Stationary Battery Storage Market Size By Battery (Lithium-Ion {Lithium Iron Phosphate (LFP), Nickel Manganese Cobalt (NMC)}, Sodium Sulphur, Lead Acid, Flow Battery), By Application (Grid Services {Frequency Regulation, Flexible Ramping, Black Start Serv

Stationary Battery Storage Market Size By Battery (Lithium-Ion {Lithium Iron Phosphate (LFP), Nickel Manganese Cobalt (NMC)}, Sodium Sulphur, Lead Acid, Flow Battery), By Application (Grid Services {Frequency Regulation, Flexible Ramping, Black Start Services, Energy Shifting and Capacity Deferral, Transmission and Distribution 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, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

The global stationary battery storage industry is poised to propel steadily through 2032 owing to the reduced battery costs over the years.

The need for stationary battery storage systems is being driven by the rising demand for renewable energy sources that are interconnected with grids. To prevent the negative effects of emissions, leading power-consuming economies are searching for a variety of other energy-efficient technologies. Initiatives have been put up to encourage the usage of energy management systems.

Market expansion is influenced by the expansion of smart grids that effectively integrate renewable energy. The application field for stationary batteries has been greatly expanded because of reduced Capex, easier financing terms, and performance enhancements. Major companies in the industry are working on research & development to cater to the surging demand for innovative products and services. For instance, in January 2022, TotalEnergies launched a 61 MW battery energy storage system (BESS) facility near Dunkirk. The 25 MW of Dunkirk I are supplemented by the Dunkirk II project. It also mentioned the development of two additional BESS systems, which are expected to be finished by the end of 2022 and increase the company's storage capacity to 129MW.

The stationary battery storage industry has been divided in terms of battery, application, and region.

With respect to application, the off-grid segment is set to witness 9% CAGR from 2023 to 2032. Based on battery, the lithium-ion segment held the market share of more than 76.0% in 2022. The lithium-ion technology is further expected to amass high gains over the review period due to its efficient and effective performance coupled with a better life cycle compared to its lead-acid equivalent. Meanwhile, the lead-acid segment was valued at more than $4 billion in 2022. The revenues of this battery variant are anticipated to amplify strongly by the end of 2032 owing to maturing technological implications and the development of auxiliary storage technologies.

From the regional perspective, North America stationary battery storage market held 9.8 GW of installed capacity in 2022. The need for upgrading the current grid network and incorporating renewable energy systems is expected to drive regional growth. On the other hand, the Middle East & Africa stationary battery storage market share is projected to grow swiftly through the forecast period. Growing industrialization and increasing concerns from both public and private entities about the grid infrastructure are likely to drive industry expansion in the MEA region.