Report Code: A15780 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Grid Scale Stationary Battery Storage Market
Request Now !The grid scale stationary battery market is expected to grow at rapid pace in the coming years. When needed, a stationary energy storage device can store energy and discharge it in the form of electricity. An array of batteries, an electronic control system, an inverter, and a thermal management system are often included in a stationary energy storage system. System energy storage refers to a set of techniques for storing energy on a large scale within a power grid. When electricity is plentiful and cheap (especially from intermittent power plants like renewable electricity from wind, tidal, and solar power) or demand is low, electrical energy is stored and later restored to the grid when demand is high and electricity costs are higher. Grid-scale energy storage is expected to open the way for ancillary market services, power quality management, and successful renewable integration, as well as grid peak load management. Energy storage in the form of batteries is expected to provide flexibility and aid in the integration of intermittent resources. Storage helps with this by soaking up excess energy that would otherwise be lost throughout the day, when power demand is lower, and repurposing it at a more profitable time.
COVID-19 Impact Analysis
Top Impacting Factors
Because of the rise in need for grid stability and supply security concerns, the global grid scale stationary battery storage market has seen tremendous expansion. The increase in expenditures in expanding power generation capacity, as well as the increase in demand for electrification in rural regions, is expected to drive the grid scale stationary battery storage market in Asia-Pacific. As major economies such as India and China continue to industrialize, a greater emphasis on reliable power and grid stability has emerged. As a result, energy storage devices are being used to provide frequency regulation and other auxiliary services in growing numbers. However, because of the development of auxiliary stationary battery storage systems and technologies, the lead-acid battery market is expected to increase at a moderate rate. Increase in market need for compact storage units, combined with storage rivals' high energy and power density capabilities is expected to further constrain product demand. A paradigm shift toward developing lithium-ion, redox, and efficient stationary battery storage technologies for grid storage, emergency power, and remote energy management has resulted in a fierce competitive environment and slow market growth for Lead Acid batteries. Governments globally have enacted legislation to reduce carbon emissions, which is expected to encourage the installation of stationary battery storage systems. In addition, the grid scale stationary battery storage market will benefit from shifting trends toward the replacement of traditional diesel gensets and the rise in battery affordability. The market share will benefit from the surge in emphasis on deploying renewable energy sources to ensure a sustainable development. Increase in measures to reduce carbon emissions, as well as improving renewable energy infrastructure, is expected to help to propel market growth and provide more opportunities in the market.Â
Market Trends
Key Benefits of Report
Grid Scale Stationary Battery Storage Market Report Highlights
Aspects | Details |
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By Grid Service |
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By Battery Type |
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Key Market Players | NGK Insulator, Uniper, Furukawa Battery Co., Ltd., Samsung, Panasonic Corporation, Exide Technologies, Hitachi Chemical Co. Ltd., Durapower, LG Chem, GS Yuasa Corporation, Tesla, Johnson Control, SDI |
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