The report, now available on ASDReports, 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.
Commenting on the report, an analyst 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 storage system must be carefully chosen by taking into consideration factors such as cycle efficiency, cycle life, self-discharge rate, and power and energy density. The system has to be selected based on the required application. For instance, in places such as India and Africa, where power outages can last for more than expected, the storage systems with low discharge rates are ideal. In addition, the excessive rise in temperature could cause these batteries to degrade or shorten their life cycles. The optimal operating temperature of a lithium-ion battery is 10?C-50?C. In some cases, these batteries are known to overheat or catch fire due to thermal instability. Such instances increase the technological risk and affect the growth of the market.
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: Aug 18, 2016