utility-scale battery market to reach $8.3 billion in 2024 - battery energy storage system

Grid Market
Utility for connection
Battery storage is expected to grow exponentially over the next 10 years.
The market is expected to grow to $8.
From $0 from 3 billion to 2024.
According to a report by market research firm Frost & Sullivan, in 2014, 46 billion, driven by impressive technological breakthroughs and growth in manufacturing capabilities. Lithium-
Ion batteries are expected to be the leading technology in power grid
In the next two to three years, there will be a connected utility scale system.
Through favorable policy measures such as subsidies and preferential tariffs, the commercial of public utilities --scale grid-
The research firm added that connected solutions will accelerate after 2017, bringing great competitive opportunities to companies with technical capabilities.
The growth of global renewable energy generation, especially wind and photovoltaic power generation, has changed regulatory policies related to renewable energy and grid connectivity.
This has driven demand for the grid.
Realize modernization through rapid response storage technology such as battery energy storage system (BESS).
"Battery storage can bring flexibility to the grid at various terminals
Ross Bruton, energy and power research analyst at Frost & Sullivan, noted: "use the app . ".
In addition, the rapid development of the battery market related to electric/hybrid vehicles, consumer electronics and wearable devices reduces costs and promotes technological development and manufacturing capabilities.
"Overall, attractive pricing, coupled with a surge in manufacturing and policies to support renewable energy development, will increase the banking capacity of renewable energy-related storage projects," he said . "Bruton.