Lithium-ion Battery Market for Stationary Application to Grow Extensively during 2021-2031

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Lithium-ion Battery Market for Stationary Application: Introduction

Transparency Market Research delivers key insights on the global lithium-ion battery market for stationary application. In terms of revenue, the global lithium-ion battery market for stationary application is estimated to expand at a CAGR of 17.4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecast in its report on the global lithium-ion battery market for stationary application.

The global lithium-ion battery market for stationary application is broadly affected by several factors, including rise in usage of lithium-ion battery market for stationary application in grid-connected and telecom industries.

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Lithium-ion Battery Market for Stationary Application: Dynamics

Stationary battery is available in wide varieties and designs for different applications. It is used for applications where power is necessary only on standby or emergency basis. Stationary batteries are infrequently discharged. Lithium can charge and discharge at high rate, thus providing maximum versatility applications. Lithium nickel manganese cobalt oxide battery, lithium cobalt oxide battery, lithium iron phosphate battery, lithium manganese oxide battery, and lithium nickel cobalt aluminum oxide battery are major types of lithium-ion batteries, which play a key role in stationary applications in industrial, telecom, and grid-connected industries.

Rise in demand for renewable power generation and expansion of industry segments are driving the lithium-ion battery market for stationary application. High energy density, improved performance, and long lifecycle are also the key factors driving the usage of lithium-ion batteries in industrial applications. It is becoming commonplace for facilities to decide a battery system that relies on the lithium-ion technology for dependable and reliable performance. Lithium-ion batteries are designed for handling extreme load for machinery, including complex devices having non-sinusoidal current requirements. Manufacturing units need heavy load for protection against sudden outages and power surges. This is where lithium-ion battery has emerged as a feasible solution.

Low maintenance of batteries is expected to drive the market. The lithium-ion battery systems do not require continuous repair and maintenance such as traditional batteries. This helps decrease the chance of an interruption in your critical industrial applications. Lithium-ion batteries can also work in the most challenging of environments by their ability to survive extreme temperature conditions. These batteries can last for more than 1,000 cycles for recharge they can even reach the upper limit of 5000 cycles in some precise conditions.

In developing as well as developing countries such as the U.S., the EPA (Environmental Protection Agency) has imposed stringent regulations on diesel power generators. In 2011, the EU Stage-IIIB standards were developed for engines rated with 56kW, while Stage IV standards were developed for engines rated with 56–130 kW in 2014. Both these standards regulate the reduction of particulates and nitrogen oxides, while also regulating emissions of hydrocarbon and carbon monoxide.

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Lithium-ion Battery Market for Stationary Application: Prominent Regions

Based on region, the global lithium-ion battery market for stationary application can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the global lithium-ion battery market for stationary application in 2020. The region is expected to maintain its dominance during the forecast period.

The lithium-ion battery market for stationary application in Middle East & Africa is anticipated to expand at a significant pace during the forecast period. The expansion of end-use industries in Latin America and Europe is expected to augment the lithium-ion battery market for stationary application in these regions during the forecast period. Rise in demand for lithium-ion battery market for stationary application in various applications is also likely to boost the lithium-ion battery market for stationary application in these regions over the next few years.

Lithium-ion battery Market for Stationary Application: Key Players

The global lithium-ion battery market for stationary application is fragmented with the presence of a large number of players. Major players operating in the global lithium-ion battery market for stationary application are Solvay, Siemens, Flux Power, Freyr AS, SAMSUNG SDI CO., LTD, BYD Motors Inc., LG Energy Solution, Hitachi, Ltd, GS Yuasa International Ltd., and PowerTech Systems, Contemporary Amperex Technology Co., Limited, and Electrovaya.