The share of energy storage continues to expand

Why is energy storage important?

Continued expansion of intermittent renewable energy, ESG-focused investments, the growing versatility of storage technologies to provide grid and customer services, and declining costs for key components like lithium-ion batteries all played a significant role in driving the investment and development of energy storage.

How does energy storage technology expansion affect society?

Sufficient and on-time investment energy storage technology expansion (based on renewable energy) can have significant effects on societies, despite challenges such as socio-political acceptance, community acceptance, and market acceptance [152, 153, 154].

Should energy storage be expanded?

However, expanding energy storage is not easy and represents a big challenge for every country. In this regard, policymakers and energy experts can play a remarkable role and should have a deeper understanding of energy storage for citizens, given the increasing urban population .

Does the public have a direct role in the expansion of energy storage?

The public has a direct role in the expansion of the energy storage systems if they would like to contribute to the preservation and protection of the environment by having an economical energy storage device .

Will energy storage growth continue through 2025?

With developers continuing to add new capacity, including 9.2 GW of new lithium-ion battery storage capacity in 2024 through November 2024 and comparable levels of growth expected through the fourth quarter of 2024, energy storage investments and M&A activity are expected to continue this trajectory through 2025.

How to promote energy storage expansion?

As the essential systems for energy storage are heat pumps and batteries, the development and improvement of these technologies should be taken into account. However, government authorities, national governments, and local officials can contribute positively to promoting energy storage expansion through their influence.