Renewable Energy Generation Need of the Hour
- Ratification of the Paris Agreement to curb the rise of global temperature below 2?C has resulted in significant investment in renewable energy sources across the globe. Governments and concerned authorities are investing substantially in order to increase their share of renewables in the energy mix.
- Sources of renewable energy such as solar, wind, biomass, gas driven micro-turbines, fuel cells, and hydropower are gaining momentum in energy generation mix. They are expected to play an important role in power generation.
- Significant portion of power generated from these renewables is off-grid and are sometimes challenging due to their intermittent and variable nature. Such unpredictable nature and abrupt fluctuations in power & voltage necessitate the requirement of energy storage solutions for the effective implementation of these resources. This has resulted in development of distributed energy storage system across the globe.
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Key Drivers of Distributed Energy Storage System Market
- Distributed energy storage system enables smooth integration of renewable energy sources to the main grid by reducing their variability. Furthermore, distributed energy storage system helps in storing excess power generated by renewable sources in order to be used during peak demand. Therefore, increase in adoption of renewable energy and rise in demand for clean power are anticipated to be major drivers of the distributed energy storage system market.
- Distributed energy storage system provides support and reduces stress on grid infrastructure during peak hours by providing back-up power, voltage support, frequency support, power quality, and peak shaving in the grid. This enables power companies to meet the rise in demand for electricity with relative ease at any possible time. Therefore, increase in demand for power is estimated to be a key driver of the distributed energy storage system market.
Emergence of Smart Grid to Offer Lucrative Opportunities
- Integration of advanced technologies, synergetic digital communication, and smart control strategies in existing power grid has resulted in a new phenomenon, known as smart grids, in the power sector
- Development of smart grids has transformed the way in which power is generated, distributed, and consumed. It has resulted in better and improved grid utilization, reliability, and security for customers and power companies. Smart grids are now viewed as energy infrastructure solution for future intelligent cities.
- Distributed energy storage system helps in balancing power generation and demand across a grid, thereby supporting and playing a crucial role in smart grid implementation and operation. Furthermore, distributed energy storage system enables integration of distributed energy generation systems into main grid, thereby increasing the resilience and reliability of grid operations.
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Asia Pacific Anticipated to Hold Major Share of Global Distributed Energy Storage System Market
- Asia Pacific is expected to lead the global distributed energy storage system market during the forecast period. It is anticipated to be followed by North America and Europe.
- Large portfolio & capacity of renewable energy sources and limited grid infrastructure presence are key factors driving the distributed energy storage system market in the region.
- Increase in investments & rise in capacity of renewable energy sources, and increase in incentives for renewables provided by governments and authorities in the region, especially in developing economies of China and India, are likely to drive the distributed energy storage system market during the forecast period.
- Rise in emergence of smart grids and growth in renewable capacity are projected to drive the demand for distributed energy storage system in North America and Europe.
- Increase in awareness about renewables and growth in government initiatives for renewable power generation in Latin America and Middle East & Africa are likely to boost the distributed energy storage system market in these regions.
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Key Players Operating in Global Distributed Energy Storage System Market
Key players operating in the global distributed energy storage system market include
- ABB
- MCV Energy
- Johnson Controls
- Schneider Electric
- Siemens
- NEC Energy Solutions
- General Electric
Global Distributed Energy Storage System Market: Research Scope
Global Distributed Energy Storage System Market, by Product Type
- Single-phase Type
- Three-phase Type
- Double-phase Fire Line Type
Global Distributed Energy Storage System Market, by Application
- Transportation
- Grid Storage
- Renewable Energy Storage
- Others (Communication Base Station)
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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