The U.S.
advanced battery energy storage system market size is projected to value at USD 780.5 million by 2024, according to a
new report published by Million Insights. The presence of numerous market
players coupled with technological advancement is projected to stimulate demand
from 2016 to 2024.
The market is anticipated
to observe a considerable increase in the upcoming years due to technological
advancements in the area of smart grids, home control devices, and smart
metering. Additionally, the increasing R&D activities and investments in
the distributed energy storage sector are likely to augment the market growth
during the projected period.
The growing concerns of
government for declining the dependency on fossil fuels for catering to energy
needs and a higher share of clean sources in the energy mix are predicted to
boost the market demand for these systems in the grid storage from 2016 to
2024.
Download Free Sample Report Now @ https://www.millioninsights.com/industry-reports/us-advanced-battery-energy-storage-system-market/request-sample
Further key findings from
the report suggest:
• The demand from the transportation
segment is likely to register a CAGR of around 15% from 2016 to 2024. The need
for commercial electric vehicles has been the key driver triggering the growth
of these battery systems in the U.S. in recent years.
• The flow battery segment
demand was worth USD 15 million in 2015. These batteries are gaining popularity
due to higher storage capacity, cost-effective storage, and high safety levels.
The U.S. DOE has been emphasizing the use of vanadium flow batteries for use in
UPS systems installed in commercial places like hospitals.
• The manufacturers deliver
the product through an expanded distribution network. Better technology in
different end-use markets needs a shift towards advanced battery technology to
fulfill the demand.
• The key players are
primarily engaged in supplying the product directly to the end-users. Few of
the main strategies adopted by market players include product development for
expansion, technological development, and product differentiation for cost
reduction and efficient battery storage to consumers.
Know More Insights
@ https://newsonmarketblog.wordpress.com
No comments:
Post a Comment