Why Energy Storage systems are important for the world?
Energy and Power - Market Research Future
Renewable Energy, Offshore, Oil and Gas, Batteries, Industrial Motors, Pumps, Control Devices, Drilling, Intervention
Energy can neither be created nor destroyed; it can only be transferred from one form to another - we have learnt this law of conservation of energy in our schools and colleges. With respect to this statement, we cannot create or destroy energy, but we can store this energy and utilize it whenever necessary.
Energy storage is the process where energy is captured and stored for later use in order to reduce the imbalance between the demand and production of energy. Basically, energy is stored in batteries, accumulators, and other energy storage devices, that store the energy in various forms such as in chemical form, kinetic, pressure, electromagnetic forms, etc., and later used whenever the need arises.
There are various forms of energy, viz. chemical, electrical, kinetic, latent heat, and gravitational potential, all these forms of energy are stored in several types of energy storage devices or systems that convert such energies into desirable forms as and when required.
The ability to store energy effectively is one of the essential pillars of the energy transition, which allows for the flexible production of renewable energy while also guaranteeing its integration into the grid. One of the key energy forms considered the most precious to store is electric energy or electricity.
Many energy storage devices like batteries store electric energy in the form of chemicals and later convert the said chemical energy into electricity when the batteries are used. Such electrical batteries are pretty common to use, and nearly 85% of the population uses electric batteries to store electric energy.
But there are many other energy storage systems like compressed air, flywheels, thermal energy storage, hydro energy storage or pumped hydroelectric storage, etc.; let us briefly understand these energy storage systems.?
Energy Storage Systems?
Compressed Air –?
Compressing air at a rate of up to?one thousand pounds per square inch?and storing it, typically in underground caverns, requires the usage of electricity. When there is a strong electricity demand, the pressured air is released so that it can be used in an expansion turbine generator to produce energy. Such energy storage systems are typically employed for high-capacity energy plants.
Batteries –?
Batteries are pretty common energy-storing devices that are used in every sector, be it commercial or household use. Batteries are considered the most effective way of storing electrical energy for low to medium energy capacity. These systems are able to make use of a variety of battery technologies, including lithium-ion, lead acid, lithium iron, and others.
Flywheels –?
Flywheels, a type of rotor, can be accelerated with the use of electricity, which then allows the energy to be preserved in kinetic rotational energy. When it is necessary to produce energy, the force created by the flywheel's rotation is applied to turn a generator. Some flywheels use magnetic bearings, can achieve rotating rates of up to 60,000 revolutions per minute, and operate in a vacuum to limit the drag they experience.
Thermal Energy Storage –?
The production of thermal energy, which may be saved until it is required, can be accomplished through the utilization of electricity. For instance, electricity can be used during periods of low demand to make chilled water or ice, which can then be used for cooling during periods of high demand for electricity.
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Hydro energy Storage –?
Hydro energy is a much bigger source of energy with a huge amount of water stored in the reservoir. Such huge reservoirs are typically used for electricity generation through hydropower. The immense amount of water stored in the reservoir is allowed to flow through the gates of the dam and released to travel through the huge turbines below the reservoir walls to make them rotate at high-speed, eventually generating electricity.?
Now, as we have discussed about energy storage and devices used for energy storage, let us have a quick overview of the global energy storage market.
Energy storage market analysis
Energy storage plays a significant part in the process of storing energy generated from renewable sources. These are the building blocks that are utilized to store energy that has been generated by any renewable source and then released when it is necessary. The growth of the energy storage market is anticipated to proceed predictably, along with the expansion of the number of renewable power installations worldwide, including hydropower stations, solar power generation plants, wind energy plants, etc.
With respect to the studies conducted by research industries, the global energy storage market is said to have a growth rate of 13.24% for the forecast period that ends in the year 2030, earning a huge market value of USD 5501.2 million.
Huge Grid systems can be used to store energy generated through solar and wind energy, which are now the most popular forms of alternative energy. The storage of these renewable energies in flexible grids is in great demand because there are times when there is insufficient sunshine or when the wind currents fluctuate, causing the availability of these renewable energies to be inadequate.
Increasing demand for grid energy storage systems is being seen all over the world as a direct result of the ongoing process of grid modernization. The widespread implementation of energy storage systems has produced a significant increase in the number of opportunities available in the global market, making energy storage a big industry.
The field of renewable energy and energy storage has experienced phenomenal expansion over the course of the past few decades.?As more people are becoming aware of the importance of green energy, there has been a consistent rise in the demand for renewable sources of energy.
The market for alternative energy sources, including biomass, solar, wind, and tide energy, offers a tremendous amount of untapped potential in the years to come.?In the next years, it is anticipated that the growth of the energy storage industry will be fuelled by an increase in the demand for alternative forms of energy in the residential sector as well.?The increasing levels of pollution caused by conventional energy sources, the supportive policies of the government, and the expanding supply of renewable energy will lead to an increase in the market share for the energy storage industries.
With all the information gained through this article till now and with respect to the studies conducted on the energy storage industry and renewable energy sources, it is pretty evident that the global energy storage market is on an inclined path of growth which will soon be one of the top revenue grosser.?The demand for energy is growing as more people become aware of the negative impacts that conventional energy sources can have.
This is generating a significant opportunity for the energy storage industry to expand over the period of the next ten years.?It also concludes that the expansion of the global energy storage market will be considerably aided in the coming years by various factors, including supportive government regulations, investments in the renewable energy industry, and other initiatives implemented by the leading market players.
Some of the listed companies: