Stationary Energy Storage Market Size, Share & Trends Report, 2024-2033
The global stationary energy storage market size was exhibited at USD 33.0 billion in 2023 and is projected to hit around USD 286.37 billion by 2033, growing at a CAGR of 24.12% during the forecast period of 2024 to 2033.
Key Takeaways:
Stationary Energy Storage Market: Overview
The stationary energy storage market is experiencing rapid growth, driven by the increasing adoption of renewable energy sources, advancements in battery technology, and the need for grid stabilization. This overview aims to provide insights into the current state of the market, key trends shaping its trajectory, and the opportunities it presents for stakeholders.
Stationary Energy Storage Market Growth
When and how much power is produced differs from when and how much electricity is utilized on a daily basis. Furthermore, renewable energy sources are inflexible, which means they cannot be dispatched as needed to satisfy the ever-changing needs of energy consumers. When traditional power plants and interconnections will continue to be important tools in addressing this problem, energy storage solutions are expected to emerge as a top contender in addressing their flexibility issue.The emergence of stationary energy storage systems is being fueled by advancements in battery technology and lower costs.
When needed, a stationary energy storage device can store energy and discharge it in the form of electricity. An array of batteries, an inverter, an electronic control system, and a thermal management system are often included in a stationary energy storage system. Unlike a fuel cell, which creates power without having to be charged, energy storage systems must be charged in order to deliver electricity when it is required. The operation of stationary energy storage systems is based on batteries and an electronic control system. Lithium is the most common element used to store chemical energy in batteries.
The electrons that make up lithium are kept on one end of the battery. Electrons are extracted from lithium and circulated in a circuit to power the loads. In the meantime, lithium ions travel from one side of the battery to the other, then positively charged after losing negatively charged electrons. The battery is discharged when all of the lithium ions have moved to the other end. An external source of power begins to supply electricity to the battery, causing the battery to receive an influx of electrons. These negatively charged electrons begin to combine with positively charged lithium ions, and the lithium elements, then neutrally charged begin to travel from one side of the battery to the other.
One of the primary factors of where stationary energy storage systems will be embraced more quickly is economic feasibility. Despite the fact that a high local electricity price, inadequate robustness of current power infrastructure, and the criticality of business operations all play a role, two groups of consumers are likely to choose energy storage solutions first. Another application for stationary energy storage systems is to provide a continuous supply of electricity in the event of a power loss while backup generators are being set up. This is where these solutions’ quick dispatch capacity comes into effect such as in responding to loads with considerable voltage and frequency fluctuation, which certain generating assets are not capable of responding without causing outages.
Battery storage systems are essential for ensuring a constant and reliable power source. It is also becoming one of the most essential options for properly integrating large amounts of solar and wind renewables into power grids around the world. They are used in a variety of industries to provide superior connection and energy storage. High-capacity batteries are used as a backup source to ensure the electrical grid’s stability and to provide electricity during power outages. The increasing global use of renewable energy sources, combined with severe government laws aimed at reducing carbon emissions will drive product adoption during the projected period.
Batteries are used in variety of industries to provide superior connection and energy storage. High-capacity batteries are used as a backup source to keep the electrical grid stable and provide electricity during power outages. The surge in use of renewable energy sources around the world, along with strict government rules aimed at reducing carbon emissions will drive the growth of the stationary energy storage market.
The rapid deployment of renewable energy coupled with favorable government measures to reduce carbon emissions is the primary market driver for stationary energy storage. In addition, the continued integration of clean energy systems such as wind and solar necessitates cost effective solutions for network synchronization, which is likely to drive the stationary energy storage market expansion. Furthermore, rising electricity demand and grid stability are boosting the growth of the stationary energy storage market during the forecast period. The stationary energy storage market’s growth is projected to be hampered by volatile investment prospects in several industrial sectors and a lack of standardization.
Stationary Energy Storage Market Report Scope
| Report Coverage | Details |
| Market Size in 2024 | USD 33.0 Billion |
| Market Size by 2033 | USD 286.37 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 24.12% |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Segments Covered | Battery,Type of Energy Storage, Applicaion, Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | Tesla, Durapower, Exide Technologies, Duracell, Toshiba Corporation, Panasonic Corporation, Samsung SDI, Johnson Controls, Philips, Hoppecke Batteries. |
Segments Insights:
Battery Insights
In 2023, the sodium Sulphur segment dominated the stationary energy storage market. The main factors driving product demand are high energy density, increased safety prospects, and long battery life.
The lithium-ion segment, on the other hand, is predicted to develop at the quickest rate in the future years. Lithium-ion batteries having a longer shelf life than conventional batteries, which encourages the use of these batteries.
Type of Energy Storage Insights
In 2023, the hydrogen and ammonia storage segment dominated the stationary energy storage market. In contrast to mobile applications, hydrogen density is not a significant issue in stationary applications. Stationary uses such as compressed hydrogen in a hydrogen tank, liquid hydrogen in a cryogenic hydrogen tank, and slush hydrogen in a cryogenic hydrogen tank can all be used in mobile applications.
Region
North America dominated the stationary energy storage market in 2023.The global market for stationary energy storage has been driven by the trend of switching from conventional power generation to clean and green sources of energy.
