Rise in the energy demand and depleting fossil fuels is pushing the market towards non-conventional sources of energy. Energy demand is expected to increase by 70% between 2012 and 2035. The existing conventional sources of energy are depleting at a much faster rate than expected and their depletion is equally proving detrimental to the climate. Although renewable sources of energy will help in addressing all the environmental issues, this technology is still at its nascent stage and needs more investment in R&D to harness its full potential. This has led to the market inclination towards energy storage devices. These storage devices store energy to harness it in future. This balances the demand and supply gap for future purposes.
