DUBLIN, Dec. 1, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/cc55b6/global_offgrid) has announced the addition of the "Global Off-grid Energy Storage Market 2015-2019" report to their offering.
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.
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 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.
Key vendors in this market are
- Aquion Energy
- Green Charge
- LG Chem
- NEC Energy Solutions
- NRG Energy
Technological segmentation of the off-grid energy storage market
- Li-ion battery
- Sodium-based battery
- Lead-acid battery
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Market research methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market segmentation by technology
Part 07: Geographical segmentation
Part 08: Market drivers
Part 09: Impact of drivers
Part 10: Market challenges
Part 11: Impact of drivers and challenges
Part 12: Market trends
Part 13: Vendor landscape
Part 14: Key vendor analysis
Part 15: Appendix
For more information visit http://www.researchandmarkets.com/research/cc55b6/global_offgrid
Laura Wood, +353-1-481-1716, email@example.com
SOURCE Research and Markets