Conversion of energy from conventional sources to a certain form which can be stored and then converted back to the original state, when it is required, is the latest energy storage technology. It helps in storing energy which can be used in cases of low energy demand, low generation cost or from random energy storage to be utilized during high energy demand or generation cost.
Increase in the global demand for energy has led to a substantial growth of the market. Rapidly developing low-carbon energy technologies will lead to an increase in the energy storage technology market demand over the forecast period.
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The ability of energy storage technology in providing electricity and improved heat networks helps in the de-carbonization of the energy sector, which will increase the growth of this sector. In addition, these technologies increase the energy access and efficiency of energy resources. As a result, this will help in achieving a sustainable and secured energy system globally.
Energy storage technologies are able to shift energy demand and supply on a short term basis which will avoid blackouts and brownouts and in turn improve load imbalances. This technology also consists of large centralized systems in addition to off-grid units. However, higher capital costs involved in energy storage technologies may restrict advancements in energy storage technologies market. Research & development coupled with increasing investments are likely to result in enhanced performance, lifetime of the product, and reduction in overall costs. This factor is expected to play a crucial role in driving market growth over the next seven years.
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Pumped hydro-power, compressed air energy storage, flow batteries, flywheels, solid state batteries and thermal energy storage technology are some of the commonly used techniques that are commercially viable. Few of the most commonly used technologies in the energy storage technologies market are few battery technologies, compressed air energy storage and pumped storage hydropower.
In addition to the increasing demand for global energy and the surging requirements for low-carbon technologies, the overall demand for energy storage technologies is expected to be significantly higher in the forecast period. They have the ability to cut down imbalances in the demand and supply of energy as well as the optimization of different parts of the global energy storage systems. The energy storage technologies are used in various applications including electricity grids, dedicated heating and cooling networks and off-grid applications. Research & development of the energy storage technology industry will provide a wide range of opportunities in order to drive growth. However, the market may face stringent regulatory government policies which may hinder growth in the long run.
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