Energy & Power
Advanced energy storage systems market to grow at CAGR of 8.48 per cent
By Ellen Cools
August 23, 2018 — According to the “Global Advanced Energy Storage Systems Market 2018-2022,” report from ResearchAndMarkets.com, the global advanced energy storage systems market is forecasted to grow at a compound annual growth rate (CAGR) of 8.48 per cent from 2018-2022.
Advanced energy storage technologies store excess electricity that can be used during blackouts, power shortages and peak hours of demand.
According to the report, one driver behind the forecasted growth in the market is government initiatives to promote advanced energy storage.
The market is also seeing increased adoption of microgrids, which can operate independently or collaboratively with other small power grids.
However, the report highlights one challenge in the market: a widening lithium demand-supply gap.
Until recently, Li-ion batteries were primarily used for their applications in portable electronics. Over the past few years, Li-ion batteries are being used as advanced energy storage systems, and now constitute around two-thirds of the total electrochemical energy storage globally.
For more information about this report, click here.