Lewes, DE -- (SBWIRE) -- 08/12/2016 -- Report forecast the global grid-scale energy storage market to grow at a CAGR of 34.8% during the period 2016-2020.

A grid-scale energy storage system stores power when there is excess and releases energy when there is demand such as during power outage. The increased use of intermittent renewable energy sources has resulted in the use of energy storage systems. Electricity storage primarily fills the gap between the ramping down/ ramping up time of wind/ solar powered energy generation systems. The energy storage systems provide operational support to ensure a smooth, uninterrupted flow of electricity supply. They maintain the power quality and reliability with short response time. In addition, they also smoothen the energy output of renewable sources, which are intermittent in nature.

The report covers the present scenario and the growth prospects of the global grid-scale energy storage market for 2016-2020. To calculate the market size, Technavio considers the revenue generated from the sales of grid-scale energy storage systems.

The market is divided into the following segments based on geography:
- Americas
- APAC
- EMEA

According to the report, one of the key drivers for market growth will be the government support. Government plays an important role in determining the rate of energy storage and energy usage. Countries such as Japan, the US, India, and South Korea support the use of renewable sources of energy and therefore are providing diverse incentives and financing options. With growth in the use of renewable sources, the need for energy storage is on the rise. The government regulatory requirements such as frequency regulation, capacity payment mechanisms that reward the best backup technologies, and achieving mandatory targets are also contributing to market growth.

Further, the report states that one of the challenges for the market will be the technological risks involved. The energy storage system must be carefully chosen by taking into consideration factors such as cycle efficiency, cycle life, self-discharge rate, and power and energy density. The system has to be selected based on the required application. For instance, in places such as India and Africa, where power outages can last for more than expected, the storage systems with low discharge rates are ideal. In addition, the excessive rise in temperature could cause these batteries to degrade or shorten their life cycles. The optimal operating temperature of a lithium-ion battery is 10°C-50°C. In some cases, these batteries are known to overheat or catch fire due to thermal instability. Such instances increase the technological risk and affect the growth of the market.

Global Grid Scale Energy Storage Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

key players in the global grid scale energy storage market: ABB, Beacon Power, Hydrostor, and LG Chem.

Other Prominent Vendors in the market are: EnerVault, GE, Samsung SDI, S&C Electric, and SustainX.

Market driver
- Extensive use of energy storage technologies in utility sector
- For a full, detailed list, view our report

Market challenge
- Use of lead acid batteries as energy storage
- For a full, detailed list, view our report

Market trend
- Growing use of renewable sources
- For a full, detailed list, view our report

Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?

Spanning over 52 pages and 36 Exhibit "Global Grid Scale Energy Storage Market 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Market segmentation by technology, Geographical segmentation, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Key vendor analysis, Appendix.

For more information Visit at: http://www.marketresearchreports.com/technavio/global-grid-scale-energy-storage-market-2016-2020

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