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Energy storage technology is used to store excess energy, which can be used during power shortages, blackouts, and peak hours of demand. The global market for energy storage in microgrids is expected to grow significantly during the forecast period and is positively affected by the rising need for energy security. The high demand for quality power from institutions, industries, remote systems, and military establishments is a significant factor that impels growth in this market and results in its impressive CAGR of more than 27% by 2019.
Technavio’s market research analyst has estimated eminent factors, such as the recent increase in rural electrification, to drive market growth during the period of 2014 and 2019. Recently, it has been observed that the growing need to achieve universal electrification is driving the installation of microgrids and smartgrids in rural areas. This increase in the adoption of microgrids and smartgrids is expected to result in market growth during the forecast period.
This market is estimated to exhibit strong growth during the forecast period and is characterized by the presence of numerous vendors that enter this market due to its low entry barrier. Since this market is still in its growing stage, the presence of multiple microgrid projects in the pipeline is expected to facilitate market growth during the forecast period.
Key vendors in this market are -
In this market research report, analysts estimate the advanced lead-acid batteries segment to be the largest market segment during the forecast period. This segments’ high market share can be attributed to factors like its low cost and mature commercialization, which results in its impressive market share of more than 35% by 2019.
Technavio market research analysts estimate the Americas to be the leading market for energy storage in microgrids during the forecast period. Market growth in this region is facilitated by factors like the introduction of supportive government policies, consumer-driven interest to reduce CO2 emissions, the augmented need to overcome the intermittent nature of renewables, issues related to grid reliability and safety, and battery development. These factors promote the prospects for growth in this market during the forecast period and results in its impressive market share of more than 43% by 2019.
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This is preliminary content. The table of contents is subject to change.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
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