Advanced Energy Storage Systems Market to Grow at a CAGR of Around 14% During 2016-2020 - Market Analysis by Key Vendors and Key Regions
The global advanced energy storage systems market to grow steadily at a CAGR of close to 14% during the forecast period. Energy storage technology is used to store surplus electricity that can be utilized during power shortages, blackouts, and peak hours of demand. The growing demand for electricity worldwide coupled with an imminent need to reduce the demand-supply gap has prompted power utilities to adopt advanced energy storage.
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