The deployment of utility-scale energy storage technologies is likely to rise over the coming years owing to the mounting demand for energy, says Transparency Market Research (TMR) in a new research report. The report is titled, “Utility-Scale Energy Storage Technologies Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.”
According to the report, energy storage systems and battery energy storage solutions have proven that utility-scale energy storage technologies can add value to the existing energy technology on the grid. Power market regulators and regional transmission and system organizations have recognized utility-scale energy storage technologies as potential solutions for combating energy availability issues and are implementing new regulations favoring the participation of these technologies in the global market.
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The report states that the deployment of utility-scale energy storage technologies is likely to increase over the forthcoming years owing to their usability in enhancing the efficiency of energy storage systems. The growth of the global utility-scale energy storage technologies market can be attributed to the rising need to decrease carbon footprint. The robust urbanization in developed countries has significantly surged the need for energy, hence increasing pressure on the existing energy grids. As a result of this, energy storage systems are incorporated with power grids to reduce the load on energy grids. Owing to this factor, the demand for utility-scale energy storage systems has substantially increased and is likely to intensify over the next couple of years.
Based on technology, the deployment of pumped hydro-power is high as compared to others. The sales of compressed air energy storage systems and solid state batteries are also likely to accelerate during the forecast period. The growth of the global utility-scale energy storage technologies is expected to face challenges due to the implementation of strict government regulations associated with the storage of energy. However, manufacturers of utility-scale energy storage systems are likely to gain from the growing investments in research and development projects for advancing the existing technologies.
The report provides an outline of the historical growth trajectory, present scenario, and future growth prospects of the global utility-scale energy storage technologies market along with the prevalent trends. It further highlights the factors that are likely to positively or negatively affect the growth of the market. The projected volume and revenue growth has also been mentioned in the report. The study also delves into the key strategies, shares, and products of the leading companies operating in the market.
Geographically, North America dominated the global utility-scale energy storage technologies market owing to the installation of almost 15 utility scale systems for storing energy. Asia Pacific and Europe are also expected to witness promising growth over the forthcoming years. The key players operating in the market are SEEO Inc., Hawaiian Electric Co. Inc., S&C Electric Co., Convergent Energy + Power, General Electric, and ABB Ltd. among others.
