The global battery energy storage system market is estimated to grow at a CAGR of 37.0% between 2016 and 2022 and is expected to reach USD 6.81 billion by 2022.

The factors driving the battery energy storage system market are the increasing demand for grid-connected solutions, growing electric vehicle market, high requirement of lithium-ion batteries in various applications, and government support are expected to boost the growth of the battery energy storage system market.

The residential and transportation application areas offer a huge growth potential for battery energy storage system. The electric vehicles are expected to gain traction as they are zero-emission vehicles and produce no direct emissions. The BEVs use no other fuel and widespread use of these vehicles could dramatically reduce the petroleum consumption.

Click Here to Read Full Article

HERNDON, Va.–(BUSINESS WIRE)–Greensmith Energy, one of the largest providers of energy storage software and turn-key solutions, announced 70 megawatts of energy storage deployments – all powered by the company’s proven GEMS software platform. While most of the capacity was integrated and installed by the company over the past two years, Greensmith is also reporting growth in software licensing as punctuated by the 53MWh software-as-a-service contract awarded earlier this year by Deltro Energy. Greensmith is on track to install over 100 megawatts of energy storage in 2016 after announcing last December, an $18.3 million round of growth funding led by American Electric Power and E.ON. Advanced, grid-scale systems delivered to large power producers and utilities drove most of the cumulative total, however, the company notes increased microgrid and behind-the-meter business in locations such as Puerto Rico and San Diego where the company deployed solar-integrated systems in 2015.

Click Here to Read Full Article