Analysis of Global Power Market

Analysis of Global Power Market Market Drivers Drivers of Power Industry, Global Main Drivers Influence (1-2 years) Influence (3-5 years) 1 Continuous and Steady Growth of the Economy High High 2 Increasing Electrification and Improvement of Power Grid High Medium 3 Continuous Improvement of Power Generation Technology Medium High 4 Rapid Growth of NEV Market Medium Medium 5 Improvement of Energy Storage System Medium Low Drivers Description Rapid Growth of NEV Market Improvement of Energy Storage System DRIVERS RDIXEDS With the cost reduction of battery system and constant improvement of electrical power system, the global NEV market has witnessed a rapid growth in the past few years. The global sales volume of NEVs was more than 2.3 million units in 2018 and is expected to reach 7.3 million unit in 2023. The growth of NEV sales will bring new electricity consumption through battery charging. At the same time, the charging infrastructure will intensively expand and power transmission and distribution system will be updated to meet the emerging charging demand from electric vehicles. The energy storage system can take on the tasks of peak clipping and valley filling and reduce the gap between peak and base load demand. The improvement of energy storage system will effectively reduce the abandon of wind energy and solar energy, due to the inadequate power grid dispatching capability. In addition, the energy storage system can real-time monitor the power output of renewable energy system and smooth the impact to power system by grid connection. In this context, the improvement of energy storage system will stimulate the growth of renewable energy power system, especially wind power and solar power. * NEV (New Energy Vehicles) includes electric vehicles and plug-in hybrid electric vehicles. FROST Source: Frost & Sullivan SULLIVAN 18

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