Renewable Energy Generation Need of the Hour
- Ratification of the Paris Agreement to curb the rise of global temperature below 2?C has resulted in significant investment in renewable energy sources across the globe. Governments and concerned authorities are investing substantially in order to increase their share of renewables in the energy mix.
- Sources of renewable energy such as solar, wind, biomass, gas driven micro-turbines, fuel cells, and hydropower are gaining momentum in energy generation mix. They are expected to play an important role in power generation.
- Significant portion of power generated from these renewables is off-grid and are sometimes challenging due to their intermittent and variable nature. Such unpredictable nature and abrupt fluctuations in power & voltage necessitate the requirement of energy storage solutions for the effective implementation of these resources. This has resulted in development of distributed energy storage system across the globe.
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Key Drivers of Distributed Energy Storage System Market
- Distributed energy storage system enables smooth integration of renewable energy sources to the main grid by reducing their variability. Furthermore, distributed energy storage system helps in storing excess power generated by renewable sources in order to be used during peak demand. Therefore, increase in adoption of renewable energy and rise in demand for clean power are anticipated to be major drivers of the distributed energy storage system market.
- Distributed energy storage system provides support and reduces stress on grid infrastructure during peak hours by providing back-up power, voltage support, frequency support, power quality, and peak shaving in the grid. This enables power companies to meet the rise in demand for electricity with relative ease at any possible time. Therefore, increase in demand for power is estimated to be a key driver of the distributed energy storage system market.
Emergence of Smart Grid to Offer Lucrative Opportunities
- Integration of advanced technologies, synergetic digital communication, and smart control strategies in existing power grid has resulted in a new phenomenon, known as smart grids, in the power sector
- Development of smart grids has transformed the way in which power is generated, distributed, and consumed. It has resulted in better and improved grid utilization, reliability, and security for customers and power companies. Smart grids are now viewed as energy infrastructure solution for future intelligent cities.
- Distributed energy storage system helps in balancing power generation and demand across a grid, thereby supporting and playing a crucial role in smart grid implementation and operation. Furthermore, distributed energy storage system enables integration of distributed energy generation systems into main grid, thereby increasing the resilience and reliability of grid operations.
Asia Pacific Anticipated to Hold Major Share of Global Distributed Energy Storage System Market
- Asia Pacific is expected to lead the global distributed energy storage system market during the forecast period. It is anticipated to be followed by North America and Europe.
- Large portfolio & capacity of renewable energy sources and limited grid infrastructure presence are key factors driving the distributed energy storage system market in the region.
- Increase in investments & rise in capacity of renewable energy sources, and increase in incentives for renewables provided by governments and authorities in the region, especially in developing economies of China and India, are likely to drive the distributed energy storage system market during the forecast period.
- Rise in emergence of smart grids and growth in renewable capacity are projected to drive the demand for distributed energy storage system in North America and Europe.
- Increase in awareness about renewables and growth in government initiatives for renewable power generation in Latin America and Middle East & Africa are likely to boost the distributed energy storage system market in these regions.
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Key Players Operating in Global Distributed Energy Storage System Market
Key players operating in the global distributed energy storage system market include
- MCV Energy
- Johnson Controls
- Schneider Electric
- NEC Energy Solutions
- General Electric
Global Distributed Energy Storage System Market: Research Scope
Global Distributed Energy Storage System Market, by Product Type
- Single-phase Type
- Three-phase Type
- Double-phase Fire Line Type
Global Distributed Energy Storage System Market, by Application
- Grid Storage
- Renewable Energy Storage
- Others (Communication Base Station)
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.