Tesla Motors has entered the energy storage market and expects to dominate it through its experience.
Tesla Motors has recently introduced itself in the power storage market with a belief to earn revenues from supplying batteries to homes and business, as reported by Tesla News. This report indicates that the company intends to extend its target market.
Experts presented the view that the organization would face competition for both users and state subsidies. Chief Executive, Elon Musk, has stated that its storage division is dominating its competitors in the field of solar power storage systems, which advocates his faith in its potential to succeed.
A number of analysts believe that the power storing industry is in its early stages, as power-generating facilities, homeowners, and businesses partly attracted by state benefits, purchase systems. Tesla news today highlighted that energy storing setups would support green power systems, which otherwise would suffer from weather conditions. This statement indicates that the new systems would promote environmental-friendly uses of energy, as their durability would improve.
Market sources revealed that the price of company’s storing device is in line with its rivals and it would successfully compete with its competitors. A number of other high-tech products manufacturers, such as Saft Groupe SA, LG Chem Ltd., and Samsung SDI Co. Ltd., are already working in the energy storing market.
Tesla Motors news stated that the manufacturer is not new to the power storing industry, as it has been supplying small quantities of batteries for years. This statement tells us about the firm's ability to satisfy the storage market. Experts presented the view that its experience would ensure its progress in the new modern market. Four years ago, Tesla and its partner, SolarCity, were nearly alone in demanding incentives for the development of on-site storage systems in the American state of California. Now, however, a number of other organizations, such as Stem, Green Charge Networks, and CODA Energy, have followed the initiative. The entrance of so many rivals has affected the demand and supply balance for rapidly increasing power storage devices.
The stakeholders in the energy storage sector are about to face a tough time, as they might not get subsidies. California’s self-generation program would expire after four years, which is expected to threaten the manufacturers of energy storage devices, as the cancellation of funding would increase their costs.
It is probable that the energy storing devices would be quite difficult to afford, as their installation charges are very high. Industry experts believe that the industry has the potential to grow if organizations take steps to reduce costs and extend their device production capacity. Now it is yet to be seen that to what extent the electric vehicle maker is able to succeed in the field of energy storage.
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