Apr 28, 2022, 01:19 EST
Shibuya-ku, Tokyo, Japan, Japan, Apr 28, 2022, 01:19 /Comserve / -- The global stationary lithium-ion battery market is expected to grow at a CAGR of over 13% during the period 2022–2031.
The stationary lithium-ion (Li-ion) battery market is expected to witness significant growth on account of the need to shift to renewable sources such as solar and wind energy for clean and sustainable energy. The shift to renewable sources is likely to infuse high capital investments from the public and private sectors, which is expected to bolster the demand for Li-ion batteries. Governments’ initiative to achieve zero-energy targets in the residential sector, coupled with increasing construction and installation of PV systems, is likely to drive the market. The rise in electric vehicle sales has led to increasing demand for such batteries. Li-ion batteries use phosphate as a cathode material benefit from low resistance properties, which enhance safety and thermal stability. Their demand is growing in stationary energy storage applications as they require high load currents and endurance, which are further expected to augment the growth. Their application in industries such as aerospace, semiconductor, and automobiles is likely to contribute to the growth of the market significantly. The disparity between green energy generation and conventional energy storage is likely to be bridged by the installation of energy storage systems (ESS) using stationary Li-ion batteries.
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The following factors are likely to contribute to the growth of the stationary lithium-ion battery market during the forecast period:
• Increasing Number of Smart and Self-sustained Buildings
• Rising PV Installation in Residential and Commercial Segment
• Non-conventional Energy Generation Demanding Stationary Lithium-ion ESS
• Rising Traction of Zero Energy Buildings Demanding ESS
• Increasing Adoption in Data Center UPS Systems
The study considers the present scenario of the stationary lithium ion battery market and its market dynamics for the period 2022−2031. It covers a detailed overview of several market growth enablers, restraints, and trends. The study offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent companies operating in the market.
Stationary Lithium-Ion Battery Market: Segmentation
This research report includes a detailed segmentation by end-user and geography. The demand for Li-ion batteries in grids and PV systems is expected to increase due to the installation of large-scale solar and wind power plants to meet the growing demand for clean and energy-efficient storage systems. They are cost-effective, offer high-power capacity, and are configurable into a variety of sizes to develop a wide range of voltages, power ratings, or energy increments. The APAC region is expected to lead the application of such batteries in grid and PV systems because they have a significant number of installed capacities for renewable energy generation. Li-ion-based UPS systems are increasingly replacing VRLA battery systems. Hence, vendors are focusing on offering Li-ion-based UPS systems, especially for data centers, which are likely to aid the growth of the market during the forecast period. Advanced UPS systems provide a high number of discharge cycles, charging depth, power, and are environment-friendly. The application of Li-ion batteries in the telecom segment is to provide and maintain energy power backup. Telecom companies are likely to adopt solar panels on telecom towers to maintain energy sufficiency, which is likely to drive the demand for Li-ion batteries as efficient storage solutions.
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Government agencies in developed economies are pushing the residential sector to become self-sustained as well as achieve zero-energy targets. Hence, the demand for PV systems is expected to witness significant growth. In the US, over 35% of PV system users look for residential solar energy solutions that are interested in purchasing branded Lithium-ion home batteries, thereby driving the demand. The installation of Li-ion based UPS systems is expected to increase in the residential sector as these UPS provide more power backup than inverters and stationary batteries. Moreover, they are inexpensive and are increasingly becoming a product of choice for residential applications.
Market Segmentation by End-user
o Grid and PV Systems
o UPS Systems
o PV Systems
o Power Backup
Insights by Geography
APAC is likely to dominate the market due to the high installation of Li-ion batteries of solar and energy storage in residential and commercial buildings in Korea, China, and Japan. Australia and India are expected to witness an increased demand for such batteries because of government initiatives to reduce dependency on fossil fuels. Moreover, improving economic conditions are expected to infuse investments for renewable energy solutions, which are likely to bolster growth opportunities.
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