DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/bsf2d8/global_gridscale) has announced the addition of the "Global Grid-scale Energy Storage Market 2012-2016" report to their offering.
The analysts forecast the Global Grid-scale Energy Storage market to grow at a CAGR of 31.58 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing need to reduce power blackouts. The Global Grid-scale Energy Storage market has also been witnessing the increased demand for decentralized power generation. However, the reluctance of power utilities to upgrade systems in a power grid could pose a challenge to the growth of this market.
The key vendors dominating this market space are A123 Systems LLC, ABB Group, Beacon Power LLC, Build Your Dream Co. Ltd., GE Energy LLC, Panasonic Corp., S&C Electric Co. Inc., Schneider Electric SA, Siemens AG, Toshiba International Corp. Pty Ltd., and VYCON Inc.
The other vendors mentioned in the report are Xtreme Power Inc., Boston-Power Inc., EnerDel Inc., and ZBB Energy Corp.
Commenting on the report, an analyst from the team said: Various countries across the globe are investing in the Clean Energy sector. For instance, as part of the expansion in the Clean Energy sector, China has entered into a clean energy agreement through the US-China Energy Cooperation Program. The main purpose of the Energy Cooperation Program is to promote the clean energy technology of the US in China, thus generating business opportunities for companies in both countries. This increased investment in the Clean Energy sector is one of the major driving factors for the growth of the Global Grid-scale Energy Storage market. This is because grid-scale energy storage assists clean technology by reducing the power loss and by enabling the maximum and best utilization of the power grid. This one of the major trends observed in the Global Grid-scale Energy Storage market.
According to the report, one of the major drivers is the increasing need to reduce power blackouts. The increasing incidence of power blackouts is one of the major issues faced by various power end-users across the globe, a major solution for which is the adoption of energy storage technologies in the power grid. Storage of power in the power grid enables power utilities to provide the storage power as backup during power blackouts; this will in turn increase reliability of the power grid.
For more information visit http://www.researchandmarkets.com/research/bsf2d8/global_gridscale
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