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Global grid-scale energy storage market: 31.6% CAGR forecast between 2012-16
Global Grid-scale Energy Storage Market 2012-2016 - a new market research report on 2014-04-04 14:57:01
The Global Grid-scale Energy Storage market is to grow at a CAGR of 31.58 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing need to reduce power blackouts. The Global Grid-scale Energy Storage market has also been witnessing the increased demand for decentralized power generation. However, the reluctance of power utilities to upgrade systems in a power grid could pose a challenge to the growth of this market.

Various countries across the globe are investing in the Clean Energy sector. For instance, as part of the expansion in the Clean Energy sector, China has entered into a clean energy agreement through the US-China Energy Cooperation Program. The main purpose of the Energy Cooperation Program is to promote the clean energy technology of the US in China, thus generating business opportunities for companies in both countries. This increased investment in the Clean Energy sector is one of the major driving factors for the growth of the Global Grid-scale Energy Storage market. This is because grid-scale energy storage assists clean technology by reducing the power loss and by enabling the maximum and best utilization of the power grid. This one of the major trends observed in the Global Grid-scale Energy Storage market.

One of the major drivers is the increasing need to reduce power blackouts. The increasing incidence of power blackouts is one of the major issues faced by various power end-users across the globe, a major solution for which is the adoption of energy storage technologies in the power grid. Storage of power in the power grid enables power utilities to provide the storage power as backup during power blackouts; this will in turn increase reliability of the power grid.

One of the major challenges in this market is the reluctance of power utilities to upgrade systems in power grids. The installation and usage of various grid-scale energy storage technologies results in increased costs for the power utilities. As a result, various power utilities are reluctant to upgrade their power grids if the previously-installed systems are not damaged. This reluctance makes it difficult for the market is to grow at a fast pace in the future.

The key vendors dominating this market space are A123 Systems LLC, ABB Group, Beacon Power LLC, Build Your Dream Co. Ltd., GE Energy LLC, Panasonic Corp., S&C Electric Co. Inc., Schneider Electric SA, Siemens AG, Toshiba International Corp. Pty Ltd., and VYCON Inc.

The other vendors mentioned are Xtreme Power Inc., Boston-Power Inc., EnerDel Inc., and ZBB Energy Corp.

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