London, 09 October 2014 – TechNavio, a global tech-focused research firm has announced the publication of its market research report on the Global Energy Storage for Microgrids Market 2014-2018.
Energy storage systems perform three functions: Energy management, power bridging and power quality control. Advances in technology have created an opportunity for storage systems to provide unique ancillary and customer energy management services to the evolving grid. The Global Energy Storage for Microgrids Market is expected to grow at a CAGR of 19 percent from 2013-2018.
About the Report
The latest report by TechNavio focuses on the growing need for energy security and reliable power supply that is fuelling the growth of microgrid installations, especially in remote systems and for military purposes. The report also highlights government support around the globe that is continuously pushing for energy independence and the implementation of environmentally friendly technology.
“The market for energy storage systems in microgrids is characterized by the presence of a large number of vendors. Companies like Panasonic, Samsung, Sony and Johnson Controls that specialize in lithium-ion batteries manufacturing, collaborate with solar panel manufacturers and inverter manufacturers so as to facilitate better functioning of microgrids. Power-equipment manufacturing companies like ABB, GE and Siemens are also actively participating, thereby establishing a strong foothold in the market,” says Faisal Ghaus, Vice President of TechNavio.
Key Information Covered in the Report:
Market segmentation, size and forecast through 2018
Market Growth Drivers:
- Increase in Microgrid Installations
- For a full detailed list, view our report.
Market Challenges:
- High Battery Cost
- For a full detailed list, view our report.
Market Trends:
- Government Support
- For a full detailed list, view our report.
Key Vendors:
- ABB Ltd.
- EnStorage
- General Electric Digital Energy
- NEC
Other Prominent Vendors:
- Ampard
- Green Energy
- Greensmith Energy
- Raytheon
https://www.technavio.com/%3Cp%3E%3Ca%20href%3D%22http%3A//www.technavio….
