Why Are Electromechanical Energy Storage Systems Becoming Popular?

An increasing number of people around the world are waking up to gray skies and weak sunlight, even in the height of summers. This is what air pollution does to the environment, besides leading to climate change. Another way pollutants in the air harm the world is by leading to respiratory diseases, such as lung cancer, asthma, and chronic bronchitis. The major reason behind the existence of such pollutants is the burning of fossil fuels for producing electricity and running vehicles. 

The usage of fossil fuels can theoretically be reduced, but the 21st-century world cannot live without energy and automobiles. Still, something must be done, which is why initiatives are being taken around the world to reduce the burning of coal, natural gas, and crude oil. This, according to P&S Intelligence, will help in driving the market for energy storage from 171,039.3 Megawatts (MW) in 2019, in terms of the storage capacity added, by 69,917.6 MW by 2030, at a 3.3% CAGR between 2020 and 2030.

To learn more about this report: https://bit.ly/2PeVBMZ

There are several ways to store electricity: electrochemical, mechanical, chemical, and thermal. Among these, electrochemical technologies, which majorly include sodium–sulphur (NaS), lead–acid, and lithium-ion (Li-ion) batteries, are expected to witness a rapid increase in adoption in the years to come. These batteries are the primary power source of electric vehicles (EV), which are being promoted around the world in a bid to reduce air pollution. 

The IEA says, “Sales of electric cars topped 2.1 million globally in 2019, surpassing 2018 – already a record year – to boost the stock to 7.2 million electric cars. Electric cars, which accounted for 2.6% of global car sales and about 1% of global car stock in 2019, registered a 40% year-on-year increase.” This was even though the overall sales of passenger cars were comparatively lower in 2019 than 2018. This is driving the sales of automotive batteries, which are also being augmented by their falling prices.

Hence, with renewables becoming the global energy trend, the demand for energy storage systems is only bound to boom.

Read More: https://www.psmarketresearch.com/market-analysis/energy-storage-market

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