Press release
Grid-tied Energy Storage System Market Size, Share, Recent Trends, Business Opportunities, Revenue Growth and Global Forecast by 2027
* 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.
* Modernization of the electric grid with electricity storage system is expected to help meet the challenges such as climate change, CO2 emissions and uninterrupted power supply as energy storage system can be used as backup power as well as grid stabilizers.
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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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Lack of standardization and modernization of Grid
* Aging grid infrastructure is the key restrains in grid-tied energy storage system.
* High capital investment for standardization and modernization of grid system would also be the major restrain for the growth of grid-tied energy storage system.
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The Global Grid-Tied Energy Storage System Market
* The global grid-tied energy storage system market can be segmented in terms of storage, source, end user and by region
* Grid-tied energy storage system market can be segmented by type of storage, such thermal, pumped hydro, fuel cell, batteries and supercapacitor. Fuel cell and batteries would be prominent to grow in forecast period.
* By source the market can be segmented as thermal, nuclear, hydropower, solar, wind, waste or biogas and others (wave etc.), Solar, wind, waste or biogas would have more growth, clean energy sources as the environmental awareness is increasing.
* This market is further segmented by end user such as domestic, commercial, and industrial.
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