+30% CAGR to Be Achieved by Grid Scale Energy Storage Technology Market by 2023 – Key Vendors: ABB, Beacon Power, Hydrostor, LG Chem, Samsung SDI – Forecast to 2023
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.
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