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According to Precedence Research, the global stationary energy storage market size is expected to hit over US$ 224.3 billion by 2030 and is expanding growth at a compound annual growth rate (CAGR) of 24.9% from 2022 to 2030. The global stationary energy storage market size was valued at US$ 31.22 billion in 2021.
The stationary energy storage market witness strong growth due to increased renewable energy investments, global expansion in the electric vehicle sector, and regulatory changes requiring energy efficiency. Energy policy in both developed and developing countries are being revised to accommodate a significant part of generation produced from renewable energy sources such as wind and solar.
Government financial incentives and associated returns are expanding renewable energy investments, which is likely to strengthen the stationary energy storage industry.
In addition, increased attempts to provide uninterrupted electricity supply during power outages, as well as advances in lithium-ion battery performance characteristics, are likely to boost stationary energy storage market expansion in the coming years.
In addition, increasing clean energy system integration, such as wind and solar, for network synchronization, is expected to provide sufficient growth prospects for the stationary energy storage market in the near future.
Furthermore, rising environmental degradation and climate change awareness are motivating many key players to implement sustainable energy strategies and invest heavily in environmentally friendly power generation technologies in order to promote sustainable development among various nations around the world. Such factors are expected to boost the stationary energy storage market’s development in the upcoming years.
The stationary energy storage market is becoming more differentiated in terms of storage duration and application such as behind the meter (BTM) and front of the meter (FTM). Overall, two primary elements will continue to drive the market such as renewable energy penetration and power grid flexibility. As a result, these factors will create prospects for the growth of the global stationary energy storage market in the near future.