Why are lithium batteries driving gains in the global battery energy storage systems market?
The increase in renewable energy generation coupled with the rapid evolution of energy grids is contributing to the growth of the battery energy storage systems market. Energy experts are predicting that Global Energy Storage Systems Market is going to touch the US$12.9 Billion milestone by 2026.
The global energy systems market is driven by the rapid adoption of lithium batteries. They are the preferred choice for large-scale energy storage systems due to their unique properties of providing high energy density, fast charging, and long-lasting power.
Lithium batteries are particularly advantageous for energy storage systems because they can store and release energy quickly, making them well-suited for meeting sudden power demand spikes and providing backup power in emergency situations.
Higher energy density
The energy density of lithium batteries is one of their most impressive features. This refers to how much energy can be stored in a given weight or size. When compared to traditional lead-acid batteries, lithium batteries are much more efficient in terms of energy density, meaning they can store more energy in a smaller form factor. This makes them ideal for portable energy storage systems which can be easily moved from one location to another, as well as for larger stationary systems.
A reliable choice for solar PV systems
Lithium batteries are a reliable and cost-effective choice for energy storage, particularly when paired with solar PV systems. These batteries are highly efficient with more energy density, have a low discharge ratio, and are a much safer choice for energy storage than other batteries. They are non-flammable and do not emit toxic gases, making them safer to use in homes and businesses.
Due to their longest lifespan, they’re excellent for reducing the need for frequent battery replacements ultimately giving peace of mind to homeowners across the globe.
Lightweight & longer lifespans
Lithium batteries are significantly lighter (almost 30% less) than lead-acid batteries, making them more suitable for mobile applications such as electric cars and other vehicles, as well as for portable energy storage systems. This means that these systems can be powered in a more lightweight, efficient manner.
The long lifespan of lithium batteries is another factor driving growth in the global battery energy storage systems market. Lithium batteries have a lifespan of up to 15 years, which is much longer than traditional lead-acid batteries. This makes them a more cost-effective option for energy storage systems, as they will be able to provide power for a much longer period of time without needing to be replaced.
Lithium batteries are the backbone of the EV industry
The increasing penetration of electric vehicles is another major driving force for the global battery energy storage systems market. Lithium batteries are the preferred choice for electric vehicles due to their performance, long life, and high energy density. Furthermore, the increasing popularity of hybrid and electric cars is driving demand for higher-capacity batteries above 50kWh), further fuelling the lithium battery energy storage systems market.
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