Grid Scale Stationary Battery Storage market is projected to grow at a CAGR of 23.0% by 2033: Visiongain Reports Ltd
Visiongain has published a new report entitled Grid Scale Stationary Battery Storage 2023-2033. It includes profiles of Grid Scale Stationary Battery Storage and Forecasts ):- Market Segment by Value & Volume (Market Value (US$ Million), Market Volume (Cumulative Installed Capacity in MW)), Market Segment by Ownership-Model (Utility Owned, Third-Party Owned, Other Ownership-Model) Market Segment by Application (Renewable Integration, Peak Shift, Ancillary Services, Back-Up Power, Other Application) Market Segment by Type (Lithium-Ion Battery, Lead Acid Battery, Flow Battery, Sodium Based Battery, Nickel–Cadmium Battery, Other Type) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The global grid scale stationary battery storage market was valued at US$2,628 million in 2022 and is projected to grow at a CAGR of 23.0% during the forecast period 2023-2033.
Grid Modernization is Driving the Market Growth
The development of battery storage and grid modernization efforts are inextricably linked. Battery storage systems can help modernise the electric grid by allowing for the integration of more renewable energy sources, improving grid reliability, and increasing resiliency.
With the adoption of distributed energy resources (DERs) such as solar panels and wind turbines, battery storage systems can help to manage the intermittent nature of these sources by storing excess energy during periods of low demand and releasing it during periods of high demand.
Moreover, by providing backup power during outages or emergencies, battery storage systems can help to improve grid resiliency. This is especially true in areas prone to natural disasters or other disruptions.
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How has COVID-19 had a significant negative impact on the Grid Scale Stationary Battery Storage Market?
The COVID-19 pandemic has had both positive and negative impacts on the grid-scale stationary battery storage industry. On a positive side, demand for electricity storage has increased due to Changes in electricity consumption behaviour as a result of the pandemic. For example, the lockdowns and work from home policies resulted in a shift in energy demand from commercial to residential areas, which increased the need for grid flexibility and energy storage.
There are some negative sides, such as Supply chain disruptions caused by factory shutdowns and shipping delays, which resulted in shortages of raw materials and components needed for the manufacture of batteries and other grid-scale storage systems. Apart from that, Delayed or cancelled projects due to the economic uncertainty caused by the pandemic, as well as difficulties in accessing financing and regulatory approval. Similarly, Reduced demand from some industries that were negatively impacted by the pandemic, such as aviation, tourism, and hospitality, which has led to a decrease in overall energy consumption.
Nevertheless, The COVID-19 pandemic has highlighted the need for increased grid flexibility and energy storage, as well as hastened the adoption of renewable energy sources. While the pandemic has created some short-term challenges for the grid-scale stationary battery storage industry, the long-term stance is positive due to rising demand for clean energy and the growing importance of energy storage in the transition to a more sustainable energy system.
How will this Report Benefit you?
Visiongain’s 334-page report provides 139 tables and 204 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global grid scale stationary battery storage market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Grid Scale Stationary Battery Storage. Get financial analysis of the overall market and different segments including market value, cumulative capacity, type, application, and ownership-model and capture higher market share. We believe that there are strong opportunities in this fast-growing grid scale stationary battery storage market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Growing Investments Towards Sustainable Energy Resources
The market for grid-scale stationary batteries is being driven by increased investment in sustainable energy sources. As renewable energy sources such as wind and solar power are intermittent and variable, integrating them into the electricity grid can cause fluctuations in power supply. Grid-scale stationary batteries can help balance the supply and demand for electricity by storing excess energy generated during peak periods and releasing it during periods of low production.
As more is invested in sustainable energy sources, the demand for grid-scale stationary batteries is likely to increase. This is because these batteries are essential for a smooth transition to a renewable energy future, as they provide the necessary energy storage to support the integration of intermittent renewable energy sources into the grid. Furthermore, government policies and incentives to promote sustainable energy resources are driving the growth of grid-based stationary batteries.
