With the shrinking amounts of lithium, trends in energy storage are fueled, thereby expanding alternative battery solutions.
FREMONT, CA: Increasingly, the environment is centered around renewable energy technologies. However, the evolving technology related to renewable energy sources is paving the method for energy storage solutions. As the reliance of the industries on energy sources like solar and wind grows, concomitant investments in storage solutions seem necessary as well.
One of the most exciting trends currently shaping energy storage is the plummeting prices of lithium-ion battery technology. The lowering price trajectory lithium-ion technology is expected to recommence as lithium prices are forecasted to fall up to 45% by 2021. Further, the financial benefits of energy storage applications will straight impact the energy sector in the next run. The mitigated lithium-ion costs will also enable the storage of energy on the grids, which was once regarded as an utterly uneconomic idea.
Utilities are increasingly seeking storage solutions and associated grid management technologies. With the evolution of utility-scale solar energy, utility assets owners are to improve their storage capabilities to address peak demand curves and provide back-up power. Lowering battery prices along with a surge in renewable energy means are promoting the incorporation of energy storage solutions in utilities.
With the alleviation of lithium prices, multiple firms are harnessing lithium-ion batteries to develop viable medians of energy storage. Further, options to lithium-ion batteries are also rising in the market. For example, zinc batteries are a much safe choice when it comes to fire-risky spaces. Further, the financial viability of zinc batteries is also drawing manufacturers across the world. The development of storage solutions will continue to predominate. Along with the lithium-ion battery, novel battery innovations will contribute to the effectiveness of the energy industry.