Grid Scale Stationary Battery Storage Market size is estimated to be valued at USD 10,376.3 Million in 2021 and is poised to grow at a significant CAGR of 12.5% over 2022-2028. The battery storage system is vital in generating a relentless and steady power supply. It also involves one of the most important solutions for integrating effective share of wind and solar renewable in power systems worldwide. They have applications in various industries delivering exceptional connectivity and energy storage. High capacities batteries are installed as a backup source to provide stability to the electrical grade and the supply power during power failure and outage. Increasing renewable sources’ usage worldwide and strengthening government policy to lower carbon emissions will propel product adoption during the forecast period. Based on the battery type, the global grid-scale stationary battery storage market is segmented into Lithium Ion, Sodium Sulphur, Lead Acid, and Flow Battery. The lithium-ion batteries segment is anticipated to grow due to the higher adoption in the renewable energy sector and plug-in vehicles. Moreover, advancement in lithium-ion batteries, which has increased the focus on R&D and the growing adoption of lithium-ion batteries in various new applications due to the decline in prices, is also anticipated to drive the market’s growth shortly. Moreover, the market players are focusing on launching new products, acquisitions, and collaborations to maintain growth in the market. For instance, In February 2022, Panasonic Holdings Corporation will establish a production facility in Wakayama Factory in western Japan to manufacture new “4680” lithium-ion batteries for electric vehicle to expand its business globally. Productivity verification and mass production are likely to begin from the end of the fiscal year 2024. Growing efforts to offer uninterrupted power supply during power outages and increased clean energy system integration, such as wind and solar, for network synchronization will likely create enough development opportunities for the stationary energy storage industry. Furthermore, growing awareness of environmental deterioration and climate change are anticipated to drive the growth of the stationary energy storage market in the future years.
In April 2017, –LG Chem Ltd., a global leader in lithium-ion batteries for automotive, stationery, and consumer applications, formally launched its range of award-winning residential battery systems in the North American market.
In Jun 2022, Basquevolt is focusing on the production of 10GWh of solid-state batteries for electric transport, stationary energy storage, and other applications by 2027.