Stationary Battery Storage Global Market Report 2024

The stationary battery storage market size has grown exponentially in recent years. It will grow from $37.06 billion in 2023 to $46.48 billion in 2024 at a compound annual growth rate (CAGR) of 25.4%. The historical growth of stationary battery storage systems can be attributed to several factors, including the pursuit of grid stability and reliability, government incentives and policies supporting renewable energy initiatives, the ongoing electrification of transportation, the desire for energy independence, and the implementation of strategies such as peak shaving and load management. Additionally, the development of microgrids has played a significant role in driving the adoption of stationary battery storage solutions.

The stationary battery storage market size is expected to see exponential growth in the next few years. It will grow to $107.58 billion in 2028 at a compound annual growth rate (CAGR) of 23.3%. Anticipated growth in the forecast period for stationary battery storage is driven by factors such as grid modernization initiatives, the evolution of utility business models, increased focus on residential energy management, initiatives to enhance climate resilience, and the integration of hybrid power plants. Noteworthy trends include ongoing advancements in battery technologies, the emergence of hybrid energy storage systems, the adoption of energy management solutions, the prevalence of behind-the-meter systems, and the rise of decentralized energy storage systems.

The expansion of renewable energy sources is set to be a key driver propelling the growth of the stationary battery storage market. As renewable energy deployment, including solar, wind, hydropower, and geothermal sources, continues at a rapid pace, the demand for efficient energy storage solutions escalates. Stationary battery storage solutions play a crucial role in maintaining grid stability and reliability amid this surge in renewable energy use. They offer grid operators enhanced flexibility and control while mitigating the necessity for costly grid infrastructure upgrades. For instance, as reported by the National Renewable Energy Laboratory (NREL) in April 2023, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc), contributing to a cumulative total of 1.2 terawatts of direct current (TWdc) in 2022. The robust growth in installations, particularly in China, driven by distributed PV, forecasts an upward trajectory, with global installations projected to exceed 300 GW by 2023 and surpass 400 GW by 2025. This trajectory indicates that the rapid deployment of renewable energy sources will significantly bolster the stationary battery storage market.

The rise in the adoption of electric vehicles (EVs) stands as a key factor propelling the growth of the stationary battery storage market. Electric vehicles, powered by electric motors and rechargeable batteries, have witnessed a notable surge in adoption. The integration of stationary battery storage solutions serves as a complementary asset to the EV ecosystem, offering opportunities to repurpose EV batteries for short-term grid storage demands and expand energy storage capacity. Notably, the International Energy Agency reported a nearly twofold increase in electric vehicle sales, reaching 6.6 million units in 2021 compared to 2020, culminating in a total of 16.5 million electric vehicles on the road. This substantial rise in electric vehicle adoption is driving the demand for stationary battery storage solutions, underscoring its growth trajectory in the market.

The anticipated surge in concerns regarding health aspects associated with battery storage is poised to impede the growth of the stationary battery storage market. The advancement of stationary battery storage technologies may confront obstacles due to the heightened awareness of health-related issues linked to these systems. Notably, according to the NH Department of Environmental Services, batteries encompass perilous substances such as sulfuric acid and lead, presenting environmental hazards and jeopardizing human safety. Sulfuric acid, known for its corrosive nature, can cause severe harm to the skin and eyes. Concurrently, lead, particularly under acidic conditions, has the potential to contaminate groundwater and induce various health complications in individuals, including cognitive impairments, fatigue, and harm to vital organs such as the kidneys and brain. Consequently, acknowledging these health concerns may pose challenges to the progression of stationary battery storage.

Prominent companies within the stationary battery storage market are actively developing advanced technologies, exemplified by Rimac Energy's stationary energy storage systems, to enhance market profitability. Rimac Energy stands out as a technologically advanced battery architecture delivering a notable 50% reduction in efficiency losses and reducing the system's footprint by up to 40%, surpassing existing industry-leading solutions. Notably, Rimac Technology, a Croatia-based automotive manufacturer, unveiled Rimac Energy in May 2023, marking a significant leap in stationary energy storage technology. This system represents the next generation of stationary energy storage systems (ESS), leveraging the company's expertise in pioneering electric vehicle technology. The innovative electrical structure supporting Rimac Energy's ESS grants it significant advantages in performance, safety, and availability, including up to 50% lower energy losses and a 40% smaller system footprint.

In February 2022, Beam Global, a company in the United States specializing in innovative and sustainable products and technologies for electric vehicle (EV) charging, completed the acquisition of Acell Technology LLC for an undisclosed sum. This strategic move by Beam Global is geared toward fortifying its position in the clean technology sphere by merging two American-based manufacturers and innovators. AllCell Technology LLC, the acquired entity, is a renowned U.S.-based manufacturer of stationary energy storage solutions, notably specializing in lithium-ion batteries.

Major companies operating in the stationary battery storage market report are Uniper SE, Hitachi Ltd., Tesla Inc., Siemens AG, General Electric Company, Lockheed Martin Corporation, Panasonic Corporation, BYD Company Ltd, LG Chem Ltd., Toshiba Corporation, Johnson Controls International plc, Samsung SDI Co. Ltd., Furukawa Battery Co. Ltd., GS Yuasa International Ltd., Exide Technologies, East Penn Manufacturing Co. Inc., Narada Power Source Co. Ltd., Saft Groupe S.A., Duracell Inc., Fluence Energy LLC, Schmid Group, Hoppecke Batteries, HydraRedox, CMBlu Energy AG, Durapower Group, JenaBatteries GmbH.

North America was the largest region in the stationary battery storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the stationary battery storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the stationary battery storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The stationary battery storage market consists of sales of microgrid battery systems, residential battery storage systems, utility-scale battery storage systems, and containerized battery storage units. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Diverse types of stationary battery storage solutions exist, encompassing hydrogen and ammonia storage, gravitational energy storage, compressed air energy storage, liquid air storage, and thermal energy storage. Hydrogen and ammonia storage involve specialized methods and technologies designed for storing hydrogen gas (H2) and ammonia (NH3), serving multiple applications, notably as energy carriers or feedstocks in various industries. The application of different battery types, such as lithium-ion, sodium-sulfur, lead-acid, and flow batteries, is widespread in stationary battery storage systems, catering to diverse needs such as grid services, behind-the-meter applications, and off-grid scenarios.

The stationary battery storage market research report is one of a series of new reports that provides stationary battery storage market statistics, including stationary battery storage industry global market size, regional shares, competitors with a stationary battery storage market share, detailed stationary battery storage market segments, market trends and opportunities, and any further data you may need to thrive in the stationary battery storage industry. This stationary battery storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 1-3 business days.