A power grid is just a network, which delivers electricity for electricity production plant to consumer. The battery storage provides flexibility for end user application such as solar power and wind power. The grid storage is classified as either front of the meter (FOM) storage and behind the meter (BTM) storage. The front of the meter is for community energy storage, utility application, and others and behind the meter storage is for both residential and commercial application. Global grid connected battery storage market generated revenue of US$ 996.8 million in 2017 and is expected to reach US$ 4,242.4 million by 2025.
GridConnected Battery Energy Storage Market is anticipated to exhibit a CAGR of 20.0% in the forecast period. Increasing demand for renewable energy is among the major driving factors for growth of the market, use of renewable energy increased the need for battery storage systems in the power gr ids. In accordance with International Renewable Energy Agency, in 2015, the global renewable energy production was 5.5 million Giga watt hour up from 5.3 million Giga watt hour in 2014. Hence, this increasing production of renewable energy has accelerated growth 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 Energy Storage, Alevo, Delco, Altair Nanotechnologies Inc., EnerDel, GNB Corporation, Ecoult, and Powertree Services Inc
The global Grid Connected Battery Energy Storage Market is anticipated to exhibit a CAGR of 20.0% in the forecast period (2018-2025)
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