According to Research and Markets’ new report, frequency regulation is the major economic driver in the case for grid storage.
Editor’s note: Research and Markets has added a new report to their offering, entitled “Global Off-grid Energy Storage Market 2015-2019.” The analysis focuses on Li-ion, lead-acid, and sodium-based batteries and provides a host of market breakdowns. It predicts a steady compound annual growth rate (CAGR) for off-grid storage of nearly 7.5% by 2019. Here is the release…
This market is dominated by multiple global, regional, and local vendors who provide high-tech, customized batteries for energy storage. The development and introduction of Li-ion, sodium-sulphur, and advanced lead-acid battery products during the forecast is expected to augment the revenue-generating capacity for vendors as it helps them to overcome competition and gain prominence in the market.
Energy storage systems are used to store excess electricity that can be utilized during power shortages, blackouts, and peak hours of demand. The global market for off-grid energy storage is driven by the need to maintain off-grid issues like grid stability, grid flexibility, and frequency regulation. These factors promote growth in this market during the forecast period and results in its steady CAGR of nearly 7.5% by 2019.
Energy storage helps in the smoothing and supply shift of renewable energy sources like wind and solar PV. It also helps to optimize the variable renewable energy feed-in to the grid, which is expected to drive the market for battery based energy storage during the forecast period.
According to the report, frequency regulation is the novel technology in ESS and is the major economic driver in the case of grid storage. This enables the power producers to generate electricity at a lower price and helps them in achieving the economies of scale. Frequency regulation in ESS helps in replacing the maintenance of the power grid frequency of 60 Hz by enabling charging and discharging of ESS.
Further, the report states that manufacturers are required to look at the intended and unintended use of battery packs by consumers. Adherence to specific standards adds to the costs, which deters manufacturers from investing more into the market.
The key questions answered in the report include:
- What will the market size and the growth rate be in 2019?
- What are the key factors driving the global off-grid energy storage market?
- What are the Key Market trends?impacting the growth of the global off-grid energy storage market?
- What are the challenges to market growth?
- Who are the key vendors in the global off-grid energy storage market?
- What are the market opportunities and threats faced by the vendors in the global off-grid energy storage market
- Trending factors influencing the market shares of the EMEA, Americas, and APAC?
- What are the key outcomes of the five forces analysis of the global off-grid energy storage market?
Read more at http://globenewswire.com. Note: Research and Market reports start at USD $2,000 and up.
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