The grid-scale energy storage system market in the APAC region is expected to grow at a CAGR of 37.45% from 2014-2019, thanks to growing demand for decentralized power generation.
Leading countries in the APAC region, including China, Japan, South Korea and India are also investing in the clean energy sector, which will further propel market growth during the forecast period, according to a TechNavio report.
“The long cycle of construction required for fossil fuel plants has increased the need for the adoption of energy storage systems and decentralized energy resources,” says Faisal Ghaus, vice president of TechNavio.
Huge loss of electricity during transmission, a major drawback of centralized power plants, is a key reason behind the growing advocacy for the decentralization of power.
“Decentralized power generation can be effectively achieved by engaging with the Grid Scale Energy Storage System Market, to improve power generation methods, storage, and load management,” says Ghaus.
The APAC market is also witnessing rising investments in batteries and other advanced technologies, which will further fuel the Grid Scale Energy Storage Market through 2019.
Key Information Covered in the Report:
- Market segmentation, size and forecast through 2019
-
Market Growth Drivers:
- Need to Reduce Power Blackouts
-
Market Challenges:
- Inability of Power Utilities to Upgrade Power Grid Systems
-
Market Trends:
- Growing Demand for Decentralized Power Generation
-
Key Vendors:
- MWH Global Inc.
- NGK Insulators Ltd.
- SustainX
- The AES Corp.
- ZBB Energy Corp.
-
Other Prominent Vendors:
- ABB
- Alstom
- Eos Energy Storage
- S&C Electric Co.
