The Global Smart Grid Storage Technologies market will grow at a CAGR of 38 percent over the period 2013-2018, reports Research and Markets.
A major trend evolving in the market is the increased renewable power integration in tackling climate change along with better energy security, leading to recent industry growth.
Moreover, high rate of adaption in renewable energy segment has created a requirement for increased storage system in order to provide support during intermittency and outage.
One of the major drivers for the Global Smart Grid Storage Technologies market is the growing power consumption.
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Increasing power consumption leads to power outages and the use of smart grid storage technologies helps to reduce losses and improve the efficiency of the power plants.
Further, one of the major challenges, faced by this market is the high cost of installation as huge initial investment is needed for the storage device that depend on the size of the power plant.
Growing renewable integration with the smart grid system results in the high cost of the smart grid system.
Through smart grid storage technology, electricity is stored during off-peak load hours and is delivered during on-peak load hours on a large scale with integration of smart grid system.
Besides, it enables to balance demand and supply disparity and reduces power outages.
Lead-acid, sulphur, lithium-ion, supercapacitors and flow wheel storage technologies are main five types of storage technologies used in the smart grid system.
The report covers the segmentation of the Global Smart Grid Storage Technologies market on the bases of Technology and Geography.