Energy distribution, storage & utilities market is undergoing a shift from legacy systems to more advanced smart systems supported by a digitization drive. Distribution, storage & utilities can be subdivided into power grids, which include both legacy grid systems and emerging smart grids; storage, which includes energy storage devices such as batteries and fuel cells; clean transport and utilities includes desalination technologies, water and electricity utilities.
Traditional electricity distribution models are becoming irrelevant considering the industry is transitioning towards digitization and driving formation of smart grids. Smart grids are electricity networks that integrate all actions of its users such as generators and consumers to deliver secure, sustainable and economic electricity supplies. Energy storage devices store energy to use them later. Energy storage technologies can be divided into electrochemical, chemical, biological, electrical and thermal systems & batteries. Utilities are companies involved in generation, transmission, and distribution of electricity. Electricity utilities market, majorly dominated by government entities, is witnessing deregulation that will change the overall dynamics of the industry with venturing of private companies.
Global battery energy storage market for smart grid is anticipated to grow dynamically in future. It is segmented into three types of battery storage; Li-ion batteries, lead-acid batteries and sodium sulphur batteries. Demand for Li-ion batteries is high because of their quick charging capabilities; however, higher cost is the major restraint. Consequently, companies have been focussing on developing cost effective batteries, which will further help to reduce the cost of overall power system installations.
Electricity utilities companies are modernising grids with the help of rapid response storage technologies such as battery energy storage systems. Moreover, demand for distributed energy resources (DERs), including localized energy storage via batteries, is also growing with the increasing need to diminish losses in power transmission and distribution.
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