A power grid is just a network, which delivers electricity forelectricity production plant to consumer. The battery storageprovides flexibility for end user application such as solar power andwind power. The grid storage is classified as either front of themeter (FOM) storage and behind the meter (BTM) storage. The front ofthe meter is for community energy storage, utility application, andothers and behind the meter storage is for both residential andcommercial application. Global grid connected battery storage marketgenerated revenue of US$ 996.8 million in 2017 and is expected toreach US$ 4,242.4 million by 2025.
GridConnectedBattery Energy Storage Marketis anticipated to exhibit a CAGR of 20.0% in the forecast period.Increasing demand for renewable energy is among the major drivingfactors for growth of the market, use of renewable energy increasedthe need for battery storage systems in the power grids. In accordance with International Renewable EnergyAgency, in 2015, the global renewable energy production was 5.5million Giga watt hour up from 5.3 million Giga watt hour in 2014.Hence, this increasing production of renewable energy has acceleratedgrowth of the market, globally.
Grid Connected Battery Energy Storage Market Key Players:
NGK Insulators Ltd, BYD Company, NEC Corporation, Samsung SDI Co.,LG Electronics Inc., Xtreme Power, Saft Groupe S.A., AES EnergyStorage, Alevo, Delco, Altair Nanotechnologies Inc., EnerDel, GNBCorporation, Ecoult, and Powertree Services Inc
The global Grid Connected Battery Energy Storage Market isanticipated to exhibit a CAGR of 20.0% in the forecast period(2018-2025)
ReadMore@ https://bit.ly/3sZdzmz
