board across various geographies across the world, stationary battery storage market is subsequently gaining a renewed traction. Battery technology, especially lithium ion based models have been gaining a remarkable attention of late and have progressed the furthest. Lithium ion batteries have extensively deployed in automotive and consumer electronics sectors over the recent years. As per estimates, Lithium ion battery market is forecast to exceed a revenue of USD 60 billion by 2024. The growth scale certainly signals the commercialization of lithium ion based stationary battery storage market as well. Recently, in the first quarter of the year, Tesla has launched a grid connected lithium ion battery plant of 129 MWh in South Australia, which is claimed to be the world’s biggest battery storage plant. In addition, lithium ion batteries falling price trends are also expected to act in favor of stationary battery storage market expansion.
Responding to the environmental call, there has been a massive upsurge in the upgradation of conventional grid network model and refurbishment projects. This positive trend is certain to drive stationary battery storage industry share in the coming years. In fact, surveys claim that emerging nations with swiftly developing residential establishments will turn out profitable for the market growth. Frequent grid failures and power discrepancies are pushing the demand high from the emergency power sector. Stationary battery storage market from emergency power supply as depicted by Global Market Insights, Inc., will record commendable growth over 2018-2030.
Speaking along the similar lines, the Europe belt has quite actively responded to the environmental needs, and thereby the region is forecast to be a potential business avenue for stationary battery storage industry. Countries like UK, France, and Germany stands out as the major revenue pockets. In addition, the regional market is characterized by the stringent regulatory framework which regional battery manufacturing units need to comply with. Validating the abovementioned fact, EU deployed Energy Efficiency Directive (2010/31/EU) to standardize energy storage systems.
China, as per market experts, will prove to be another lucrative business ground for stationary battery storage market investors. A plethora of factors that can be placed behind this forecast include extensive commercialization, growing regional population coupled with surging demand for power, and Chinese government’s huge investment in grid upgradation. For instance, in 2017 China had decided to spend approximately USD 360 billion on renewable power technologies such as wind and solar by 2020. China Energy Storage Alliance (CNESA) in their recent report has forecast that the country will undergo a chain of trends in the coming years, pertaining to the energy industry, which undoubtedly will leave a perpetual impact on the regional stationary battery storage industry.
Though stationary battery storage industry is forecast to penetrate most of the emerging nations across the world, the growth curve will vary significantly on a global level. A large number of factors that are underlining this growth variation as per region include regulatory landscape, grid infrastructure, supply framework, population demographics, and energy demand. However, keeping into consideration the aforementioned aspects, stationary battery storage industry is set to exhibit a lucrative road map in the coming time frame, with a remarkable double digit annual growth rate over 2018-2030.
Author Name : Satarupa De