DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Grid Scale Energy Storage Market 2016-2020" report to their offering.
The global grid-scale energy storage market to grow at a CAGR of 34.8% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global grid-scale energy storage market for 2016-2020. To calculate the market size, the analyst considers the revenue generated from the sales of grid-scale energy storage systems. The report also includes a discussion of the key vendors operating in this market.
High demand for consistent and secure power will be a key trend for market growth. The rise in population and urbanization have resulted in an increased demand for energy. This demand is attributed to demand-supply deficit, which has led to power outage issues worldwide. One of the reasons for power outage is the substantial loss during T&D. The use of energy storage technologies reduces electricity loss, thereby improving the overall efficiency of power generation. We note that energy storage technologies make T&D more flexible, enhance the grid's ability to meet peak demand, and also improve the overall system efficiency.
According to the report, one of the key drivers for market growth will be the government support. Government plays an important role in determining the rate of energy storage and energy usage. Countries such as Japan, the US, India, and South Korea support the use of renewable sources of energy and therefore are providing diverse incentives and financing options. With growth in the use of renewable sources, the need for energy storage is on the rise. The government regulatory requirements such as frequency regulation, capacity payment mechanisms that reward the best backup technologies, and achieving mandatory targets are also contributing to market growth.
Further, the report states that one of the challenges for the market will be the technological risks involved. The energy storage system must be carefully chosen by taking into consideration factors such as cycle efficiency, cycle life, self-discharge rate, and power and energy density. The system has to be selected based on the required application. For instance, in places such as India and Africa, where power outages can last for more than expected, the storage systems with low discharge rates are ideal.
- Beacon Power
- LG Chem Johnson Controls
Other prominent vendors
- Samsung SDI
- S&C Electric
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Market research methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market segmentation by technology
Part 07: Geographical segmentation
Part 08: Market drivers
Part 09: Impact of drivers
Part 10: Market challenges
Part 11: Impact of drivers and challenges
Part 12: Market trends
Part 13: Vendor landscape
Part 14: Key vendor analysis
Part 15: Appendix
For more information about this report visit http://www.researchandmarkets.com/research/ghzcs6/global_grid_scale
Related Topics: Energy Storage