Efficient Battery Storage Solutions Accelerating Transition to Renewable Energy Sources
Public and private sector investment in renewable energy, mainly solar PV and wind, is increasing in response to the need to reduce carbon emissions and dependency on fossil fuels. However, the intermittent nature of renewables requires investment in complementary grid support solutions. Battery energy storage solutions provide stability for the grid and unlock new revenue opportunities for stakeholders. Lithium-ion batteries dominate this segment.
The wider global demand for batteries from the automotive space has lowered average lithium system costs and encouraged investment in new manufacturing facilities. Beyond battery energy storage, the situation is very different. Lead acid batteries are well established in many end-user segments and provide an effective solution for companies. Telecoms, utility equipment, industrial, and data centers are among the segments dominated by lead acid.
This picture will slowly change as lithium grows; however, lead acid will dominate many of these segments by the 2030s.
