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Technavio’s research analyst predicts the global grid scale energy storage market to grow steadily at a CAGR of around 34% during the forecast period. Fossil fuels, the most extensively consumed power source, are exhaustible. The deficit between the demand and the availability of energy is increasingly getting addressed by these storage systems. Given these factors, the market is expected to grow significantly during the forecast period.
Government mandates and concerns over carbon emissions are anticipated to increase the demand for grid-scale energy storage systems. For instance, in 2014, the California state government imposed a mandate that required the state's investor-owned utilities to purchase about 1.3 GW of storage capacity by the year 2020. This gave a massive boost to the energy storage sector. Such mandates are likely to accelerate the development of storage technologies. Globally, the development of next generation batteries drives the demand for grid-scale energy storage.
The pumped hydroelectric storage segment dominated the market during 2015 with a market share of around 94%. Technological feasibility, cost competitiveness, and government support have increased the global demand for grid-scale energy storage systems. For instance, in the US, the number of PHS plants is expected to rise during the forecast period with 50 active preliminary permits.
The Americas accounted for 45% of the market share during 2015, and it is expected to grow rapidly during the forecast period. The increase in government regulations and support is the primary driver for its growth in this region. In the US, ARRA provided $100 million for battery storage projects. This in turn drives the demand for the grid scale energy storage market.
The global grid scale energy storage market is fragmented with the presence of numerous small, medium, and large vendors including international and regional players. The market in the Americas and EMEA is dominated by large and established players. The Americas is expected to witness high investments in grid scale energy storage technologies to reduce carbon emissions and to cope with the integration of renewable energy sources.
The leading vendors in the market are: -
Other prominent vendors in the market include EnerVault, GE, Samsung SDI, S&C Electric, and SustainX.
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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 technology
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
PART 16: Explore Technavio
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