DUBLIN, August 14, 2017 /PRNewswire/ --
The "Global Energy Storage Market for Microgrids 2017-2021" report has been added to Research and Markets' offering.
The global energy storage market for microgrids to grow at a CAGR of 16.72% during the period 2017-2021.
Global Energy Storage Market for Microgrids 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is rapid advances in technology. The market is experiencing a radical change as microgrids are being installed where ever the central grid cannot meet the power demands. The continuous advances in technology have enhanced the quality of energy production, thereby helping vendors to introduce microgrids that are more capable, with better integration ability.
According to the report, one driver in the market is increasing government support. Natural calamities, such as, earthquakes, storms, hurricanes, and tornados, annihilate the transmission and distribution infrastructure, clearly revealing vulnerabilities of the utility grid. Natural calamities, whether big or small, result in grid failure, leading to power cuts for millions of people. Power cuts can extend from a few days to several weeks before the power is completely restored. Natural calamities create a chaotic environment disrupting power, interrupting communication and water services, thereby creating a dangerous period.
Further, the report states that one challenge in the market is high exit and standby costs. One of the biggest barriers affecting the growth of microgrids development is the high exit cost and the standby charges levied by the utilities. With distributed energy gaining traction due to falling technology cost such as solar, wind and energy storage, as well as supported by the government in the form of incentive and grants, has enabled customers to generate most of the power they need or all of the power and stay off the grid. When a customer decides to go off the grid, the power utilities collect exit fees from the parting customers who stop using grid power.
- NEC Energy Solutions
- NRG Energy
- Samsung SDI
- UniEnergy Technologies
Other Prominent Vendors
- LG Chem
- Neovoltaic Energy Nantong
Key Topics Covered:
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by application
PART 07: Geographical segmentation
PART 08: Decision framework
PART 09: Drivers and challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
For more information about this report visit https://www.researchandmarkets.com/research/k42gzl/global_energy
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SOURCE Research and Markets