Because of the rise in need for grid stability and supply security concerns, the global grid scale stationary battery storage market has seen tremendous expansion. The increase in expenditures in expanding power generation capacity, as well as the increase in demand for electrification in rural regions, is expected to drive the grid scale stationary battery storage market in Asia-Pacific. As major economies such as India and China continue to industrialize, a greater emphasis on reliable power and grid stability has emerged. As a result, energy storage devices are being used to provide frequency regulation and other auxiliary services in growing numbers.
However, because of the development of auxiliary stationary battery storage systems and technologies, the lead-acid battery market is expected to increase at a moderate rate. Increase in market need for compact storage units, combined with storage rivals’ high energy and power density capabilities is expected to further constrain product demand. A paradigm shift toward developing lithium-ion, redox, and efficient stationary battery storage technologies for grid storage, emergency power, and remote energy management has resulted in a fierce competitive environment and slow market growth for Lead Acid batteries. Governments globally have enacted legislation to reduce carbon emissions, which is expected to encourage the installation of stationary battery storage systems.
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In addition, the grid scale stationary battery storage market will benefit from shifting trends toward the replacement of traditional diesel gensets and the rise in battery affordability. The market share will benefit from the surge in emphasis on deploying renewable energy sources to ensure a sustainable development. Increase in measures to reduce carbon emissions, as well as improving renewable energy infrastructure, is expected to help to propel market growth and provide more opportunities in the market.
- In 2020, BASF and NGK Insulator Ltd. announced a collaboration to create next-generation sodium-Sulphur batteries. The company hopes to combine BASF’s considerable chemistry expertise with NGK’s expertise in battery design and manufacture through this alliance.
- Growing concerns about energy security, combined with continuous improvements aimed at improving energy efficiency, will boost the market share of grid scale stationary battery storage in Europe. BYD announced in December 2019 that battery boxes would be available in Europe and other locations by the first quarter of 2020. These next-generation high-voltage storage systems have been designed to provide emergency power in accordance with demanding European and other requirements, such as VDE 2510. At a low cost, the innovation promises to alleviate any disturbance in electricity supply and provide reserves in the event of a power outage.
- Fluence and Northvolt are collaborating to create next-generation battery systems with the goal of lowering total cost of ownership and improving the functionality of technology that is critical to ensuring stable, resilient, and decarbonized electric grids. Northvolt battery hardware and battery management systems will be improved for Fluence energy storage solutions, thanks to a collaboration between Fluence and Northvolt. Fluence clients will benefit from digital intelligence that is tightly integrated throughout the entire product lifecycle, from battery manufacturing through end-of-life. This will minimize total cost of ownership and provide unique opportunities to produce value. The arrangement gives Northvolt an unrivalled avenue to deliver systems to the worldwide market, while also bringing the largest European battery manufacturer into Fluence’s supply chain.
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COVID-19 Impact Analysis
- The COVID-19 pandemic has negatively impacted the grid scale stationary battery storage and caused a decline in demand for the market.
- The supply chain was interrupted and the availability of material was hindered due to the lockdown restriction on movement of material. There was a shortage of labour during the pandemic. This impacted the grid scale stationary battery storage production activity.
- The industries were all shut down as per the government guidelines to prevent the spread of the virus. This impacted the grid scale stationary battery storage market growth.
- The countries faced economic slump and no new investments and development were done in any sector during the pandemic.
- The raw material required for the battery declined as COVID-19 originated from China caused the industries to completely shut. This had a negative impact on the grid scale stationary battery storage market.
- The demand for energy from industries declined as industries were shut down to prevent the gathering of people. This caused a decline in the demand for grid scale stationary battery storage from the industries.
- The market for grid scale stationary battery storage is expected to grow in the coming years as the lockdown restrictions have been uplifted and the energy demand has increased.
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