The Global Market for Grid Energy Storage Technology is Projected to Exceed 415 Thousand Megawatts in Terms of Capacity Installations by 2020

The Imminent Shift Towards Renewable Energy & the Resulting Need for Efficient Storage Drives the Grid Energy Storage Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Grid Energy Storage market. The global market for Grid Energy Storage Technology is projected to exceed 415 thousand megawatts in terms of capacity installations by 2020, driven by the growing prominence of efficient, cost-effective, and seamless electric power grid and the need for efficient energy storage from the imminent shift towards renewable energy sources.

Factors such as the need for energy independence, climate change, and rising costs of energy, which have brought renewable energy sources into the limelight, are behind the growing demand for energy storage systems. Power production from renewable energy sources such as solar and wind is increasing significantly in recent years bringing into focus the need for load balancing measures. This increasing share of variable forms of power generation is posing a challenge to traditional electricity grid that represents centralized units capable of managing consistent predictable electric power supply. The increasing stress on the traditional grid model by the time and weather dependent renewables can result in distortions in the electric power market and instability in the grid. Under the circumstances, grid energy storage presents a dynamic future that can eliminate power fluctuations and offer steady electric power supply. Grid energy storage is primarily driven by the rising need for efficient, cost-effective, and seamless electric power grid that can meet all clean energy and capacity requirements from the point of generation to the final end-user.

Myriad benefits of grid energy storage that will drive market adoption in the coming years include provision of uninterruptible power supply for national defense and data centres; electrifying transportation such as traffic signals, trains and cars; stabilizing the renewable energy’s intermittent sources; attaining a reliable supply of electricity for the consumer; and balancing the load of the grid with the generated power. Strong growth is projected for the grid energy storage market driven by the steadily declining Li-ion battery and PV prices and advancements in materials technology; growing investment in grid energy storage technologies by public and private sectors; favorable government policies and regulatory frameworks; and increasing renewables integration necessitating the need for efficient storage. Additionally, energy storage innovations in various applications such as electric vehicles, distributed storage, and microgrid energy storage are further expected to benefit market prospects tremendously. Other important growth drivers include the steady evolution of the smart grids, increasing deployments of solar microgrids, growing trend towards using ultracapacitors for grid energy storage applications, and robust power consumption driving the need for alternative energy sources and storage.

As stated by the new market research report on Grid Energy Storage, Europe represents the largest market worldwide. The United States is forecast to emerge as the fastest growing market with a CAGR of over 21% over the analysis period.  Grid fragilities, surging investments in grid infrastructure, increasing emphasis on energy efficiency initiatives, integration of renewable energy sources into the main power grid, growing prominence of solar energy storage, and changing power generation mix represent key growth drivers in the market.

Key players covered in the report include ABB Ltd., AES Corporation, Alevo Group SA, Aquion Energy, Beacon Power, LLC, BYD Co. Ltd., East Penn Manufacturing Company, Inc., Electrovaya Inc., EnSync Inc., GE Energy, Green Charge Networks, LG Chem Ltd., LightSail Energy, NEC Energy Solutions, NGK Insulators, Ltd., Primus Power, Redflow Limited, S&C Electric Company, Saft Groupe S.A., Samsung SDI Co., Ltd., and SustainX Inc., among others.

The research report titled “Grid Energy Storage: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in terms of capacity installations in Megawatts for major geographic markets including the US, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, and Rest of Asia-Pacific), and Rest of World. Key technology segments analyzed in the report include Pumped Hydro, and Others.

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