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

Comments

Post a Comment

Popular posts from this blog

Surging E&P in Shale Gas Reserves Propelling Demand for Well Cementing

Image
With the surge in exploration and production (E&P) activities in both unconventional and conventional oil and gas reserves, the demand for well cementing is growing rapidly all over the world. Moreover, because of the recovery of crude oil prices, the oil and gas industry is booming, which is, in turn, propelling the requirement for well cementing. The soaring E&P investments in countries such as China, Russia, Brazil, and the U.S. are fueling the expansion of the well cementing industry. Due to the above-mentioned factors, the demand for well cementing is rising sharply across the world. This is fueling the progress of the global well cementing market. The valuation of the market is predicted to grow from $7,577.6 million in 2018 to $10,065.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.7% between 2019 and 2024. Well cementing is used in shale gas, oil, and gas wells.  Out of these, the requirement for well cementing is predicted to grow ra
Read more

How Will Cooling Appliance Demand Propel Insulation Market Growth?

Image
Factors such as the escalating demand for refrigerators and air conditioners, mounting infrastructure expenditure in developing countries, such as Brazil, China, India, and Russia, and increasing government support toward the installation of insulation systems in buildings are expected to drive the insulation market growth between 2018 and 2025. According to P&S Intelligence, the market will generate $101.3 billion revenue by 2025. Nowadays, governments of several countries are offering regulatory support to the installation of insulation products to improve energy efficiency.  The rising demand for air conditioners and refrigerators, on account of the soaring global temperature and the booming world population, is one of the major contributors to the market growth worldwide. The National Aeronautics and Space Administration estimates that the average surface temperature of the Earth has risen by 2.12 oF in 2020 since the late 19th century.  As per NASA, the years 2016 and 2020 ar
Read more

Burgeoning Demand for Packaging Materials Propelling Need for Extrusion Coatings

Image
The food and beverage industry is witnessing significant growth due to the rising population and awareness among people regarding their health. The health concerns of people are growing and they are constantly looking out for food items that are healthy . Moreover, the food and beverage industry is witnessing the development of low-calorie, sugar-free, lactose-free and gluten-free food products to cater to the demands of consumers. This is consequently pushing up the demand for extrusion coating materials as these materials play a crucial role in packaging applications owing to their ability to protect food items from various external environmental factors.  In addition, extrusion coating provides an aesthetic appeal to the foods and beverages, thereby making them more attractive and saleable. In addition to the food and beverage industries, there are many other industries, such as healthcare and personal care, which extensively use extrusion coatings. The increasing income of people a
Read more