The China energy storage market is forecast to climb from its current market value of more than $700 million to over $6 billion by 2024; as reported in the latest study by Global Market Insights.
According to the report findings, this growth is attributed to a growing drive of ongoing investments toward the development of smart-grid infrastructure and rapidly growing ancillary services industry.
Additionally, the increasing adoption of energy storage systems to bolster grid stability with the extensive penetration of intermittent renewable generation will further propel the industry growth.
China's lithium-ion energy storage market is set to witness vigorous growth on account of continued reduction in technology costs driven by economies of scale across battery manufacturing. High energy density, low maintenance, and high coulombic efficiency are the prominent features that will strengthen the product penetration.
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