Techno World Grid-Connected-Battery-Energy-Storage-Market

Grid Connected Battery Energy Storage Market : Shows
Increasing Demand To Be Observed In The Coming Decade
Grid Connected Battery Energy Storage Market research provides
industry analysis by type, manufacturer, application along with key
factors influencing the growth of the market which include growth
drivers, restraints, opportunities and challenges, strategically
profile key players and comprehensively analyze their market share
and core competencies.
An electrical grid is a network, which delivers electricity for electricity production plant to
consumer. The battery storage provides flexibility for end user application such as solar power
and wind power. The grid storage is classified as either front of the meter (FOM) storage and
behind the meter (BTM) storage. The front of the meter is for community energy storage, utility
application, and others and behind the meter storage is for both residential and commercial
application. Global grid connected battery storage market generated revenue of US$ 996.8
million in 2017 and is expected to reach US$ 4,242.4 million by 2025. The market is expected to
exhibit a CAGR of 20.0% in the forecast period.
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Increasing demand for renewable energy is one of the major driving factors for growth of the
market, use of renewable energy increased the need for battery storage systems in the power
grids. According to International Renewable Energy Agency, in 2015, the global renewable
energy production was 5.5 million Giga watt hour up from 5.3 million Giga watt hour in 2014.