The stationary battery storage market share is gaining immense momentum owing to increasing demand for electricity, ongoing investments toward clean energy solutions, rising frequency of power outages, and rising adoption of lead acid batteries.
A stationary energy storage system can effectively store energy as well as release it in the form of electricity as and when it is required. In majority of cases, a stationary energy storage system includes an assortment of batteries, inverter, an electronic control system, and a thermal management system within an inclusion. In order to qualify for enclosure in the battery storage category, a system should include all the above products needed to store as well as discharge energy.
Stationary battery storage systems serve an assortment of optimization purposes, effectively enhancing the quality, consistency, as well as affordability of electricity. As opposed to a fuel cell, which generates electricity without having the need to charge, these energy storage systems should be charged in order to provide electricity during emergency or other situations.
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An electronic control and batteries are at the core of how stationary energy storage systems operate. Batteries are where the energy is stored in the form of chemical energy. Here, lithium battery is the most common and popular component used for storing the chemical energy in batteries. These battery storage solutions can be used in a plethora of applications within the utility, residential, industrial, and commercial segments.
The stationary battery storage market is bifurcated into various segments in terms of battery, application, and regional landscape.
In terms of battery, the overall stationary battery storage market is categorized into flow battery, lead acid, sodium Sulphur, lithium Ion, and others. The others comprise of nickel cadmium, zinc carbon, and nickel metal hydride battery chemistries among others.
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Ease of raw material availability along with competitive price index will drive the demand for lead acid battery segment. Within the off-grid renewable systems spectrum, presently lead acid batteries dominate the industry. A well-established manufacturing base would also contribute towards growth of lead acid batteries.
On the geographical front, CIS & Eurasia is slated to witness the fastest growth over the coming time period due rising consumer awareness toward energy independence.
Ongoing investments toward clean energy solutions will drive the stationary battery storage industry across Middle East & Africa region.
Rising frequency of power outages coupled with rapidly growing electricity demand will foster the Latin America stationary battery storage industry growth.