The Market for Stationary Energy Storage for EVs is Expected to Experience a 28% Compound Annual Growth Rate from 2020-2029
Europe, North America, and Asia Pacific are set to maintain a large majority of the total storage capacity due to high EV installation and charging infrastructure adoption rates
A new report from Guidehouse Insights analyzes the market for existing and emerging energy storage for electric vehicles (ESEV) technology, covering five global regions and providing forecasts through 2029.
As the rate of EV adoption increases across global markets, so does the demand for accessible and faster charging. To accelerate growth in this sector, charging networks must provide faster charging without incurring high demand charges or heavy costs for new infrastructure upgrades. One solution is the integration of energy storage systems into charging stations. Click to tweet: According to a new report from @WeAreGHInsights, the total compound annual growth rate (CAGR) across all segments for stationary ESEV is expected to be 28% by 2029, with total global installed stationary ESEV anticipated to reach around 1,900 MW by the end of the forecast period.
“A battery storage system can feed from the grid during low demand and release power to charge an EV during peak demand time,” says Maria Chavez, research analyst with Guidehouse Insights. “Energy storage not only aids in peak shaving to make EV charging solutions more cost effective, but also is needed to support integration of renewable energy resources (e.g., solar PV) into EV charging stations.”
Regionally, Europe, North America, and Asia Pacific are set to maintain a large majority of the total storage capacity, largely due to high regional EV installation and charging infrastructure adoption rates. While current high costs of battery storage and some negative environmental impacts still pose challenges to wider market adoption, solutions such as second-life battery applications can bridge the gap to provide more sustainable options in the ESEV market.
The report, Market Data: Energy Storage for EV Charging, looks closely at existing and emerging ESEV technology to create a comprehensive analysis of the global market. The report outlines the EV charging market, how energy storage can play a vital role in the market, and key technology considerations driving the EV charging industry. Charging location types covered include residential, fleet, private, public, and mobile. The charging levels discussed include alternating current (AC) Level 1-Level 3 (L1-L3), and direct current (DC). The report explores five global regions and provides forecasts through 2029. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Market Data: Energy Storage for EV Charging, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.