In the focus of energy storage’s future: Hydrogen
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With the increasing growth of renewable energy, the storage of green energy is a key factor in today’s global energy market. Renewable energy sources such as wind and solar energy are variable in nature, making it difficult to ensure a stable and reliable energy supply without appropriate energy storage technologies. Storage is however essential to harmonise the time differences between energy production and consumption.
The importance of energy storage and its significant market potential is also demonstrated by the numbers:
the global energy storage market generated $1.4 billion in revenue in 2019 and expected to reach $11 billion by 2027.
A wide range of energy storage technologies are now available:
Out of the options mentioned, although battery energy storage is one of the most widely used worldwide, hydrogen energy storage is the most promising from a sustainability perspective.
Why? Because this technology can be used to store green energy in a highly efficient and environmentally friendly way. It can also be more economical in the long term compared to other, more conventional energy storage systems.
Hydrogen energy storage and hydrogen-based technologies are still in their early stages in almost all aspects, including R&D, regulation, and deployment.
However,
can facilitate the transition to hydrogen-based technologies, which can also highly contribute to reducing dependence on fossil fuels.
What do we know about the technology and where does hydrogen energy storage stand today?
According to the latest report from the International Energy Agency (IEA), in 2020, renewable energy sources covered 11.2 percent of total energy consumption worldwide. The largest share, nearly 7 percent, came from hydropower, followed by wind power at 2.2 percent. I think this also shows that hydrogen is receiving a lot of attention considering the global climate goals set for 2030 and the progress of the energy transition.
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So, hydrogen-based technologies are seen by many as the most viable way forward and hydrogen as the future of energy storage.
However, critics of hydrogen-based technologies argue that it is an overrated technology and that other alternatives are better suited to the challenges of energy storage, mentioning the high cost, the large amount of energy required to produce hydrogen and the significant technological challenges of transporting it.
Despite these criticisms, which in many respects I also find justified, it is without a doubt that hydrogen is one of the best and most environmentally friendly solution for storing renewable energy.
On the one hand: this technology allows the separation of energy production and consumption; it also ensures storage regardless of when and where the energy is produced.
On the other hand: hydrogen is a clean and efficient energy carrier that produces only water when burned, thus making a major contribution to protecting the environment, since hydrogen is produced by electrolysis – a process that allows water to be broken down into hydrogen and oxygen by an electric current.
Hydrogen energy storage is thus also emerging as a new green energy source for the energy industry. The energy stored in hydrogen units is already being used as an auxiliary power source in public transport, such as trains and air transport, in metalworking and telecommunications systems, as well as in food and agriculture.
What does the future hold for hydrogen?
As we can see, hydrogen energy storage offers a potential solution to the energy use problems of the future and has many advantages over alternative energy storage solutions. However, I think that companies that are planning to exploit this technology, are facing numerous challenges. One of them being that the hydrogen industry is currently in its early stage, so any project requires significant capital investment.
We are aware that the industry is constantly evolving, with more and more research, development, innovation, and pilot projects aimed at improving the production and storage of hydrogen. However, the future of hydrogen energy storage also depends to a large extent on the regulatory environment. Tax breaks, subsidies and regulations can be an incentive for both industry and technology development. In addition, the various renewable energy companies are making greater efforts to research and develop hydrogen-based technologies.
Just as it is also clear that companies that recognise the significant potential of hydrogen and are willing to invest time, energy and, above all, financial resources in developing this technology, can gain a significant market advantage over those who are still sceptical about hydrogen technology.
Therefore, I think it is important to see that the introduction of new technologies will always require time and investment, and that hydrogen-based energy storage will not be an instant solution. If properly promoted and developed though, hydrogen energy storage can not only provide a significant return on investment on the long run but can also promote sustainable energy production and use.
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