Grid-tied Energy Storage System Market: Significant Increase in Investment of Energy Storage System
Rapid decrease in sources of conventional energy and constant increase in demand for energy have compelled companies to carry out intensive research for new, more efficient, and green power solutions with advanced technologies in energy storage systems
Of late, new energy and clean fuel technologies are being intensively pursued and explored due to the rise in environmental concerns across the globe. Research in solar, wind, tidal, and other non-conventional sources of energy increased significantly over the last decade. Research in electricity storage systems has also increased considerably.
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Need to Provide Reliable and Continuous Grid Energy
Lack of reliable and continuous energy is a key driver of the grid-tied energy storage system market. Demand for electricity is rising every day. Conventional electricity would not be able to meet this rise in demand in the near future. Supply of energy during peak hours is a challenge. Installation of grid-tied energy storage system is anticipated to resolve these issues.
Dependence on renewable sources of energy is estimated to increase in the near future. Major concern of renewable sources is inconsistent energy supply. Renewable source require energy storage systems. These energy storage system can be connected to the grid and ac as stabilizer.
Market witnessed the improved performance of batteries as well as the sharp decline in cost in past few years. For example the cost of lithium-ion battery has been decline by almost 80 % since 2010
Modernization of gird infrastructure into smart grid, Self-healing grid and micro grids are happening all around the world. These systems provides grid stabilization and provide continues energy supply. One of the major component in these system is grid-tied energy storage system. Hence modernization would be the key driver for the market.
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On June 2019, Sungrow got a contract to supply complete energy storage systems to a 30MW / 30MWh project in Germany.
On Jnuary 2019, UAE integrates 648MWh of sodium sulfur batteries from NGK Insulators Ltd across 10 locations
Key Players Operating in the Grid-tied Energy Storage System Market:
NGK Insulators Ltd
AES Energy Storage
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