The demand for stationary battery storage systems is driven by several factors, including the need for efficient and sustainable energy storage solutions, the challenges utilities face during peak demand periods, and advancements in battery storage technology.
NEWARK, Del., Dec. 5, 2023 /PRNewswire/ -- The United Kingdom stationary battery storage industry is forecast to increase from US$ 341.8 million in 2023 to US$ 3,184.2 million by 2033. Over the assessment period, the United Kingdom's demand for stationary battery storage is projected to surge at a CAGR of 25.3%.
Get an Exclusive Sample Copy of UK's Stationary Battery Storage Market, 2023-2033: https://www.futuremarketinsights.com/reports/sample/rep-gb-18491
Enhancing Energy Storage Solutions for Industries: The Role of Stationary Battery Storage Systems in the United Kingdom
Industries across the world are actively looking for efficient storage systems that are not only efficient but environmentally sustainable as well. Stationary battery storage systems play a crucial role in storing excess energy generated during periods of high renewable output and releasing it during times of low generation, reducing the need for additional generation capacity and minimizing grid stress.
Navigating the Demand for Stationary Battery Storage Systems in the United Kingdom's Industrial Landscape
The United Kingdom has a robust industrial and manufacturing sector where energy generation and storage are crucial. The demand for stationary battery storage systems in the United Kingdom is also rising as utilities face challenges during peak demand periods when electricity consumption is at its highest. Advancements in battery storage technology coupled with supportive government initiatives are driving the growth of the stationary battery storage industry in the United Kingdom.
Addressing Energy Challenges in the United Kingdom's Industrial Sector with Lithium-Ion Battery Storage
The demand for lithium-ion batteries in the United Kingdom's commercial and industrial sectors is gaining traction due to their long cycle life, allowing them to undergo many charge and discharge cycles before experiencing a significant decrease in performance. The United Kingdom is also prone to natural disasters like typhoons, earthquakes, and floods. In these scenarios, industries rely on energy storage systems and stationary battery storage to manage their energy requirements effectively.
United Kingdom Stationary Battery Storage Industry Overview
Attributes | Details |
CAGR (2023 to 2033) | 25.3 % |
Valuation (2023) | US$ 341.8 million |
Growth Factor | The need for advanced heat treatment processes in sectors like automotive, aerospace, and manufacturing |
Key Trend | Manufacturers in the stationary battery storage industry are addressing the energy-efficiency concern by integrating batteries to enhance energy security. |
Understand global, regional, and country-level parameters with growth opportunities, historical data (2018-2022), and forecasts (2023-2033). Buy this report today!
"The United Kingdom stationary battery storage industry is predicted to expand around 9.3X through 2033. This is due to the growing demand for energy resilience and the need for uninterrupted power supply across diverse industries, including renewable energy integration, grid stabilization and frequency regulation, manufacturing, data centers, defense and military, and remote and off-grid," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Report
- Over the forecast period, United Kingdom stationary battery storage demand is anticipated to rise at 25.3% CAGR.
- Utility and grid are expected to dominate the United Kingdom stationary battery storage industry with a volume share of about 46.1% in 2023.
- The United Kingdom stationary battery storage industry is poised to exhibit healthy growth, totaling a valuation of US$ 3,184.2 million by 2033.
- Lithium-ion batteries dominate the United Kingdom stationary battery storage industry with a whopping share of 22%.
Competitive Landscape
The United Kingdom stationary battery storage industry is fragmented, with leading players, such as EON United Kingdom, Centrica, OVO Energy, Anesco, RES, Belectric United Kingdom, Zenob Energy, GRIDSERVE Sustainable Energy Ltd, Eelpower, Moixa, Connected Energy, and Ecotricity. Key stationary battery storage companies invest in continuous research to produce new products and increase their production capacity to meet end-user demand. They are also inclined toward adopting strategies, including acquisitions, partnerships, mergers, and facility expansions, to strengthen their footprint.
Recent Developments in Stationary Battery Storage Industry:
- In May 2023, Centrica announced the development of its first battery storage outside the United Kingdom. Centrica Business Solutions has started work on a 24MW battery storage facility in Ostend.
- In July 2023, Centrica built the largest battery storage project to date. Centrica Business Solutions has secured the development rights to a 65MW two-hour battery storage plant in Perthshire, Scotland, its largest battery storage acquisition.
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI's Extensive Coverage in the Oil and Gas Domain:
- The global energy harvesting market is poised to reach US$1.95 billion by 2033, expanding at a CAGR of 7.5% from 2023 to 2033. - Review and Request to Download Sample Report.
- The global battery energy storage system market is projected to surge to US$52.9 billion by 2033 from US$18.5 billion in 2023, expanding at a robust CAGR of 11.1%. - Review and Request to Download Sample Report.
- The global fuel additives market is forecast to reach US$10.5 billion by 2033, expanding at a steady CAGR of 5.4% from 2023 to 2033. - Review and Request to Download Sample Report.
- The global CNG tanks cylinders market is expected to reach US$3.5 billion by 2033, expanding at a CAGR of 6.7% from 2023 to 2033. - Review and Request to Download Sample Report.
- The global digital oilfield solutions market is anticipated to surge to US$65.4 billion by 2033 from US$39.63 billion in 2023, expanding at a CAGR of 5.1%. - Review and Request to Download Sample Report.
- The global waste-to-energy (WTE) market is anticipated to reach US$88.96 billion by 2033, expanding at a CAGR of 7.3% from 2023 to 2033, driven by the growing demand for sustainable energy sources and the need for effective waste management solutions. - Review and Request to Download Sample Report.
- The global floating power plant market is projected to attain a valuation of US$ 11.04 billion in 2023 and is expected to reach US$ 26 billion by 2033, trailing a CAGR of 9% during the forecast period. - Review and Request to Download Sample Report.
- The global social media and destination market is projected to reach US$459.5 billion by 2033, expanding at a CAGR of 13.7% from 2023 to 2033. - Review and Request to Download Sample Report.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact Us
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
Logo: https://mma.prnewswire.com/media/1197648/3531122/FMI_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/uks-industrial-and-manufacturing-sectors-drive-demand-for-stationary-battery-storage-systems--future-market-insights-inc-302006346.html
