IEA Special Report Highlights Energy Storage
IEA Special Report Highlights Energy Storage
According to the IEA's Special Report on Batteries and Secure Energy Transitions, batteries are pivotal in the current global energy landscape and are set to become even more crucial in facilitating secure and clean energy transitions.
In recent years, batteries have witnessed unprecedented growth, emerging as one of the fastest-growing energy technologies globally. In 2023 alone, battery storage in the power sector experienced a remarkable surge, more than doubling its deployment year-on-year.
Electric vehicles (EVs) contributed significantly to this surge, with a 40% increase in battery deployment, representing a staggering 14 million new electric cars hitting the roads. Lithium-ion batteries have been at the forefront of this revolution, dominating the market due to their remarkable cost reductions and performance improvements.
Government support has played a pivotal role in accelerating the adoption of batteries, particularly in markets like China, the European Union, and the United States. Strong policy incentives for EVs and battery storage have spurred market expansion, paving the way for widespread adoption across the globe.
Despite their transformative potential, batteries face several challenges that could hinder their growth trajectory. These include scaling up the supply of critical minerals, ensuring sustainable end-of-life management through recycling, and addressing regulatory barriers to deployment. The International Energy Agency urges policymakers, regulators, and industry stakeholders to collaborate to address key challenges and maximize opportunities.
To read the IEA’s report, visit https://www.iea.org/reports/batteries-and-secure-energy-transitions/executive-summary
In recent years, batteries have witnessed unprecedented growth, emerging as one of the fastest-growing energy technologies globally. In 2023 alone, battery storage in the power sector experienced a remarkable surge, more than doubling its deployment year-on-year.
Electric vehicles (EVs) contributed significantly to this surge, with a 40% increase in battery deployment, representing a staggering 14 million new electric cars hitting the roads. Lithium-ion batteries have been at the forefront of this revolution, dominating the market due to their remarkable cost reductions and performance improvements.
Government support has played a pivotal role in accelerating the adoption of batteries, particularly in markets like China, the European Union, and the United States. Strong policy incentives for EVs and battery storage have spurred market expansion, paving the way for widespread adoption across the globe.
Despite their transformative potential, batteries face several challenges that could hinder their growth trajectory. These include scaling up the supply of critical minerals, ensuring sustainable end-of-life management through recycling, and addressing regulatory barriers to deployment. The International Energy Agency urges policymakers, regulators, and industry stakeholders to collaborate to address key challenges and maximize opportunities.
To read the IEA’s report, visit https://www.iea.org/reports/batteries-and-secure-energy-transitions/executive-summary
Related Content
Podcast: How to Mitigate Growing Technician Shortfalls
May 20, 2024
Technician shortages are growing, but bridging those gaps is possible with awareness, upskilling, and other strategies.
Electric Thinking Caps Aid Learning
May 20, 2024
Experiments showed that subjects were better able to repeat tasks they learned in virtual reality when their brains were electrically stimulated.
Quiz: Do You Know These Global Engineering Landmarks?
May 17, 2024
How well do you know these ASME-designated mechanical engineering landmarks from around the globe?
Video Games Offer Brain-Computer Interface Training Ground
May 16, 2024
A calibration-free interface is not only making hands-free gaming a possibility but may lead to new ways to help individuals with motor disabilities.