Grid Connected Battery Energy Storage Market Now Demanding Globally

An electrical grid is 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. The market is expected to exhibit a CAGR of 20.0% in the forecast period. Increasing demand for renewable energy is one of the major driving factors for growth of the market, use of renewable energy increased the need for battery storage systems in the power grids.

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Currently, the research report pays particular attention to the following regions:
North America (United States, Canada, Mexico), Europe (Germany, United Kingdom, France, Italy, Russia, Spain, etc.), South America (Brazil, Argentina, etc.) and Middle East and Africa (Saudi Arabia, South Africa, etc.)

The main key players in the industry are-
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.

On the basis of geography, the grid connected battery market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The grid connected battery market in Asia Pacific region held the dominant position in the global market in 2017 and is projected to retain its dominance throughout the forecast period. China, India, and Japan are growth engines in the grid connected batteries market in Asia Pacific.

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.

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