PRN: Global Energy Storage Market for Microgrids to Grow at a CAGR of 16.7% by 2021: Driven by Rapid Advances in Technology & Increasing Government Support

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Global Energy Storage Market for Microgrids to Grow at a CAGR of 16.7% by 2021: Driven by Rapid Advances in Technology & Increasing Government Support

 
[14-August-2017]
 

DUBLIN, August 14, 2017 /PRNewswire/ --

The "Global Energy Storage Market for Microgrids 2017-2021" report has been added to Research and Markets' offering.

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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 servic! es, 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.

Key Vendors

  • NEC Energy Solutions
  • NRG Energy
  • Saft
  • Samsung SDI
  • UniEnergy Technologies

Other Prominent Vendors

  • LG Chem
  • Nedap
  • Neovoltaic Energy Nantong
  • Panasonic
  • Others

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

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

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