Wednesday, 27 December 2017

Energy Storage Market for Renewable Energy Grid Integration 2017-2021

MRC Announces the Publication of its Research Report – Global Energy Storage Market for Renewable Energy Grid Integration 2017-2021

MRC recognizes the following companies as the key players in the global energy storage market for renewable energy grid integration:  ABB, East Penn Manufacturing, LG Chem, Robert Bosch, and The AES

Other Prominent Vendors in the market are: Alevo Group, Beacon Power, BYD, Exide Technologies, GENERAL ELECTRIC, Green Charge Networks, Highview Power Storage, NEC ENERGY SOLUTIONS, NRG Energy, Renewable Energy Systems, SAMSUNG SDI, Siemens, and Tesla.

Commenting on the report, an analyst from MRC’s team said: “The latest trend gaining momentum in the market is Advances in energy storage technology. Intelligent energy storage adapts Internet of Things (IoT) with energy storage technology to improve efficiency. One of the benefits offered by intelligent energy storage is the increasing feasibility of integrating renewable energy sources with energy storage units. This results in energy-saving benefits that can be particularly attractive to businesses as countries nowadays are pursuing renewable energy targets.”
According to the report, one of the major drivers for this market is Rise in use of renewable resources. The battery energy storage market for renewable grid integration is driven by the prerequisite to maintain grid stabilization and growing integration of renewables such as solar power and wind power with the electrical grid.

Further, the report states that one of the major factors hindering the growth of this market is V2G services for renewable energy integration. The development of electric vehicle (EV) technology has brought attention toward the development and integration of the transportation sector with electrical power grid. The management and control of EV loads by electric power utility, utilizing the communication between vehicles and the power grid, is known as vehicle to grid (V2G). Some other similar concepts are vehicle to vehicle (V2V) and vehicle to home (V2H). These involve trading power between individuals' home power network and their vehicle or exchanging power within a community of electric vehicles.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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