A recent research report by the research organization Global Market Insights shows that the global energy storage system market will grow from the current US$340 billion to US$500 billion in 2025.

　　The energy storage market refers to the investment and construction of all energy storage methods, including battery energy storage, mechanical energy storage, pumped water energy storage, and so on.

　　The report pointed out that as consumers increase their awareness of the use of renewable energy and reduce the cost of energy storage, the development of the energy storage market will be promoted. Policy makers in some countries and regions have encouraged the use of clean energy and introduced various financial incentives, which have had a positive impact on energy storage deployment.

　　According to the forecast of the International Energy Agency (IEA), the share of global renewable energy power generation will increase to 40% of the total power generation in 2040.

　　For example, the Italian government has already reduced taxes and fees by 50% for the deployment of residential energy storage systems in 2017.

　　In order to reduce carbon emissions and electricity bills, Japan has led to an increasing demand for solar power generation facilities and energy storage systems. The market size of energy storage systems is expected to exceed US$65 billion.

　　With the increasing dependence on renewable energy, the German government has set a goal of achieving 65% by 2030, which will promote the growth of the energy storage market.

　　Lithium-ion battery (LIB) has become the main energy storage solution in modern social life. Among them, lithium iron phosphate batteries are a perfect replacement for lead-acid batteries, and they are the first choice for grid-connected peak shaving, off-grid energy storage, photovoltaic energy storage, UPS, data center and other industries.

　　The demand for battery performance in energy storage systems will stimulate the growth of the battery market, and lead-acid batteries, sodium-sulfur batteries, lithium-ion batteries and flow batteries are important core components in energy storage products.