Global Grid Energy Storage Market Overview:
Energy storage systems make easier the modernization of electricity grids to ensure the delivery of reactive and active power. Todays electric system is facing huge challenges such as handling of energy needs, climate change, enhancing efficiency from non-renewable energy processes. The grid energy storage helps to tackle these challenges by enhancing operating capabilities of the grid, lowering cost and ensuring high reliability, reducing infrastructure investments. And it also provides backup power as well as grid stabilization services. Some of the key players profiled in the study are ABB (Switzerland), Beacon Power (United States), Hydrostor (Canada), Tesla (United States), General Electric (United States), Samsung SDI (South Korea), EnerVault (United States), S&C Electric (United States) and Maxwell Technologies (United States).
On the basis of geography, the market of Grid Energy Storage has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Services, the sub-segment i.e. Bulk Energy Services will boost the Grid Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Energy Storage Technologies , the sub-segment i.e. Pumped Hydro will boost the Grid Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Installation Rate Power, the sub-segment i.e. Less Than and Equal To 10 Kw will boost the Grid Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Modernizing the Electric System
- High Movement of Nations towards Electrification of the Transportations Sector
- Increase Penetration of Renewable Energy on the Grid
- Growing Demand in Europe and Japan Because Of Higher Fraction of Grid Storage
- Increasing Storage Development in Europe and Asia
- Stringent Regulatory Environment
- Growing Concern towards Safety, Reliability in Energy Storage Systems
- Growing Demand in China and India, Because Of Growing Number of Energy Storage Programs to Support the Rapid Growth in Electric Energy Needs
- Growing Cost Competition in Energy Storage Technologies
Major Market Developments:
In Aug 2019, Tesla announced the new 3MWh energy grid storage battery known as Megapack. The company deployed emissions-free, 250 MW/1 GWh power plant. Through this company reduces the complexity of large-scale battery storage and also provides easy installation and connection process.
The global grid energy storage market is highly competitive and consists of some key players. In terms of market share, few of the key players presently dominate the global market. These market players are leveraging on strategic collaborative creativities to intensification their market share and escalation their profitability.
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Grid Energy Storage Providers, Government Regulatory and Research Organizations and End-Use Industries
Major Objectives Focused through this Study
To define, describe, and forecast the Global Grid Energy Storage market on the basis of product  , application [Solar and Wind Power Firming, Microgrids, Voltage Sag Mitigation and UPS, Primary Frequency Response, Generator Bridging, Ramping, and Regulation and Hybrid Storage], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Grid Energy Storage market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Grid Energy Storage industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Manufacturers which are also part of the research are .
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Grid Energy Storage market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.