TechNavio has published a new report on the Global Grid-scale Energy Storage System Market, which is expected to grow at a CAGR of 35.5 percent from 2015-2019.
Increasing power outages are a major concern faced by end-users worldwide. Adoption of energy storage technologies in power grids is one of its most feasible solutions available for utility providers to avoid service downtime.
The latest report from TechNavio pinpoints drawbacks of centralized power generation that are forcing governments to look to decentralized energy resources.
“Many countries worldwide have adopted centralized power generation techniques, where power plants are located in remote areas to eliminate the effects of hazardous emissions. However, the huge electricity loss that takes place during their transmission is a major drawback of centralized power plants,” says Faisal Ghaus, vice president of TechNavio.
“This has led to the emergence of decentralized power generation, where power is generated from renewable energy sources such as wind and sunlight. These sources generate less harmful emissions, meaning plants can be built in residential areas, which decreases loses during transmission. Solutions are required to store this additional energy, which has led to the emergence of the Grid Energy Storage System Market.”