Increasing Demand for Electric Vehicles
The rising demand for electric vehicles (EVs) is expected to heighten interest in grid-scale battery storage. This is due to the fact that widespread adoption of EVs will necessitate a significant increase in the amount of electricity generated and distributed to charging stations and homes. Renewable energy sources, such as solar and wind power, are, however, intermittent and cannot always meet peak demand for electricity. Grid-scale battery storage comes into play here. It is capable of storing excess electricity generated during off-peak hours and releasing it during peak hours, ensuring a stable and reliable power supply.
In 2023, According to climate think tank Ember, Electric-vehicle batteries may help store renewable energy to help make it a practical reality for power grids, potentially meeting grid demands for energy storage by as early as 2030. Solar and wind power are the fastest growing sources of electricity. However, the variable nature of their energy raises fears of unstable power grids. One way to help account for this variability are batteries that can release stored renewable energy when the wind dies down or the sun’s not out. Studies focus on the potential impact of electric vehicles on the need for grid storage.
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Where are the Market Opportunities?
Financial Incentives for Storage Investment
Many countries have been offering financial incentives for energy storage investment in recent years. This is due to policymakers recognising the numerous advantages that battery storage can provide throughout the electricity value chain. By allowing grid operators to balance the intermittent nature of wind and solar power, energy storage systems can help to increase the penetration of renewable energy sources. Storage systems can also help to improve grid reliability and resilience, reduce the need for costly peak-demand power plants, and postpone the need for costly grid infrastructure upgrades.
In addition, battery storage can provide a number of value streams to electricity market participants, such as grid operators, utilities and end users. For example, storage systems can be used for peak load reduction, frequency regulation and demand reduction, which can help reduce energy costs and provide revenue streams for storage system owners. As a result, many countries offer various financial incentives to encourage investment in energy storage systems, such as subsidies, tax credits and grants. These incentives aim to accelerate the deployment of energy storage systems and encourage innovation in the storage industry, which should help reduce costs and improve the performance and capabilities of storage technologies.
Battery Storage has Lower Transmission Costs
Battery storage can provide localized energy storage and supply, which can reduce the need for long-distance transmission of electricity from remote power plants. This is because the stored energy can be released locally when it is needed, rather than having to be transported over long distances through the transmission grid. battery storage can also help to reduce transmission losses. When electricity is transmitted over long distances through the transmission grid, some of it is lost as heat due to resistance in the wires. By providing localized energy storage and supply, battery storage can reduce the need for long-distance transmission and therefore reduce transmission losses.
Nevertheless, Battery storage can help to reduce transmission costs on the discharge side of the system. When battery storage is installed near the point of consumption, it can reduce the need for long-distance transmission of electricity from remote power plants. This is because the stored energy can be released locally when it is needed, rather than having to be transported over long distances through the transmission grid.
The major players operating in the grid scale stationary battery storage market are ABB Ltd, BYD Co. Ltd., Fluence Energy, General Electric Company, Hitachi, Ltd, Kokam, LG Chem, Maxwell Technologies Inc., NEC Energy Solutions, Orion Energy Systems, Inc., Panasonic Holdings Corporation, Saft Groupe SAS, Samsung SDI Co., Ltd., Siemens Energy AG, Tesla Energy Operations, Inc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
18 May 2022, LG Energy Solution, a South Korean battery manufacturer, showcased its latest innovations at the Smarter E event in Munich. It will switch from nickel-manganese-cobalt (NMC) to lithium iron phosphate (LFP) battery chemistry in future products
11 Oct 2022, Fluence Energy, Inc. had launched the commercial operation of a combined 908 MWh battery-based energy storage system complex. The AES Corporation's projects in Lancaster, California, include the 100 MW / 400 MWh Luna Battery Storage Project and the 127 MW / 508 MWh Lancaster Area Battery (LAB) energy storage system
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