The U.S. stationary battery storage market will grow exponentially during the forecast period impelled by introduction of sustainable building codes and standards along with refurbishment of the existing electrical network.
SELBYVILLE, Del., Feb. 28, 2019 /PRNewswire/ — The stationary battery storage market is slated to hike from USD 11 billionin 2018 to USD 170 billion by 2030, according to a 2019 Global Market Insights, Inc. report. Favorable regulatory policies pertaining to sustainable energy technologies coupled with upsurge in investments toward large scale storage units with increased power output will drive the market size.
Furthermore, the increasing power outages and lack of effective monitoring systems across the emerging nations will positively influence the product adoption. Ongoing technological advancements toward development of distributed generation sources will boost the industry growth.
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Japan stationary battery storage market size was valued over USD 1 billion in 2018. Increasing electricity consumption owing to the growing commercial and industrial establishments will positively impact the industry growth. In addition, the ongoing investments toward development of microgrid networks along with the rising concerns toward security of supply will complement the business outlook.
Strengthening economic growth across the developing countries accompanied by a significant expansion in the electrical infrastructure will foster the market. Shifting focus toward improved power quality along with the increasing reliance on advanced communication networks will encourage the product penetration. Furthermore, increasing investments toward research and development of efficient storage systems with improved service life will positively influence the product demand.
Flow battery in 2018, accounted for over 6% of the global stationary battery storage market share. Technological advancement pertaining to the development of cost-effective and efficient storage solutions coupled with the increasing investment toward integration of sustainable grid infrastructure will stimulate the business growth. Higher product efficiency and longer shelf life are the some of the prominent features which will make its adoption preferable when compared with other alternatives.
Browse key industry insights spread across 350 pages with 635 market data tables & 34 figures & charts from the report, “Stationary Battery Storage Market Size By Battery (Lithium-ion, Sodium Sulphur (NAS), Lead acid, Flow Battery, Others), By Application (Communication Base Stations [Lithium ion, Lead acid {Flooded, VRLA}, Flow battery] Emergency Power, Local Energy Storage, Remote Relay Stations, Uninterruptible Power Supplies (UPS)), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, Italy, UK, Spain, Russia, Ukraine, Azerbaijan, Kazakhstan, Belarus, China, Japan, South Korea, India, Australia, Saudi Arabia, UAE, South Africa, Argentina, Brazil, Mexico), Growth Potential, Competitive Market Share & Forecast, 2019 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/stationary-battery-storage-market
Introduction of sustainable building codes and standards along with refurbishment of the existing electrical network will foster the U.S. market growth. Increasing power consumption along with upsurge in investments toward infrastructure development will boost the industry growth. In addition, the introduction of favorable policies toward development of large-scale energy storage projects will further augment the business landscape.
Increasing demand for energy storage systems along with rapid urbanization and industrialization across the emerging economies will stimulate the lead acid stationary battery storage market growth. Improved life cycle, low maintenance, high working capabilities, low self-discharge and low economic price are some the key features which will enhance to the product adoption.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Source: Global Market Insights, Inc.
