Stationary Battery Storage Market To Exceed USD 120 Billion By 2030
A study by Global Market Insights Inc. shows that the stationary battery storage market size is set to exceed USD 120 billion by 2030. Surging popularity of renewable energy sources like wind and solar along with growing electrification initiatives across rural sectors might accelerate the adoption of off-grid services. Over the years, concerns over rural isolation has compelled governments to implement strong initiatives to provide remote areas with essential resources.
In terms of application, an increasing shift towards renewable energy sources such as wind and solar technology is poised to play a major role in the growth of the off-grid services application segment. In addition, increasing investments towards rural electrification is also likely to add up to the segment share over the coming years.
Lithium-ion batteries have managed to become the preferred energy source for portable electronic gadgets and appliances. Manufacturers prefer lithium-ion batteries as they have very low maintenance, an advantage that other counterparts fail to provide. Moreover, these batteries consume less than half self-discharge, comparatively lower to nickel-cadmium batteries, making it ideal for stationary storage applications.
Construction of new energy storage plants will drive the demand for lithium-ion batteries in the coming years. In 2020, leading energy company Neoen announced the construction of a new 30 MW lithium-ion battery-based energy storage plant dubbed Yllikkälä Power Reserve One in Finland.
Through a regional reference-frame, the rising demand for grid support mechanism that is reliable is projected to drive stationary battery storage market in North America over the forthcoming years. Technological advancements in the field of energy storage technologies are further likely to add up to the regional industry growth by 2030.
Several market players are increasingly innovating in the business scape in efforts to gain a competitive edge over others. Citing an instance, in 2019, Tesla launched a Megapack that is bigger than its previous battery storage systems, known as Powerpack. The company stated that the Megapack, capable of storing over 3 MWh of electricity, boasts of 60% more energy density in comparison to the Tesla Powerpack.
Apart from Tesla, the competitive landscape of the global stationary battery storage market is inclusive of players such as Toshiba Corporation, BYD, and Panasonic Corporation among others.
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