Grid Connected Battery Energy Storage Market New Business Opportunities and Inve
Posted by rohit on February 20th, 2020
An electrical grid is a network, which delivers electricity for electricity production plant to consumer. The battery storage provides flexibility for end user application such as solar power and wind power. The grid storage is classified as either front of the meter (FOM) storage and behind the meter (BTM) storage. The front of the meter is for community energy storage, utility application, and others and behind the meter storage is for both residential and commercial application. Global grid connected battery storage market generated revenue of US$ 996.8 million in 2017 and is expected to reach US$ 4,242.4 million by 2025. The market is expected to exhibit a CAGR of 20.0% in the forecast period. Increasing demand for renewable energy is one of the major driving factors for growth of the market, use of renewable energy increased the need for battery storage systems in the power grids.
This report provides in-depth analysis of grid connected battery energy storage market, market size (US$ Million), and Compound Annual Growth Rate (CAGR %) for the forecast period (2018– 2026), considering 2017 as the base year.
Request Sample Copy of this Report @https://www.coherentmarketinsights.com/insight/request-sample/1961
Increasing investment in renewable energy projects is one of the major driving factors for growth of the market. For instance, in 2018, AVAADA Energy, an India-based company, announced that they have signed a Memorandum of Understanding with Indian government to invest US$ 1.55 billion for the development of 1,600 MW solar project in Uttar Pradesh, India. Similarly, in 2017, the U.K. government announced plans to invest US$ 655 million (Euro 557) for renewable energy as part of the government’s Clean Growth Strategy. Moreover, high production of renewable energy in European countries have accelerated growth of the grid connected battery storage market. For instance, according to Coherent Market Insights, in Germany 34% of the total electricity was produced by renewable resources in 2017. Similarly, in Spain 32% of the total electricity was produced by renewable resources in 2017.
The major players operating in the global grid connected battery storage market include NGK Insulators Ltd, BYD Company, NEC Corporation, Samsung SDI Co., LG Electronics Inc., Xtreme Power, Saft Groupe S.A., AES Energy Storage, Alevo, Delco, Altair Nanotechnologies Inc., EnerDel, GNB Corporation, Ecoult, and Powertree Services Inc.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Coherent Market Insights
1001 4th Ave,
Seattle, WA 98154
Like it? Share it!
About the Authorrohit
Joined: February 6th, 2020
Articles Posted: 341
More by this author