North America Battery Energy Storage System Market
Added: (Wed Oct 10 2018)
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North America Battery Energy Storage System Market – Industry Analysis and Forecast (2017-2024) _ by Element (Hardware, Battery, and Others), by Battery Type (Sodium–Sulfur Batteries, Lithium-Ion Batteries, Flow Batteries, Advanced Lead-Acid Batteries, and Others), by Connection Type (Off-Grid Connection and On-Grid Connection), by Ownership (Utility Owned, Customer Owned, and Third-Party Owned), by Application (Utilities, Residential, Non-Residential, and Others), and by Geography (US, and Canada).
Energy storage is primarily the capture of energy that is produced as one time use at a later point of time. A device is used that stores energy that is also known as an accumulator or battery. The energy comes in different forms like radiation, electrical potential, electricity, elevated temperature, latent heat chemical, gravitational potential, and kinetic.
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Battery Energy Storage System Market is expected to grow from USD XX Billion in 2016 to USD XX Billion by 2024, at a CAGR of XX% between 2017 and 2024.
Report includes assessment of market definition along with the identification of key players and analysis of their strategies, complete quantitative analysis of the industry from 2016 to 2024 to enable the stakeholders to capitalize on the prevailing market opportunities, market analysis and comprehensive segmentation with respect to the element, battery type, connection type, ownership, application, and geography to assist in strategic business planning.
The battery energy storage systems are used for a variety of applications like power quality assurance, voltage regulation, spinning reserve, load levelling, peak shaving, transmission and distribution (T&D) facility deferral, along with renewable energy generation plants. The battery systems offer the maximum benefits for utilities while providing power management support or at the time of responding to instant voltage spikes or outages forming some of the major drivers for the market growth.
The On-grid connection segment is expected to witness huge market growth and a large market share:
On-grid connection is anticipated to witness high growth rate during the forecast period. On-grid connection systems install substantial storage capacity, and use utility grids for electricity to consumers,
US held one of the largest share of the market during the forecast period:
The growth of numerous industry verticals where the battery energy storage systems are used along with growth of electric or hybrid vehicles have boosted the growth of the market in US.