Renewable Energy Growth, Thermal Power Retirements And Policy Updates Will Continue To Drive Long-duration Energy Storage Investments

In recent years, lithium batteries have been mainly used in short-term energy storage projects, but with the rapid growth of renewable energy and the retirement of thermal power, the demand for long-term energy storage (especially 8 to 10 hours of energy storage projects) has gradually increased. According to Wood Mackenzie data, the market share of non-lithium battery technology in global long-term energy storage projects is more than three times that of lithium batteries, especially in other regions outside the United States, where the application of non-lithium technology is becoming more and more extensive. It is expected that by 2025, long-term energy storage will continue to be an important investment direction in the energy storage market.