Grid Scale Energy Storage Market Trends, Size, Share and Analysis

Technavio Announces the Publication of its Research Report – Global Grid Scale Energy Storage Market 2016-2020

Technavio recognizes the following companies as the key players in the global grid scale energy storage market: ABB, Beacon Power, Hydrostor, and LG Chem.

Other Prominent Vendors in the market are: EnerVault, GE, Samsung SDI, S&C Electric, and SustainX.

Browse full report with TOC@ https://marketreportscenter.com/reports/349480/global-grid-scale-energy-storage-market-2016-2020

Commenting on the report, an analyst from Technavio’s team said: “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...