The U.S. advanced battery energy storage system market is expected to reach USD 780.5 million by 2024, according to a new report by Grand View Research, Inc. Technological advancement and presence of a large number of market players are expected to propel demand over the forecast period.
Advanced battery energy storage systems market is expected to witness a significant rise in demand in the coming future on account of rising technological innovation in the field of smart metering, smart grids, and home control devices.In addition, growing R&D activities and rising investments in the field of distributed energy storage is expected to drive the market growth over the forecast period.
Rising emphasis by the government to reduce the dependency on fossil fuels to achieve energy needs and increase the share of renewable sources in the energy mix is expected to drive the market demand for the product in the grid storage over the forecast period.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/us-advanced-battery-energy-storage-system-market
Further key findings from the report suggest:
·
Demand from transportation application in the
U.S. is expected to witness a CAGR of about 15% over the forecast period. The
demand for commercial electric vehicles has been driving the growth of advanced
battery energy storage systems in the economy over the past years. Extensive
R&D is being conducted by various institutesin order to develop advanced
battery technologies for the transportation sector, thereby propelling growth.
·
Advanced flow battery energy storage system
demand was over USD 15 million in 2015. The flow batteries have become highly
popular over the past years on account of increased storage capacity, high
safety levels, and cost effective storage. The U.S. DOE have been promoting
utilization of vanadium flow batteries for application in UPS systems installed
in commercial buildings such as hospitals. These are also being utilized for
application in nuclear power plants.
·
The manufacturers supply the product through a
wide distribution network. There is intense competition among the market
players in order to fulfill changing consumer demand. Improving technology in
various end-use markets requires arapid shift in advanced battery technology
for meeting demand. Product differentiation also plays a major role in
strengthening the position in this market.
·
Market players are majorly involved in the
direct supply of the product to the end-users. Some of the major strategies
being adopted by key players at present include new product development to
create product differentiation, expansion, and technological development in
order to reduce cost and provide efficient battery storage to the customers.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/power-generation-and-storage
Grand View Research has segmented the U.S. advanced battery energy storage system market on the basis of product and application:
Product Outlook (Installed Capacity, MW; Revenue, USD Million, 2013 - 2024)
·
Lithium-ion Battery
·
Flow Battery
·
Others
Application Outlook (Installed Capacity, MW; Revenue, USD Million,
2013 - 2024)
·
Transportation
·
Grid Storage
·
UPS
·
Telecom
·
Others
For press release of this report - http://www.grandviewresearch.com/press-release/us-advanced-battery-energy-storage-system-market-analysis
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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