Table 3

Key driving factors in energy storage market.

Aspects Driving factors

  Entry Exit Innovation Growth
Technical ●   Availability of reliable grids
●   Backup security
Lack of suitable locations (i.e., PHS) ●   Extended use of renewable energy sources
●   Transformation of energy sector (including new applications such as electric mobility)
●   Technological discoveries and breakthroughs
Synergy between RE systems (i.e., solar PVs) and energy storage
Economic ●   Benefits from using different tariffs at different time
●   Network investment return
●   Demand management incentives
Cost-effectiveness of the system Changes in energy storage needs, and patterns of access are changing (move in the direction of quick and powerful response to the needs of the grid) ●   Demand charge reduction for commercial and industrial customers
●   Advanced economics
Environmental Change from utilization of fossil fuels to electricity (i.e., electric mobility) Environmental concerns/toxicity of materials Environmental concerns/toxicity of materials Trend for a sustainable lifestyle
Regulatory ●   Regulatory framework and roadmap
●   Frequency regulation in selected markets
●   State-level incentives
Changes in regulatory framework and policies Changes in regulatory framework and policies ●   Regulatory framework and roadmap
●   State-level incentives

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