SMM

In 2023, the energy storage market faced challenges from lithium carbonate price volatility, competitive pressures, and diminished demand, resulting in installations below expectations. Despite this, with targets and policy support, the market is projected to grow to a 97GWh cumulative installation capacity by 2027, with a 49.3% annual growth rate. All-vanadium redox flow batteries, with their unique advantages including high cycle life and safety, emerge as a promising solution for the increasing demand for long-duration storage, offering a path toward stabilizing renewable energy integration.