The market is expected to grow at a CAGR of 23.4% between 2022 and 2031.

FREMONT, Calif., March 31, 2023 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Stationary Energy Storage Market - A Global and Regional Analysis. 

According to this study, the global stationary energy storage market was valued at $28 billion in 2021 and is projected to reach $233.9 billion by 2031.

The report highlights that the growth in the stationary energy storage market is being driven by the increasing focus on renewable energy, supportive government policies, need for electricity grid optimization, and decreasing cost of batteries.

In the report, the types of batteries considered that are used in storage systems are lithium-ion, lead acid, flow battery, and sodium-sulfur. Among these, lithium-ion batteries are the largest consumed batteries in both grid-scale or front-of-the-meter (FTM) and behind-the-meter (BTM) applications due to their superior properties when compared to others.

The detailed study is a compilation of 118 market data tables and 17 figures spread through 174 pages.

Lithium-Ion to Dominate the Battery Type Segment for the Stationary Energy Storage Market

Among different types of batteries, lithium-ion led the market in 2021 and is estimated to lead the market during the forecast period 2022-2031 as well. It is a widely used battery chemistry for stationary energy storage for both grid and BTM applications.

Lithium-ion batteries have been proven to have superior qualities to other types of battery chemistry. Moreover, the price of lithium-ion batteries has also decreased in recent years, which has brought a surge in their deployment.

Want to learn more about this emerging trend? Request a free sample of the report here 
https://bisresearch.com/requestsample?id=1430&type=download 

You can also check out the detailed table of content for this report here
https://bisresearch.com/requestsample?id=1430&type=toc

Analyst's Take on the Market Projection

According to Pooja Tanna, Principal Analyst, BIS Research, "Stationary energy storage systems are expected to be the best option for decarbonizing the power generation industry. With the increasing focus on adoption of renewable energies into the energy mix coupled with decreasing battery cost, the stationary energy storage industry is expected to grow at a substantial rate."

Speak to an expert analyst for more details. 

About BIS Research: 

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals. 

Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management. 

BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes. 

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SOURCE BIS Research