According to Technavio's latest report shows, 2016-2020, global grid scale energy storage system a compound annual growth rate will reach 34.8%.
Report found that increasing demand for power supply stability, renewable energy development and the deployment of the smart grid is the promotion of a global grid scale energy storage system the main causes of rapid growth.
Meanwhile, high costs and technical difficulty and power infrastructure are the major constraints for the development of the field.
From a regional view, North America, Asia Pacific and Europe will become the main grid-scale energy storage systems market. In addition, the Middle East, South America and other emerging economies is gradually increasing demand for storage systems.
From an enterprise view, ABB group, beacon power, Hydrostor and LG chemical will become the world's leading providers of grid-scale energy storage system technology.
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