Growth of Lithium-ion Batteries in Stationary Storage Applications
Published on : Saturday 11-07-2020
Lithium-ion (Li-ion) batteries are getting wider traction compared to its alternatives in the consumer world. Moreover, consumers are primary preferring for portable electronic gadgets and appliances. The growth of Li-ion batteries is due to its low maintenance, high operational efficiency, and high product lifecycle. The manufacturers already stated that the batteries have less than half self-discharge compared to other batteries, which leads its demand and consumption in the market as an ideal for stationary storage applications.
“The global stationary battery storage market is expected to reach around USD 120 billion by 2030 owing to the rising demand for renewable energy sources like wind and solar. In addition, the surge in electrification initiatives across rural sectors further enhances the incorporation of off-grid services in the global market. Moreover, the market also witnesses strong government initiatives regarding concerns over rural isolation to provide remote areas with essential resources.”
Across the growth of the off-grid services application segment, there is wide growth in consumer preference for using renewable energy sources, and further growing high investments towards the aim of rural electrification are expected to lead the growth of the overall market in the coming years. It is also expected that the construction of new energy storage plants will expand the demand and sales for lithium-ion batteries in stationary storage applications.
“In 2020, leading energy company Neoen announced the construction of a new 30 MW lithium-ion battery-based energy storage plant dubbed Yllikkälä Power Reserve One in Finland.”
Through a regional reference-frame, the rising demand for grid support mechanism that is reliable is projected to drive stationary battery storage market in North America over the forthcoming years. Technological advancements in the field of energy storage technologies are further likely to add up to the regional industry growth by 2030.
Several market players are increasingly innovating in the business scape in efforts to gain a competitive edge over others. For instance, in 2019, Tesla launched a Megapack that is bigger than its previous battery storage systems, known as Powerpack. The company stated that the Megapack, capable of storing over 3 MWh of electricity, boasts of 60% more energy density in comparison to the Tesla Powerpack. Apart from Tesla, the competitive landscape of the global stationary battery storage market is inclusive of players such as Toshiba Corporation, BYD, and Panasonic Corporation among others. Such developments in the manufacturing of lithium-ion batteries in stationary storage applications are expected to enhance its market size in the coming years across the global market.