Guidehouse Insights predicts the market for stationary energy storage for electric vehicles (EVs) will grow by 28% per annum by 2029.
The total global installed stationary energy storage for EVs is anticipated to reach around 1,900MW by 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
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.
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 market.
Maria Chavez, research analyst with Guidehouse Insights, said: “A battery storage system can feed from the grid during low demand and release power to charge an EV during peak demand time.
“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.”
Read more about the report.