Batteries To Store Energy

Posted by sainath on December 18th, 2018

The Global Utilities Market, a part of the utilities industry, grew at a compound annual growth rate (CAGR) of around 2.5% during the historic period. The utilities industry showed a steady growth. The growth is mainly due to increase in demand for electricity around the world. The fight against climate change has seen substantial growth in the utilities market, over the past few years, both in developed and developing countries. In recent times governments have poured huge investments in this sector, with the USA, China and Germany taking the lead

In the forecast period, the global utilities market size is expected to be over 00 billion by 2021, growing at a CAGR of nearly 3%. This is expected due to the expected increase in the demand for electricity from households and industrial establishments. In addition, most economies are expected to have low but improving economic growth with inflation slightly increasing, and improvements in the quality of life in developing countries over next few years will likely result in a rise in the sector. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global utilities market in the future. 

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Electric power generation companies are increasingly using batteries to store solar energy during daylight hours. These energy-storage sites consist of large lithium-ion batteries. These batteries store enough energy to serve as a back-up in case of fuel shortages. They are designed to absorb solar power and feed it back to the grid. These systems minimize the need for capital intensive power generation plants, thereby enhancing transmission and distribution efficiencies and thus reduce operational costs.

Major companies in the utilities market, offering telematics technology include Électricité de France, Enel, Engie, Iberdrola, Exelon, Duke Energy, E.ON, National Grid, Southern Company, and NextEra.

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