In-depth Grid Connected Battery Energy Storage Market Analysis | 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

Global grid connected battery energy storage market is expected to exhibit CAGR of 20.0% in the forecast period, according to a new market research report, Global Grid Connected Battery Energy Storage Market, By Battery Type (Lithium Ion Battery, Lead Acid Battery, and Others), By End Users (Residential, Industrial, Utilities, and Others) and by Geography.

Increasing demand for grid connected solutions is one of the major driving factors for growth of the market. The integration of grid connected system with renewable energy permits to provide the power/electricity to building, houses etc. For instance, in 2016, the Government of India announced that, Indian government and the World Bank singed a US$ 625 million credit agreement, which is expected to help Indian government to generate an electricity from widespread installation of rooftop solar photo voltaic. The project financed installation of 400 MW of grid connected rooftop solar photovoltaic in India. Hence, this increasing installation of solar photo voltaic provides clean, renewable energy, and reduce greenhouse gas emissions by displacing thermal generation.

Here request sample copy @ https://www.coherentmarketinsights.com/insight/request-sample/1961

"Lithium-ion battery segment held the dominant position in the global grid connected battery storage market in 2017"

Lithium-ion battery held the dominant position in the market in 2017 and is expected to retain its dominance throughout the forecast period. Due to advantages of Lithium ion battery such as high energy density, low self-discharge, low maintenance have accelerated the segment in the market. Lithium ion battery are deployed in wide range of application such as from small scale batteries used in residential systems to multi-megawatt batteries used for utility application. In addition to this, due to advantage of high energy density and power density and declining cost of lithium ion battery is a major factor for growth of the segment in the grid connected battery market.

The major players operating in the global grid connected battery storage market include 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.

Increasing investment in smart city initiatives is one of the key driving factors for growth of the grid connected battery storage market in the region. The integration of smart grid technology for the development of advanced electric transmission and distribution infrastructure in smart cities have accelerated the market in this region. For instance, according to the Indian government Union Budget 2018-19, the government has selected 99 cities under the smart city mission and will provide a fund of US$ 3.1 billion for the development of these cities. Moreover, increasing electricity production in Asia Pacific countries have also accelerated demand for grid connected battery storage. For instance, according to Coherent Market Insights, in 2017, India produced 1,156 terawatt hours electricity up from 1,098 terawatt hours in 2016. In 2017, 16% of the total electricity produced by renewable resources in India. Similarly, in 2017, China produced 6,529 terawatt hours up from 6165 terawatt hours in 2016.

Hence, this increasing production of electricity have accelerated growth of the market of grid connected battery in this region. In addition to this, rising government initiative for increasing production of renewable energy have also accelerated growth of the market in this region. For instance, according to Indian Brand Equity Foundation, the Indian government released its road map to achieve 175 GW capacity in renewable energy by 2022, in which 100 GW is for solar power and 60 GW is of wind power. Similarly, in 2017, the China government announced plans to invest US$ 360 billion in renewable energy by 2020. Moreover, North America grid connected battery market held the second position in the market.

Download PDF Brochure @ https://www.coherentmarketinsights.com/insight/request-pdf/1961

The U.S. and Canada are some of the major countries in this region. The high production of renewable energy in the region is a major driving factor for growth of the market. For instance, according to Coherent Market Insights, in 2017, Canada produced 712 terawatt hours electricity, of which 65% energy was produced by renewable resources.

Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
https://www.coherentmarketinsights.com/

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

This release was published on openPR.