Lithium-ion Stationary Battery Storage Market Size By Chemistry (LFP, NMC), By Application (Grid Services {Frequency Regulation, Flexible Ramping, Black Start Services, Energy Shifting & Capacity Deferral, T&D Congestion Relief, Capacity Firming, Reduced

Lithium-ion Stationary Battery Storage Market Size By Chemistry (LFP, NMC), By Application (Grid Services {Frequency Regulation, Flexible Ramping, Black Start Services, Energy Shifting & Capacity Deferral, T&D Congestion Relief, Capacity Firming, Reduced RE Curtailment, Reduced Reliance on Diesel Gensets}, Behind the Meter {Electricity Consumers, System Operation, Mini Grids}, Off Grid), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2032

The global lithium-ion stationary battery storage market size is projected to expand considerably over 2022-2032, as a result of an increase in renewable energy capacity addition, especially in developed nations.
Based on data from the American Clean Power Association, the U.S. grid surpassed 200-GW of clean energy capacity in 2021. With renewable energy capacity rising, the need for efficient stationary energy storage systems is expected to surge, in turn adding impetus to lithium-ion stationary battery storage industry expansion over the estimated timeline.
The lithium-ion stationary battery storage market is divided in terms of chemistry, application, and region.
Based on chemistry, the market is categorized into LFP, NMC, and others. The LFP segment is anticipated to account for a major market share by 2032. The growing reliance of households and businesses on solar energy as an ideal fuel source is expected to amplify the requirement for efficient energy storage systems such as LFP batteries.
This type of battery also has a series of advantages such as high energy density, low self-discharge rate, high working voltage, and environmental protection, which may further drive segmental progress.
In terms of application, the market is segregated into behind-the-meter, grid services, and off-grid segments. Among these, the off-grid segment is projected to register considerable revenue by 2032. This is attributed to the increasing development of stationary lithium-ion batteries to meet the robust demand for energy storage systems from the residential sector.
For example, in February 2022, BSLBATT introduced the BSL BOX solar battery, designed to enable off-grid solar energy storage by solar panels. This product range was developed to address the growing demand for residential lithium-ion batteries.
On the regional front, the Middle East and Africa (MEA) region is likely to emerge as a lucrative revenue pocket for the lithium-ion stationary battery storage market over the forecast period. The rising emphasis on strengthening the grid infrastructure and rapid industrialization across the region are major factors propelling market growth.
Several public utility companies have also been introducing clean energy projects in the region. For instance, in July 2022, Dubai Electricity and Water Authority unveiled its plans to invest approximately USD 10.88 billion to expand clean energy, among other projects, over the next five years. Such initiatives are intended to facilitate a transition to smart grid networks, and in turn, fuel regional lithium-ion stationary battery storage industry development.