Stationary Battery Storage Market Segmentation:
Battery Segment Analysis
Based on battery, the flow battery segment in the stationary battery storage market is expected to hold largest revenue share of about 35% during the forecast period. The growth of the segment is because there is a growing focus on the development of redox flow batteries. These energy-storage systems can reduce storage costs and have great power density, energy, longevity, and efficiency without harming the environment. Consequently, a growing number of end-user sectors are using flow batteries as a result of these characteristics. Since flow batteries have a long service life and are increasingly being used in long-duration energy storage applications like renewable power systems, the market for these batteries is expected to expand throughout the course of the study period. Global installed renewable energy generation and capacity have been increasing steadily during the past ten years. Global installed renewable energy capacity increased by over 9.1% in 2021 to reach 3063.93 GW. Since renewable energy sources like solar and wind produce power at different times and in different amounts, it is essential to store this energy for times when demand is high.
Application Segment Analysis
Based on application, the behind the meter segment is projected to hold 55% share of the global stationary battery storage market during the forecast period. In addition to providing homes and buildings with a direct electricity supply, behind-the-meter storage (BTMS) systems also minimize grid impact and integrate EV charging. Research groups like the BTMS Consortium of the NREL have also been working with US labs to develop energy storage technologies for stationary uses that don't require more than 10MWh. The installation of behind-the-meter stationary battery storage systems is probably going to happen more quickly as a result of these measures, along with improvements in operational safety and efficiency.
Our in-depth analysis of the global stationary battery storage market includes the following segments:
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Battery |
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Type of Energy Storage |
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Application |
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