Seattle, WA -- (SBWIRE) -- 10/02/2019 -- An electrical grid is a network, which delivers electricity for electricity production plant to consumer. The battery storage provides flexibility for end user application such as solar power and wind power. The grid storage is classified as either front of the meter (FOM) storage and behind the meter (BTM) storage. The front of the meter is for community energy storage, utility application, and others and behind the meter storage is for both residential and commercial application. Global grid connected battery storage market generated revenue of US$ 996.8 million in 2017 and is expected to reach US$ 4,242.4 million by 2025.

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The market is expected to exhibit a CAGR of 20.0% in the forecast period. Increasing demand for renewable energy is one of the major driving factors for growth of the market, use of renewable energy increased the need for battery storage systems in the power grids. According to International Renewable Energy Agency, in 2015, the global renewable energy production was 5.5 million Giga watt hour up from 5.3 million Giga watt hour in 2014. Hence, this increasing production of renewable energy has accelerated growth of the market, globally.

Lithium-ion battery held the dominant position in the market in 2017 and is expected to retain its dominance throughout the forecast period. Due to advantages of Lithium ion battery such as high energy density, low self-discharge, low maintenance have accelerated the segment in the market. Lithium ion battery are deployed in wide range of application such as from small scale batteries used in residential systems to multi-megawatt batteries used for utility application. In addition to this, due to advantage of high energy density and power density and declining cost of lithium ion battery is a major factor for growth of the segment in the grid connected battery market.

This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players.It profiles leading players in the global grid connected battery energy storage market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, grid connected battery energy storage market capital, key developments, strategies, and future plans.

Companies covered as part of this study include NGK Insulators Ltd., BYD Company, NEC Corporation, Samsung SDI Co., LG Electronics Inc., Xtreme Power, Saft Groupe S.A., AES Energy Storage, Alevo, Delco, Altair Nanotechnologies Inc., EnerDel, GNB Corporation, Ecoult, and Powertree Services Inc.

Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future product launches, product upgrades, market expansion, and marketing tactics.

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The global grid connected battery energy storage market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts.
Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global grid connected battery energy storage market.