Albany, NY -- (SBWire) -- 08/10/2016 --A grid-scale energy storage system stores power when there is excess and releases energy when there is demand such as during power outage. The increased use of intermittent renewable energy sources has resulted in the use of energy storage systems. Electricity storage primarily fills the gap between the ramping down/ ramping up time of wind/ solar powered energy generation systems. The energy storage systems provide operational support to ensure a smooth, uninterrupted flow of electricity supply. They maintain the power quality and reliability with short response time. In addition, they also smoothen the energy output of renewable sources, which are intermittent in nature.
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, Technavio considers the revenue generated from the sales of grid-scale energy storage systems.
The market is divided into the following segments based on geography:
- Americas
- APAC
- EMEA
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Technavio's report, Global Grid Scale Energy Storage Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
- ABB
- Beacon Power
- Hydrostor
- LG Chem Johnson Controls
Other prominent vendors
- EnerVault
- GE
- Samsung SDI
- S&C Electric
- SustainX
Market driver
- Extensive use of energy storage technologies in utility sector
- For a full, detailed list, view our report
Market challenge
- Use of lead acid batteries as energy storage
- For a full, detailed list, view our report
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Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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At a CAGR of 34.8%, Global Grid Scale Energy Storage Market to Rise over the Forecast 2016-2020
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