The smart grid
storage technology refers to the method used to store electricity on a large
scale with integration of smart grid system. The electricity is stored during
off-peak load hours and is delivered during on-peak load hours. The smart grid
storage technology enables to balance demand-supply mismatch and reduces power
outages. Lead-acid, sulphur, lithium-ion, supercapacitors, and flow wheel
storage technologies are main five types of storage technologies used in the
smart grid system.
Analysts forecast
the Global Smart
Grid Storage Technologies market
to grow at a CAGR of 38 percent over the period 2013-2018.
The report
recognizes the following companies as the key players in the Global Smart Grid
Storage Technologies Market: Altairnano, Beacon Power, Ice Energy and Xtreme
Power.
Other Prominent
Vendors in the market are: ABB, Amber Kinetics, GE Energy Storage, Highview
Power Storage, PolyPlus Battery Company, Samsung SDI Energy and Sumitomo
One major trend
emerging in the market is the increasing integration of renewable power in
addressing climate change and improving energy security, which has led to
industry growth in recent years. The high adoption rate of renewable energy has
increased the need for a storage system that provides backup during periods of
intermittency or outage.
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Covered in this Report
The report covers
the segmentation of the Global Smart Grid Storage Technologies market on the
bases of Technology and Geography. The Technology segment consists of
lead-acid, sulphur, lithium-ion, supercapacitors, and flow wheel and the
Geography segment includes the Americas, the APAC, and the EMEA region.
Global Smart Grid
Storage Technologies Market 2014-2018, has been prepared based on an in-depth
market analysis with inputs from industry experts. The report covers the
Americas, the APAC and EMEA regions; it also covers the Global Smart Grid
Storage Technologies market landscape and its growth prospects in the coming
years. The report also includes a discussion of the key vendors operating in
this market.
According to the
report, growing power consumption is one of the major drivers for the Global
Smart Grid Storage Technologies market. Increasing power consumption has caused
power outages in many countries. The use of smart grid storage technologies can
help reduce losses and improve the efficiency of the power plants.
Further, the report
states that one of the major challenges that confront the market is the high
cost of installation as it requires huge initial investment as the storage
device cost is dependent on the size of the power plant and the size of
renewable power plants. Growing renewable integration with the smart grid
system results in the high cost of the smart grid system
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