The development of battery technology is increasingly being looked at as an indispensable component of sustainability by today's utilities.
FREMONT, CA: While smartphones, smart homes, and even smart wearables are growing ever more advanced, they are still limited by power. The battery hasn't advanced in the last decades. But today, battery technology is on the verge of a power revolution. The latest dynamics inside the battery technology landscape is explained below.
Today, utilities are looking to invest substantially in storage devices that can store large amounts of renewable energy. The requirement for high capacity batteries will drive the energy storage technology market and lead to rapid innovations in the sector. While sustainability is a significant factor driving the utilities, the safety aspect is also crucial. Increasing regulations are one of the trends in battery technology. Some recent incidents of attacks at energy storage facilities have brought storage technology under surveillance. Thus, standard safety regulations are must batteries. Several regulatory bodies and authorities are presently considering the safety regulations. The battery storage industry will have to consider and comply with all safety norms.
The escalating demands for storage technologies have paved the way for a lot of innovations. Labs across the world are testing potential battery technologies. The development of lithium-ion batteries started this movement, which has now gained momentum and resulted in the creation of alternative cells. Besides, novel applications of battery technology have also gained friction. Battery manufacturers are constantly vying to improve capacities and stay ahead in the competition.
Everyone today is prioritizing environmental safety. Automobile companies realize that conventional engines will slowly lose relevance, and electric mobility will become the new norm. Thus, battery technologies will find several applications in the automobile industry as they scale up the production of e-vehicles. The battery requirements of e-vehicles will make automobile makers explore for the best battery technologies available.
Together with the above dynamics, there has also been a fall in the prices of lithium-ion batteries. As prices dwindle further, industries will quickly adopt battery technologies to enhance energy storage and fulfill modern-day electricity consumption requirements.