RENO, NV / ACCESSWIRE / July 28, 2023 / The energy storage market is rapidly advancing and is set to grow 15-fold by 2030, with energy storage installations around the world projected to reach a cumulative 411 gigawatts by the end of 2030 - 15 times the 27 gigawatts of storage online at the end of 2021.
As global markets seek to redefine their relationship with energy and become more environmentally friendly, battery storage developments have gone hand in hand with their efforts. Smart grids and overall grid modernization have helped batteries become more dependable, especially lithium-ion batteries. Meanwhile, nations across the globe are revamping wholesale market structures to allow batteries to provide capacity and ancillary services, which is increasing the overall power quality.
International de-carbonization targets are increasing domestic energy reforms that support the adoption of renewable energy and storage systems that enable solar, wind and other methods of renewable energy. Some countries like South Korea and Italy are even increasing the financial incentives for storage investment, further showing how policy is helping shift in favor of energy storage development.
The energy storage market is expected to experience significant growth in the U.S., as well, due to recent policy developments. The passage of the Inflation Reduction Act in August 2022 has allocated substantial funds to wind, solar and storage tax credits. This policy is projected to drive the construction of approximately 30GW/111GWh of energy storage capacity between 2022 and 2030. The implementation of these tax credits is expected to support the long-term growth of the energy storage industry.
When looking at energy storage systems, lithium-ion batteries have emerged as the dominant player in the industry. They are more efficient, have a longer lifespan, and are less environmentally damaging than traditional battery technologies. Lithium-ion batteries also have a high energy density, allowing for more energy to be stored in a smaller space, which is essential for residential and commercial applications.
Dragonfly Energy Corp. (NASDAQ:DFLI) is a leading manufacturer of deep-cycle lithium-ion batteries that is helping to develop a strong battery supply chain in the U.S. The company designs and assembles its batteries in the United States and is driving research and development initiatives for its non-toxic deep-cycle Lithium Iron Phosphate (LiFePO4) batteries. Their batteries are replacing lead-acid batteries across a wide range of markets, including RVs, marine vessels, residential off-grid and backup storage and industrial applications. The company has also been successful in patenting a wide range of its technology. Thus far, Dragonfly Energy has over 55 patents filed and pending based around battery pack design, cell manufacturing, battery communication technology and more.
The company has established its ability to sit at the nexus of energy technology between solid-state Li-ion cells, conventional Li-ion battery manufacturers, vertically integrated energy, and technology-focused energy storage. While companies like ESS, Inc., Microvast, or even Tesla focus on one main sector of energy technology, Dragonfly has diversified its product line to meet a variety of energy needs.
With the battery energy storage system market expected to reach $17.5 billion by 2028, Dragonfly Energy seems well-positioned to excel in this rapidly growing industry. The market - estimated to be worth $5.4 billion in 2023 - is driven by the increasing demand for renewable energy and the growing concerns surrounding climate change. Dragonfly Energy's track record of success and innovation positions it to capitalize on the rising demand for energy storage solutions that support a transition to a more sustainable and greener future.
Featured photo by Federico Beccari on Unsplash
Contact:
Sioban Hickie, ICR, Inc.
DragonflyIR@icrinc.com
SOURCE: Dragonfly Energy
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