The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Stationary Battery Storage Market.
It was estimated prior to this unanticipated outbreak that the Stationary Battery Storage Market was likely to witness an impressive CAGR of 15.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Market Share Analysis
Stationary Battery Storage Market Share: By Battery Type
Based on the battery type, the market is segmented as lithium-ion, sodium sulphur, lead acid, flow battery, and others. The lithium-ion segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The lithium-ion batteries have higher shelf life compared to the conventional batteries, which is encouraging the usage of these batteries.
Stationary Battery Storage Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the fastest-growing stationary battery storage market during the forecast period, with China, Japan, India, and Australia being the major countries offering lucrative growth opportunities. The trend of shifting from conventional power generation to clean/green source of energy has led the market of stationary battery storage all over the world. Further, the rural electrification in the developing countries of Asia-Pacific has boosted the demand significantly.
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