Global Stationary Lithium-ion Battery Growth Opportunities
Future Growth Potential Driven by Demand for Battery Energy Storage Systems
02-Mar-2022
Global
Market Research
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Stationary lithium-ion systems are key components of the energy storage architecture, which fulfill energy storage requirements for utilities, residential, and commercial customers. The global growth of renewable energy installations has increased intermittent energy production, creating an unbalanced grid. This has led to a demand for energy storage solutions to balance the grid during lean times and feed back into the grid during high requirement times. Lead-acid batteries and pumped hydro storage traditionally dominated the market. However, in the past decade, the growing production of Li-ion batteries for the automobile sector has pushed down battery system prices, enabling their deployment in utility-scale, residential, and commercial storage systems. The focus on zero carbon emissions and need to move away from fossil fuels, namely coal, for power production prompt more governments to incentivize solar and wind power installations. These installations lend themselves to battery storage systems that store excess power generated. Government incentives to incentivize Li-ion battery installations also drive deployments across developing economies. Harsh weather conditions also strain existing transmission and distribution infrastructure, leading to extended blackouts and increased demand for energy storage solutions to reduce grid dependence. However, diesel gensets and lead-acid batteries pose major competition to the development of stationary Li-ion battery systems.
Utility sector installations are key drivers for battery energy storage systems (BESS). This segment is expected to grow from $2.25 billion in 2021 to $5.99 billion in 2030 at a CAGR of 11.5%. Lead-acid batteries dominate the utility equipment segment by revenue, though Li-ion batteries show a higher 34.4% CAGR due to their low growth base. Residential and commercial energy storage segments are other areas with large market potential of $5.51 billion in 2030, from $1.68 billion in 2021. The industrial sector continues its march toward zero carbon emissions, with companies making net-zero pledges in the next two decades. Telecom and data center companies are at the forefront of reducing carbon emissions with an increased focus on renewable energy power sources. These are key growth areas for Li-ion batteries as companies find ways to ensure reliable backup and grid balancing.
Asia-Pacific will be the largest stationary lithium-ion battery market by 2030, driven by utilities and industries. It will overtake North America and Europe with a market of $7.07 billion in 2030, growing from $1.24 billion in 2021 at a CAGR of 21.3%. North America and Europe will be the next largest markets due to their goals to decarbonize their economies and grid over the next two decades. LATAM will see the highest growth rate at a CAGR of 21.4% because of its smaller size and low base.
Market trends are analyzed for the 2020–2030 period, with the base year as 2021. The market is expected to grow from $5.42 billion in 2021 to $16.36 billion in 2030 at a CAGR of 13.1%. The study covers North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa regions. The study assesses the latest trends across the globe and discusses market growth till 2030. Fierce competition is expected to come from industry participants in Japan, China, and the United States, competing with quality products. Some companies considered in this study are Tesla, LG Chem, Panasonic, Samsung SDI, BYD, and CATL.
Key Issues Addressed:
- What is the impact of increased RE power generation on Li-ion energy storage?
- What are the key drivers and restraints for the market?
- What are the various trends in each region, and how do they influence market growth?
- What is the competitor landscape?
- Which are the end-user industry verticals?
Author: Manoj Shankar
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Stationary Lithium-ion Battery Industry
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Key Findings
Scope of Analysis
Definitions
Key Competitors
Key Growth Metrics
Distribution Channels
Growth Drivers
Growth Restraints
Forecast Assumptions
Revenue Forecast
Revenue Forecast by End User
Revenue Forecast by Region
Revenue Forecast Analysis
Revenue Forecast Analysis by End User
Revenue Forecast Analysis by End User (continued)
Revenue Forecast Analysis by End User (continued)
Revenue Forecast Analysis by Region
Revenue Forecast Analysis by Region (continued)
Competitive Environment
Revenue Share
Revenue Share Analysis
Key Growth Metrics for North America
Revenue Forecast
Revenue Forecast by End User
Revenue Forecast Analysis
Key Growth Metrics for Europe
Revenue Forecast
Revenue Forecast by End User
Revenue Forecast Analysis
Revenue Forecast Analysis (continued)
Key Growth Metrics for Asia-Pacific
Revenue Forecast
Revenue Forecast by End User
Revenue Forecast Analysis
Revenue Forecast Analysis (continued)
Key Growth Metrics for Latin America
Revenue Forecast
Revenue Forecast by End User
Revenue Forecast Analysis
Key Growth Metrics for Middle East and Africa
Revenue Forecast
Revenue Forecast by End User
Revenue Forecast Analysis
Growth Opportunity 1: Geographic Expansion
Growth Opportunity 1: Geographic Expansion (continued)
Growth Opportunity 2: New Product Development
Growth Opportunity 2: New Product Development (continued)
Growth Opportunity 3: Second Life for Battery Storage
Growth Opportunity 3: Second Life for Battery Storage (continued)
Your Next Steps
Why Frost, Why Now?
