With
crude oil reserves declining at an alarming rate of 4 billion tons a year, dire
consequences that await us in the future, with fossil fuels, such as coal and
natural gas, predicted to be exhausted by 2052. To deal with the possibility of
living in a fossil fuel-deprived world, the time to invest in energy storage
systems couldn’t be more right. These systems are capable of serving as energy
reserves for times when the demand is high. Companies are investing heavily in
manufacturing cost-effective energy storage devices with better longevity. With
depleting non-renewable energy sources, the emphasis is on utilizing renewable
sources for power generation. For instance, considering the potential of the kinetic
energy of stored water, technologies such as pumped hydro storage (PHS) are
being developed, wherein water is stored in a reservoir and then released into
a tank on a lower level for power generation.
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A
study published by P&S Intelligence claimed that from 6,275.4 megawatts in
2017, the installed capacity of the energy storage market would increase
to 51,426.0 megawatts in near future at a 42.5% CAGR. Energy storage refers to
the means adopted to store renewable energy to generate and meet the required
demand for electricity optimally by supplying clean energy. Energy is stored in
many ways, such as mechanical, chemical, electrochemical, fossil fuel, biological,
and thermal. In 2017, the demand for power was maximally met by the mechanical
means of energy storage, as the methods such as PHS, compressed air energy
storage (CAES), and flywheels are extensively used for the generation of energy
at a large scale.
The
rising popularity of unconventional sources of energy generation is also due to
the increasing awareness about the detrimental effects of pollution. Rapid
urbanization and the growing demand for energy have impelled people to generate
power from environment-friendly sources, such as solar, hydro, and wind. Being
readily available, these sources don’t require extensive extraction and
purification like fossil fuels and can be used for power generation
cost-efficiently. Even though renewable energy sources, such as solar and wind,
may generate variable outputs, storage technologies are extremely helpful in
maintaining a constant supply. Unlike fossil fuels that take longer to produce
energy, storage technologies respond immediately by supplying energy to the
power grid when the demand suddenly increases.
North
America has been the largest energy storage market among all the regions,
accounting for more than 35.0% of the global energy stored this way in 2017. Energy
storage companies based in North America are rapidly developing infrastructure
and facilities to meet the growing energy storage demand, which is why they
continue to maintain a stronghold. Within the U.S., many states are investing
in integrated resources planning, which is a necessary requirement for utility
companies. Energy storage is also helping provide power backup in events of
grid failure and repair.
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