Long-duration energy storage (LDES) offers the option for remote sites to store excess energy generated from localised renewable sources for long periods of time.
Per GlobalData, the market for battery energy storage is estimated to grow to $14.89 billion in 2027, driven by several factors including, the fall in battery technology prices and the increasing need for grid stability and resilience of the integration of renewable power in the power market. Lithium-ion has eclipsed lead-acid as the primary technology for battery storage deployment, due to its cost and performance advantages, deep discharge cycle life, energy and power density. China is the largest battery energy storage market with a cumulative installed capacity of 6.38GW in 2022.
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