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

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.
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Grid Scale Energy Storage Market Analysis, Share and Size, Emerging
Trends, Overview and Outlook, Growth And Segment Forecasts To
Technavio Announces the Publication of its Research Report – Global Grid Scale Energy Storage Market
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.
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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
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
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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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About Grid Scale Energy Storage
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. They
maintain the power quality and reliability with short response time. In addition, they also smoothen the
energy output of renewable sources, which are intermittent in nature.
Technavio’ s analysts forecast the global grid-scale energy storage market to grow at a CAGR of 34.8%
during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global grid-scale energy storage
market for 2016-2020. To calculate the market size, Technavio considers the revenue generated from
the sales of grid-scale energy storage systems.
The market is divided into the following segments based on geography:
• Americas
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Technavio's report, Global Grid Scale Energy Storage Market 2016-2020, has been prepared based on an
in-depth market analysis with inputs from industry experts. The report covers the market landscape and
its growth prospects over the coming years. The report also includes a discussion of the key vendors
operating in this market.
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Connect for more details:
Sam Collins
Market Reports Center
1-646-883-3044 (US)
[email protected]
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