The report, now available on ASDReports, recognizes the following companies as the key players in the global battery energy storage systems for smart grids: Siemens, ABB, Samsung SDI, GE-Alstom, A123, Bosch, and BYD.
Other Prominent Vendors in the market are: AES Energy Storage, LG Chem, Saft, Axion Power International, and Solar Grid Storage.
Commenting on the report, an analyst said: “One trend spurring growth in this market is grid modernization. The aging power infrastructure, need for mitigation of cybersecurity risks, and the addition of new resources to the grid have compelled the electricity industry to look for ways to make the grid reliable, protect it against cybersecurity, and increase flexibility. This has led utilities to adopt smart grids that use digital and IT systems to manage the power flow efficiently. According to IEA, $1.787 trillion and $5.03 trillion are expected to be invested globally for new additions, refurbishment, and replacement of the transmission and distribution infrastructure respectively between 2014 to 2035.”
According to the report, one driver impelling growth in this market is the rise in power consumption. With growth in population and increasing urbanization, there has been an increase in power consumption. Excess power consumption has led to power outages in many countries and has also resulted in heavy loads during peak hours. One of the reasons for power outages is the massive loss of electricity during its transmission and distribution from the power plants. The use of smart grid storage technologies enables reduction of such losses and improves the efficiency of power plants.
Further, the report states that the technological challenges of Li-on batteries will pose a significant challenge for this market. The optimal operating temperature of a Li-ion battery ranges from 50?F to 122?F. Li-ion batteries can overheat and may lead to a fire mishap because of the thermal instability. Li-ion batteries deteriorate after one year whether it is being used or not. After 1,000 cycles, the battery loses 30% of its overall capacity. As a result, their prolonged performance decreases over a period of time.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Source: ASDReports - Market Research
Date: Jun 28, 2016