Europe, on the other hand, is expected to develop at the fastest rate during the forecast period. Current energy efficiency reforms, along with growing worries about supply security will boost market share. The region’s harsh climatic conditions have created a beneficial setting for battery manufacturing companies.
Key Developments
The major market players are continually pursuing creative development in their systems in order to provide consumers with effective stationary energy storage solutions and enhance their market share. Moreover, concentrated research and development activities, partnerships, and strategic collaborations are just a few of the key methods used by industry players to gain a competitive advantage in the stationary energy storage market.
Some of the prominent players in the stationary energy storage market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global stationary energy storage market.
By Battery
By Type of Energy Storage
By Application
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Stationary Energy Storage Market
5.1. COVID-19 Landscape: Stationary Energy Storage Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Stationary Energy Storage Market, By Battery
8.1. Stationary Energy Storage Market, by Battery Type, 2024-2033
8.1.1. Lithium Ion
8.1.1.1. Market Revenue and Forecast (2021-2033)
8.1.2. Sodium Sulphur
8.1.2.1. Market Revenue and Forecast (2021-2033)
8.1.3. Lead Acid
8.1.3.1. Market Revenue and Forecast (2021-2033)
8.1.4. Flow Battery
8.1.4.1. Market Revenue and Forecast (2021-2033)
Chapter 9. Global Stationary Energy Storage Market, By Application
9.1. Stationary Energy Storage Market, by Application, 2024-2033
9.1.1. Grid Services
9.1.1.1. Market Revenue and Forecast (2021-2033)
9.1.2. Behind the Meter
9.1.2.1. Market Revenue and Forecast (2021-2033)
Chapter 10. Global Stationary Energy Storage Market, By Type of Energy Storage
10.1. Stationary Energy Storage Market, by Type of Energy Storage, 2024-2033
10.1.1. Hydrogen and Ammonia Storage
10.1.1.1. Market Revenue and Forecast (2021-2033)
10.1.2. Gravitational Energy Storage
10.1.2.1. Market Revenue and Forecast (2021-2033)
10.1.3. Compressed Air Energy Storage
10.1.3.1. Market Revenue and Forecast (2021-2033)
10.1.4. Liquid Air Storage
10.1.4.1. Market Revenue and Forecast (2021-2033)
10.1.5. Thermal Energy Storage
10.1.5.1. Market Revenue and Forecast (2021-2033)
Chapter 11. Global Stationary Energy Storage Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Battery (2021-2033)
11.1.2. Market Revenue and Forecast, by Application (2021-2033)
11.1.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Battery (2021-2033)
11.1.4.2. Market Revenue and Forecast, by Application (2021-2033)
11.1.4.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Battery (2021-2033)
11.1.5.2. Market Revenue and Forecast, by Application (2021-2033)
11.1.5.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Battery (2021-2033)
11.2.2. Market Revenue and Forecast, by Application (2021-2033)
11.2.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Battery (2021-2033)
11.2.4.2. Market Revenue and Forecast, by Application (2021-2033)
11.2.4.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Battery (2021-2033)
11.2.5.2. Market Revenue and Forecast, by Application (2021-2033)
11.2.5.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Battery (2021-2033)
11.2.6.2. Market Revenue and Forecast, by Application (2021-2033)
11.2.6.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Battery (2021-2033)
11.2.7.2. Market Revenue and Forecast, by Application (2021-2033)
11.2.7.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Battery (2021-2033)
11.3.2. Market Revenue and Forecast, by Application (2021-2033)
11.3.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Battery (2021-2033)
11.3.4.2. Market Revenue and Forecast, by Application (2021-2033)
11.3.4.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Battery (2021-2033)
11.3.5.2. Market Revenue and Forecast, by Application (2021-2033)
11.3.5.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Battery (2021-2033)
11.3.6.2. Market Revenue and Forecast, by Application (2021-2033)
11.3.6.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Battery (2021-2033)
11.3.7.2. Market Revenue and Forecast, by Application (2021-2033)
11.3.7.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Battery (2021-2033)
11.4.2. Market Revenue and Forecast, by Application (2021-2033)
11.4.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Battery (2021-2033)
11.4.4.2. Market Revenue and Forecast, by Application (2021-2033)
11.4.4.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Battery (2021-2033)
11.4.5.2. Market Revenue and Forecast, by Application (2021-2033)
11.4.5.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Battery (2021-2033)
11.4.6.2. Market Revenue and Forecast, by Application (2021-2033)
11.4.6.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Battery (2021-2033)
11.4.7.2. Market Revenue and Forecast, by Application (2021-2033)
11.4.7.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Battery (2021-2033)
11.5.2. Market Revenue and Forecast, by Application (2021-2033)
11.5.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Battery (2021-2033)
11.5.4.2. Market Revenue and Forecast, by Application (2021-2033)
11.5.4.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Battery (2021-2033)
11.5.5.2. Market Revenue and Forecast, by Application (2021-2033)
11.5.5.3. Market Revenue and Forecast, by Type of Energy Storage (2021-2033)
Chapter 12. Company Profiles
12.1. Tesla
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Durapower
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Exide Technologies
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Duracell
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Toshiba Corporation
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Panasonic Corporation
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Samsung SDI
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Johnson Controls
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Philips
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Hoppecke Batteries
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers