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Greater need for Battery Energy Storage Systems for Smart Grid Market Booming At CAGR Of 72.91% Between 2016-2020

Press Release   •   Jun 01, 2017 07:11 EDT

About the Battery Energy Storage Market for Smart Grid

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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.

Technavios analysts forecast the global battery energy storage market for smart grid to grow at a CAGR of 72.91% during the period 2016-2020.

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Covered in this report

The report covers the present scenario and the growth prospects of the global battery

energy storage market for smart grid for 2016-2020. To calculate the market size, Technavio considers the revenue generated from the total consumption of battery energy storage for smart grid globally. The report does not include revenue generated from the aftermarket service of the product.

The market is divided into the following segments based on geography:

America

APAC

EMEA

Technavio's report, Global Battery Energy Storage Market for Smart Grid 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.

Key vendors

Siemens

ABB

Samsung SDI

GE-Alstom

A123

Bosch

BYD

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Other prominent vendors

AES Energy Storage

LG Chem

Saft

Axion Power International

Solar Grid Storage

Market driver

Greater need for energy storage as distributed generation

For a full, detailed list, view our report

Market challenge

High installation costs

For a full, detailed list, view our report

Market trend

Grid modernization

For a full, detailed list, view our report

Key questions answered in this report

What will the market size be in 2020 and what will the growth rate be?

What are the key market trends?

What is driving this market?

What are the challenges to market growth?

Who are the key vendors in this market space?

What are the market opportunities and threats faced by the key vendors?

What are the strengths and weaknesses of the key vendors?

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