A centralized energy grid is a network of energy generated by generators, high-voltage transmission lines, and low-voltage transmission lines that transmit electricity over long distances to power the nation’s lifeblood and economy.
As the world becomes more and more reliant on electrification, the aging grid is under enormous pressure. Electricity peaks during peak demand periods are becoming more common, as are power outages in India and Africa due to insufficient capacity and infrastructure failures.
Energy Storage Systems (ESS) keep modern grids stable by capturing and storing renewable energy sources such as wind and solar. By alleviating the intermittency issues faced by renewable energy sources, the most efficient energy storage can help remove barriers that have historically hindered greater adoption of wind and solar resources.
This makes it possible to supply power to all users and applications at all times, including charging electric vehicles and powering buildings, hospitals and schools. ESS can not only support grids operating during peak hours, but also maintain existing grid infrastructure without the risk of grid overload and collapse.
1. Energy storage systems effectively facilitate the integration of renewable resources in mainstream energy production
In recent years, energy storage and ESS have become a global focus, driven by the expected penetration of electric vehicles (EVs) and other electrification technologies. ESS renewable energy storage systems will support the growth of electric vehicles while also serving as a key application for secondary battery life.
ESS captures and stores energy, primarily provided by distributed variable renewable energy, not only for the environment, but also for populations in developed and underdeveloped countries, where electrification is used to drive business and sustain life.
Energy storage systems not only store energy for use during peak loads when energy demand is low, but also enable future grid operations without requiring trillions of dollars of investment to expand transmission lines or build new air-polluting fossil-fuel power plants.
2. Powering the future with ESS renewable energy reserves
In 2017 and 2018, renewable energy contributed 18.1% and 26% to world energy consumption and power generation, respectively. Of this energy consumption, 7.5% comes from conventional biomass, 4.2% from heat (non-biomass), 1% from biofuels for transportation, 3.6% from hydropower, 2% from wind, solar, biomass, geothermal and ocean energy.
The need for a sustainable energy future is driving more variable renewable energy storage into the grid, which in turn is accelerating the adoption of hybrid energy storage technologies to help maximize grid resilience.
The energy storage market is forecast to grow rapidly in the coming decades, driven by the expected penetration of electric vehicles (EVs) and other electrification technologies. Investment in new energy storage is expected to skyrocket by $620 billion over the next two decades.
By 2030, 65% of the new storage capacity is expected to be used to connect various ESS renewable energy storage to the grid and provide various grid services, 30% to support residential, commercial and industrial facilities, 5% to use to support EV infrastructure.