Global Lithium-ion Stationary Battery Storage Market to Record Considerable Opportunity Assessment Through the Forecast Period
The ever-increasing need for energy and reliable power grid infrastructure across the globe has instigated the demand for efficient energy storage technologies. This has led to the development of advanced battery storage solutions providing lucrative growth prospects for stationary battery storage market.
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In addition to this, the growing consumer awareness regarding energy security and various government initiatives for the development of electricity infrastructure due to frequent power outages is impelling the demand for these systems. Various business players are working with government institutions towards the development of power storage solutions. Citing an instance, in 2020, leading O&G company Total SE announced the launch of the largest battery-based energy storage project in France boasting 25 megawatt hours of storage capacity and power output of 25 MW. According to the company, this new lithium-ion energy storage system will be used for providing quick reserve services to support power grid stability in the country. Reportedly, this project is a part of government’s initiative to support the development of electrical infrastructure through capacity mechanisms. Such initiatives are augmenting the growth of stationary battery storage market.
Europe stationary battery storage market is estimated to attain more than 19% gains between 2023 and 2032. The introduction of subsidies and renewable energy schemes will augment stationary battery storage device installation, especially in nations such as Germany. The EEG or the Renewable Energy Sources Act, for example, incentivizes electric storage facilities through the exemption of grid tariffs and levies. The EU also aims to improve reliable power access in rural areas through distribution network expansions. These factors will boost awareness regarding the role of energy storage systems in ensuring more flexibility in the grid.
Major companies operating in stationary battery storage market such as Siemens AG, Tesla, Inc., Toshiba Corporation, Samsung SDI Co., Ltd, GS Yuasa International Ltd., etc. are focusing on new product development as well as mergers, acquisitions, geographic expansion to gain a strong market presence. These initiatives are in turn opening new growth opportunities for the industry. For instance, in 2019, German engineering company- Siemens launched Junelight Smart Battery, a lithium-ion battery-powered energy storage systems aimed at maximizing the usage and integration of onsite-generated solar energy. Apparently, this new launch helped the company extend its involvement in stationary energy storage industry and become the big new player to introduce a portfolio in home battery energy storage systems.
With significantly increasing demand for reliable and stable power supply and ongoing developments of energy storage systems in North America, the regional stationary battery storage market is expected to grow exponentially over the subsequent years. Additionally, development of new grid network and refurbishment of existing ones coupled with shifting interest towards sustainable energy technologies is proliferating the industry landscape further.
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