With the rapid development of battery storage, various industries pay more and more attention to battery storage industry. Utilities are gradually installing variable solar and wind power. This phenomenon also reflects the government and market interest in the battery storage industry has increased significantly.
A new report from the Energy Information Administration predicts that large battery storage installations in the United States will grow dramatically tenfold from 2019 to the end of 2023, with enough storage capacity to contribute 10,000 megawatts to the grid being installed between 2021 and 2023. Industry supporters say the growth is likely to be even more significant given the sharp increase in deployments in 2020.
Add to that the falling price of lithium batteries. This phenomenon has piqued the interest of storage manufacturers, especially those working to update novel, long-life technologies. A related report analyzes that the U.S. energy storage market will grow to $8.5 billion by 2026.I have to say that the energy storage industry will be a hot spot to watch in real time. No one can question whether renewable energy will be part of the grid of the future. Battery storage happens to be in a critical period of power grid transformation. The current situation has also led to a flurry of investments and partnerships for startups. Various industries will join hands to develop new products dedicated to serving long-term storage.
Barbara Burger, president of Chevron Technology Ventures, said in a statement the oil giant backed Malta for its potential to be a key enabler of grid stability as renewables have become a greater portion of the energy mix.