Stationary Battery Storage Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2018–2026
Sarasota, FL -- (SBWIRE) -- 02/26/2019 -- Global Stationary Battery Storage Market: Overview
Stationary battery storage systems serve as a crucial tool for enabling effective integration of renewable energy. It provides widespread power range and find applications across numerous networks requiring standby or emergency electricity supply. The high capacity batteries are deployed as a source of backup for grid stability to provide uninterruptible power supply during a failure. The technology has continued to prove its value to grid operators for managing the variable generation of wind and solar energy.
Global Stationary Battery Storage Market: Growth Factors
Favorable regulatory policies pertaining to sustainable energy technologies coupled with upsurge in investments toward large scale storage units with increased power output will drive the stationary battery storage market size over the foreseeable future. Furthermore, the increasing power outages and lack of effective monitoring systems across the emerging nations will positively influence the product adoption. Ongoing technological advancements toward development of distributed generation sources will boost the business scope.
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Introduction of strict regulatory framework toward refurbishment of existing electrical infrastructure on account of increasing demand of energy efficient power network across the developing economies will foster the global stationary battery storage market growth. Prevailing reforms toward sustainable large-scale storage systems favoured by the innovations in the wireless technologies will drive the industry growth. In addition, rising demand for cost-effective and reliable power supply for various applications will complement the business landscape. Furthermore, massive funding from several financial institutions including IFC and ADB pertaining to the expansion of sustainable energy solutions will stimulate the stationary battery storage market growth in the forthcoming years.
Easy outsourcing & surging automation of technology along with the abundant availability & low cost of raw material will augment the stationary battery storage market revenue. Furthermore, declining battery prices owing to economies of scale and manufacturing efficiencies over the forecast timeframe have inflicted perpetual as well as notable market expansion.
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Global Stationary Battery Storage Market: Segmentation
The global stationary battery storage market can be classified into battery type and application. Based on the battery type, the market can be sectored into Lithium-ion, Sodium Sulphur (NAS), Lead acid, Flow Battery, and Others. On the basis of application, the stationary battery storage market is segmented into Communication Base Stations, Emergency Power, Local Energy Storage, Remote Relay Stations, and Uninterruptible Power Supplies (UPS).
Global Stationary Battery Storage Market: Regional Analysis
Based on regions, the global stationary battery storage market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Increasing power demand along with the rising infrastructure spending in the countries such as the U.S. will encourage the product penetration in the region. In addition, exponential increase in energy consumption coupled with refurbishment of existing electrical grid network will positively impact the market growth in North America.
European market is anticipated to witness an appreciable growth on account of increasing consumer awareness toward the security of power supply coupled with the introduction of stringent regulatory framework pertaining to the adoption of energy efficient solutions in countries such as Germany. For instance, the Energy Efficiency Directive proposed by the Europe Commission has established 30% energy efficiency target for the year 2030.
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Ongoing expansion of the communication network along with rising investments across the energy infrastructure sector in countries such as China will boost stationary battery storage market growth in APAC. Furthermore, favorable regulatory mandates by government authorities along with advancing economic scenario owing to the rapid development of residential and commercial sector will positively influence the industry landscape. In addition,
Rising electricity consumption owing to the growing commercial and industrial establishments in countries such as Japan as well as massive investments for setting up of microgrid networks along with the rising concerns toward security of supply will form a strong base for the business and create a huge platform for the players to explore new growth avenues in the market
Global Stationary Battery Storage Market: Competitive Players
Some of key players in stationary battery storage market are Toshiba, Samsung Koninklijke Philips, Panasonic, GS Yuasa, A123 Systems, LG Chem, Hitachi, BYD, Duracell, Exide, Johnson, ACDelco, Durapower, Tesla, Uniper, Hoppecke, Furukawa, Enersys, and Mutlu.
Global Stationary Battery Storage Market: Regional Segment Analysis
The Asia Pacific
The Middle East and Africa