Other Competitors
List of Exhibits
List of Exhibits (continued)
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- Stationary Lithium-ion Battery: Key Growth Metrics, Global, 2021
- Stationary Lithium-ion Battery: Distribution Channel Analysis, Global, 2021
- Stationary Lithium-ion Battery: Growth Drivers, Global, 2022–2030
- Stationary Lithium-ion Battery: Growth Restraints, Global, 2022–2030
- Stationary Lithium-ion Battery: Revenue Forecast, Global, 2020–2030
- Stationary Lithium-ion Battery: Revenue Forecast by End User, Global, 2020–2030
- Stationary Lithium-ion Battery: Revenue Forecast by Region, 2020–2030
- Stationary Lithium-ion Battery: Competitive Environment, Global, 2021
- Stationary Lithium-ion Battery: Revenue Share of Top Participants, Global, 2021
- Stationary Lithium-ion Battery: Key Growth Metrics, North America, 2021
- Stationary Lithium-ion Battery: Revenue Forecast, North America, 2020–2030
- Stationary Lithium-ion Battery: Revenue Forecast by End User, North America, 2020–2030
- Stationary Lithium-ion Battery: Key Growth Metrics, Europe, 2021
- Stationary Lithium-ion Battery: Revenue Forecast, Europe, 2020–2030
- Stationary Lithium-ion Battery: Revenue Forecast by End User, Europe, 2020–2030
- Stationary Lithium-ion Battery: Key Growth Metrics, Asia-Pacific, 2021
- Stationary Lithium-ion Battery: Revenue Forecast, Asia-Pacific, 2020–2030
- Stationary Lithium-ion Battery: Revenue Forecast by End User, Asia-Pacific, 2020–2030
- Stationary Lithium-ion Battery: Key Growth Metrics, Latin America, 2021
- Stationary Lithium-ion Battery: Revenue Forecast, Latin America, 2020–2030
- Stationary Lithium-ion Battery: Revenue Forecast by End User, Latin America, 2020–2030
- Stationary Lithium-ion Battery: Key Growth Metrics, Middle East and Africa, 2021
- Stationary Lithium-ion Battery: Revenue Forecast, Middle East and Africa, 2020–2030
- Stationary Lithium-ion Battery: Revenue Forecast by End User, Middle East and Africa, 2020–2030
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Key Issues Addressed:
- What is the impact of increased RE power generation on Li-ion energy storage
- What are the key drivers and restraints for the market
- What are the various trends in each region, and how do they influence market growth
- What is the competitor landscape
- Which are the end-user industry verticals
Author: Manoj Shankar
Deliverable Type | Market Research |
---|---|
No Index | No |
Podcast | No |
List of Charts and Figures | Stationary Lithium-ion Battery: Key Growth Metrics, Global, 2021~ Stationary Lithium-ion Battery: Distribution Channel Analysis, Global, 2021~ Stationary Lithium-ion Battery: Growth Drivers, Global, 2022–2030~ Stationary Lithium-ion Battery: Growth Restraints, Global, 2022–2030~ Stationary Lithium-ion Battery: Revenue Forecast, Global, 2020–2030~ Stationary Lithium-ion Battery: Revenue Forecast by End User, Global, 2020–2030~ Stationary Lithium-ion Battery: Revenue Forecast by Region, 2020–2030~ Stationary Lithium-ion Battery: Competitive Environment, Global, 2021~ Stationary Lithium-ion Battery: Revenue Share of Top Participants, Global, 2021~ Stationary Lithium-ion Battery: Key Growth Metrics, North America, 2021~ Stationary Lithium-ion Battery: Revenue Forecast, North America, 2020–2030~ Stationary Lithium-ion Battery: Revenue Forecast by End User, North America, 2020–2030~ Stationary Lithium-ion Battery: Key Growth Metrics, Europe, 2021~ Stationary Lithium-ion Battery: Revenue Forecast, Europe, 2020–2030~ Stationary Lithium-ion Battery: Revenue Forecast by End User, Europe, 2020–2030~ Stationary Lithium-ion Battery: Key Growth Metrics, Asia-Pacific, 2021~ Stationary Lithium-ion Battery: Revenue Forecast, Asia-Pacific, 2020–2030~ Stationary Lithium-ion Battery: Revenue Forecast by End User, Asia-Pacific, 2020–2030~ Stationary Lithium-ion Battery: Key Growth Metrics, Latin America, 2021~ Stationary Lithium-ion Battery: Revenue Forecast, Latin America, 2020–2030~ Stationary Lithium-ion Battery: Revenue Forecast by End User, Latin America, 2020–2030~ Stationary Lithium-ion Battery: Key Growth Metrics, Middle East and Africa, 2021~ Stationary Lithium-ion Battery: Revenue Forecast, Middle East and Africa, 2020–2030~ Stationary Lithium-ion Battery: Revenue Forecast by End User, Middle East and Africa, 2020–2030~ |
Author | Manoj Shankar |
Industries | Energy |
WIP Number | MG5E-01-00-00-00 |
Keyword 1 | battery energy storage systems (BESS) |
Keyword 2 | lithium ion battery |
Keyword 3 | Lithium ion Battery Market |
Is Prebook | No |
GPS Codes | 9AFE-A4,9AFF-A4,9B00-A4,9851,9852 |