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.
- 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.
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.
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.
The Global Grid-Tied Energy Storage System Market
- Based on region, the global grid-tied energy storage system market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- The market in Asia Pacific is expected to expand at the maximum CAGR during the forecast period.
- Asia-Pacific region is likely to dominate the global market, in which South Korea would be the major market player.
- North Americas would be following the Asia Pacific in grid-tied energy storage system market. U.S. is the dominating regional market.
- In Europe, Germany has captured the large portion of market share of grid-tied energy storage system.
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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
- Samsung SDI
- AES Energy Storage
- Lithium Energy Japan
- GE Energy Storage
- Johnson Controls, Inc.
The Global Grid-Tied Energy Storage System Market: Research Scope
The Global Grid-Tied Energy Storage System Market, by Storage
- Pumped hydro
- Fuel Cell
- Super Capacitor
The Global Grid-Tied Energy Storage System Market, by Source
- Waste or Bio Gas
The Global Grid-Tied Energy Storage System Market, End User
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.
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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.
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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?
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