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 energy storage market 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.
This is because the only solution to surviving, while reducing the consumption of fossil fuels to create power and run automobiles, is to use renewable sources for the same. As per the International Energy Agency (IEA), in 2018, renewable sources already accounted for 26% of the total energy generated. Moreover, between the first quarters of 2019 and 2020, “Renewable electricity generation increased by almost 3%, mainly because of new wind and solar PV projects completed over the past year.”, as per the IEA.
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In the past, the most-productive energy storage market was Asia-Pacific (APAC), which, led by China, Japan, and India, is already the largest green energy producer on earth. In addition, these countries also account for some of the highest EV sales, which, coupled with their massive renewable energy output, lead to a high demand for energy storage systems. Further, if the vehicle-to-grid (V2G) initiatives take off as expected by the IEA, almost 600 Gigawatts (GW) of electricity stored in automotive batteries in the U.S., China, India, and the European Union (EU) could be fed back to the grid by 2030.
Hence, with renewables becoming the global energy trend, the demand for energy storage systems is only bound to boom.