Research and Markets - Global Battery Energy Storage Systems for Smart Grid Market CAGR Growth of 72.91% by 2020 - Trends, Technologies & Opportunities Report 2016-2020 - Key Vendors: Bosch, A123, Saft
The report forecast the global battery energy storage market for smart grid to grow at a CAGR of 72.91% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: One trend spurring growth in this market is grid modernization. The aging power infrastructure, need for mitigation of cybersecurity risks, and the addition of new resources to the grid have compelled the electricity industry to look for ways to make the grid reliable, protect it against cybersecurity, and increase flexibility. This has led utilities to adopt smart grids that use digital and IT systems to manage the power flow efficiently. According to IEA, $1.787 trillion and $5.03 trillion are expected to be invested globally for new additions, refurbishment, and replacement of the transmission and distribution infrastructure respectively between 2014 to 2035.
According to the report, one driver impelling growth in this market is the rise in power consumption. With growth in population and increasing urbanization, there has been an increase in power consumption. Excess power consumption has led to power outages in many countries and has also resulted in heavy loads during peak hours. One of the reasons for power outages is the massive loss of electricity during its transmission and distribution from the power plants. The use of smart grid storage technologies enables reduction of such losses and improves the efficiency of power plants.
What will the market size be in 2020 and what will the growth rate be?
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What is driving this market?
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