Trends in energy storage are driven by the shrinking prices of lithium, along with the development of alternative battery solutions.
FREMONT, CA: Increasingly, the world is focusing on renewable energy technologies. However, the unreliability and the evolving technology associated with renewable energy sources are paving the way for energy storage solutions. As the dependence of the industries on energy sources such as solar and wind grows, simultaneous investments in storage solutions seem imperative as well. Focusing on storage innovations, here are some of the market trends that are transforming the energy industry.
Shrinking Lithium-Ion Costs
One of the most interesting trends currently shaping energy storage is the plummeting prices of lithium-ion battery technology. The lowering price trajectory lithium-ion technology is expected to continue as lithium prices are forecasted to fall up to 45 percent by 2021. Further, the economic benefits of energy storage applications will directly impact the energy sector in the long run. The reduced lithium-ion costs will also allow the storage of energy on the grids, which was once considered a completely uneconomic idea.
Storage Solutions for Utility
Utilities are increasingly eyeing storage solutions and associated grid management technologies. With the emergence of utility-scale solar energy, utility assets owners are to enhance their storage capabilities to address peak demand curves and offer back-up power. Lowering battery prices along with a rise in renewable energy means are encouraging the incorporation of energy storage solutions in utilities.
Alternative Storage Options
With the reduction of lithium prices, various firms are leveraging lithium-ion batteries to develop viable means of energy storage. Further, alternatives to lithium-ion batteries are also emerging in the market. For instance, zinc batteries are a much secure choice when it comes to fire-risky areas. Further, the economic viability of zinc batteries is also attracting manufacturers across the globe.
The evolution of storage solutions will continue to prevail. Along with the lithium-ion battery, new battery innovations will contribute to the efficiency of the energy industry.
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