From the above article: Energy storage market As renewable wind...

From the above article:

Energy storage market
As renewable wind and solar energy sectors take off, the battery sector isn’t far behind.

“Energy storage is now seen as an essential part of the renewables solution – solving the problem of intermittency – to deliver reliable, affordable, zero-carbon energy to the world,” Mr Harris told representatives at Redflow’s annual general meeting this morning.

“Bloomberg predicts the global energy storage market will attract $620 billion in investment by 2040,” Mr Harris noted.

He added that although lithium-ion batteries dominate the energy storage market, flow batteries are becoming “increasingly recognised” for their role in the space.

“There is a clear market demand for batteries that can tolerate heat and hard work in applications where the shortcomings of lithium-ion or lead-acid batteries are clear.”

Mr Harris pointed out that market research company IDTechEx predicts the redox flow battery market will be worth US$4.5 billion by 2028.