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An Energy Storage System (ESS) stores electric energy, which can be utilized later. ESS improves energy efficiency by enhancing the quality of renewable energy that results in stabilization of a power supply system. Electrochemical batteries are a rapidly growing segment in the energy market. Batteries come in a wide array of sizes, and are specific for numerous applications. With costs falling as scale ramps up, applications of these batteries are expected to witness rapid growth.
Increasing demand for power from remote locations such as small diesel generators are widely used to generate power in remote power systems is a key driving factor for growth of the market. Electricity generation methods and technology can vary according to region type and availability of renewable resources such as wind, solar, and water.
Costs associated with diesel powered electricity generation is relatively high as compared to grid-connected systems. In addition, increasing trend of shifting from high-cost diesel fuel to variable renewable resources, owing to which demand for both energy storage and sophisticated operations controls is expected boost energy storage market.
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Moreover, favorable regulatory scenario such as initiatives by governments of various countries, especially in developed and some developing countries for encouraging adoption of more viable and less destructive or safer methods of power generation. The objective being to reduce carbon footprint, air pollution levels, and to ensure access to more sustainable resources for power generation. These factors are further expected to fuel the market growth.