TechNavio recognizes the following companies as the key players in the Global Grid-scale Energy Storage Market: 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.
Commenting on the report, an analyst from TechNavio’s team said: “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.”
According to the report, 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.
Further, the report states that 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 to grow at a fast pace in the future.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/global-grid-scale-energy-storage-market-…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/energy
Follow us on Twitter @ Technavio
TechNavio Announces the Publication of its Research Report -Global Grid-scale Energy Storage Market 2012-2016
