London, 24 September 2014: TechNavio, the independent tech-focused global research firm, has published a report on the Global Smart Grid Storage Technologies Market 2014-2018, which is expected to grow at a CAGR of 38 percent during the forecast period of 2013-2018.
Smart grid storage technology is a method used to store electricity on a large scale with the integration of a smart grid system. It enables the balance of the demand-supply mismatch and reduces power outages. Lead-acid, sulfur, lithium-ion, supercapacitors, and flow batteries are the five main types of storage technology used in the smart grid system.
“The use of smart grid storage technologies makes transmission and distribution more flexible and can help to meet the peak demand and increase the system efficiency,” says Faisal Ghaus, Vice President of TechNavio.
“The use of smart grid storage technologies enables the reduction of losses and improves the efficiency of power plants.”
Key Market Drivers
- Increase in Power Consumption
- Increase in Need for Energy Storage as Distributed Generation
- Increase in Environmental Concern
Key Market Trends
- Increase in Integration of Renewable Energy
- Presence of Large Number of Players
- Increase in Investment
Key Market Vendors
- Altairnano
- Beacon Power
- Ice Energy
- Xtreme Power
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
