Battery energy storage systems: used to store the energy generated by power plants !!!
These are especially used to store the energy generated by renewable energy power plants in order to ensure smooth flow of electricity despite fluctuation in power generation by renewable energy plants. They are also used in the automotive sector. The battery energy storage systems market is expected to expand at a fast-paced CAGR due to the increase in usage of renewable energy plants as well as electric and hybrid cars.
Various countries are initiating development programs to raise funds for battery energy storage systems. Governments are also entering into public-private partnerships to increase the use of renewable energy. Battery energy storage system is a cost-effective way of providing electricity to the population living off-the-grid. Companies are launching hybrid and electric automobiles to help lower greenhouse emissions. On the other hand, lack of industry standards is hampering the market. For instance, currently, there does not exist any consensus on the precise method of extinguishing a lithium-ion battery fire. Lack of standards can cause safety and regulation issues in various applications, especially in the automotive sector.