In battery energy storage systems, lithium-ion batteries are getting traction effectively. It caters to residential, commercial & industrial, and utility industries. Expanding infrastructure projects and the transportation sector’s growth will encourage prominent companies to tap markets. Stakeholders are poised to boost the battery energy storage market growth due to investments in solar power and wind energy. A notable transition toward low-carbon energy generation solutions will augur well for the industry size expansion.
Lithium batteries have interesting technological features for energy purposes, including modularity, high energy density, and high charging and discharging efficiency, which can exceed 90% on a singular module level. The charging and discharging of lithium batteries, which comprise a positive electrode (lithium cathode) and a negative electrode (carbon anode), happens through chemical reactions that allow energy, in this case, generated by renewable plants, to be accumulated and restored. Lithium batteries have very interesting technological features for energy purposes, including modularity, high energy density, and high charging and discharging efficiency, which can exceed 90% on a singular module level.
Report: https://www.theinsightpartners.com/reports/lithium-ion-battery-energy-storage-market