Grid Scale Stationary Battery Storage Market Size 2022 Dynamics, Forecast, Analysis, and Supply Demand 2026
The grid scale stationary battery storage market trends would be driven by the escalating demand and utilization of renewable energy sources globally, along with strict government norms for the reduction of carbon emission in the upcoming years. Rising efforts to provide universal access to electricity in the world’s most populous continent, Asia Pacific, will foster high adoption of power storage systems in electricity grids.
As per the World Bank, the ratio of electricity access in the Asia Pacific accounted for nearly 90.3% in 2014, which is expected to reach the universal electrifications standards by the end of 2030. According to a Global Market Insights, Inc., forecast, global grid scale stationary battery storage market will experience the cumulative installation of more than 30 GW by 2030. Mentioned below are some key factors driving product demand in power grids.
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Growing deployment of renewable energy sources
The frequency regulation services of the grid scale stationary battery storage market will expand considerably, owing to a substantial rise in the deployment of renewable energy sources for power generation. The system works on the synchronization of speed and frequency of a power generator for effective grid operation.
The integration of clean energy systems including wind and solar energy has positively influenced the incorporation of cost-effective technologies for synchronizing different power networks. The introduction of such advanced technologies for effective power grid operation and energy storage will augment demand for stationary battery storage systems.
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High demand for Sodium-Sulphur (NaS) batteries in power grids
The benefits of low cost, maximum power, and energy density associated with Sodium-Sulphur (NaS) batteries will drive its demand to be used in electricity grids. Also, these batteries provide additional features of enhanced safety and stability in high temperatures which makes them preferable for grid scale applications.
Based on such advantages, NaS batteries are extensively deployed for renewable energy stabilization, load leveling, ancillary services, distribution and transmission network management. In addition, key aspects including quick response time, no-self discharge, and high shelf life will augment the high adoption of sodium-sulfur batteries in the next few years.
Robust demand for electrification in the Asia Pacific
Asia Pacific grid scale stationary battery industry will expand significantly, on account of extensive government investment for developing power generation capacities, along with escalating demand for electrification in rural regions. As per an estimation, there are nearly 421 million people in the Asia Pacific region who lack electricity access, out of which, about 389 million live in rural areas. Surging demand for electricity access will influence rising installations of power storage systems.
The growing necessity for reliable electricity and grid stability in the region is predominantly influenced by the robust industrialization across the emerging economies including China, India, and ASEAN countries. Prominent companies providing grid scale stationary battery storage products and services include GS Yuasa Corporation, Johnson Controls, Hitachi Chemical Co., Ltd., Samsung SDI, LG Chem, Tesla, and Uniper, among others.
The deployment of energy storage systems has significantly increased to render frequency regulation and other ancillary services. Additionally, rising initiatives to curb carbon footprint, along with developing renewable energy infrastructure in emerging economies would complement business expansion in the region.
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