The law of demand and supply is mostly uneven. As the economy grows, it becomes evident that the energy demand will also increase. To create a balance in the demand and supply of energy, the conservation of energy is the top priority, which significantly boosts the growth potential of the energy storage industry. The energy storage system picks up and stores the energy generated at one point. Then, it further reuses the energy at a time of scarcity.
Is storing Energy Crucial?
Storing energy for its consumption during over-demand is essential. This is because the shortage of energy creates a widespread energy crisis. It then leads energy prices to shoot up in all sectors and harms the economy, making electrical energy storage necessary in all ways. The energy storage industry helps with this.
One can find energy in various forms but misusing the energy in hand is the biggest blunder for the time ahead.
Forms of Energy Generation
Energy is the capacity to make objects move and perform. Broadly, energy generation is in 2 ways.
- Kinetic energy- In this, energy comes from movement. Ex: electrical, mechanical, and thermal energy.
- The Potential Energy- Stored energy that comes into use later is potential energy. Ex: Chemical energy, nuclear energy, gravitational energy. The chemical energy stored in the form of fuel in the car generates the vehicle's movement.
Ways to Store Energy
Electrical energy cannot be directly stored in any form. But conversion and storage of energy meet the demand when there is a need for electricity.
Energy stored is paired with technology and software to withhold and release energy. The electrical energy storage system comes into effect through storage in the form of:
Battery storage is the most commonly used form of storage. Battery energy storage system (BESS) uses electrochemical technology to capture the energy from a power plant and store it for the future. This way, the stored energy gets discharged to supply electricity later.
Thermal energy storage (TES) uses a cooling and heating system to hold, store and transform energy. Thermal storage can be used to store large quantities of water underfoot. Thus, it is extensively used in boreholes and big storage tanks.
Mechanical energy storage uses gravitational forces to store energy through flywheel technology. In this system, the process of storing and releasing energy is in less than 15 minutes. The main advantage of this system is it can balance the fluctuations in the electric supply. Mechanical storage uses air compressors, heat, water, and extra machinery for its storage.
Pumped Hydro Technology-
Pumped storage hydropower (PSH) is used when storing water from large reservoirs. Additionally, it supplies water to lower reservoirs when necessary. This is the most common energy storage method used in the United States to scale the energy storage capacity.
It involves the conversion of energy for storage in tanks through electricity. In this method, storage is in either liquid or gas form. Gas storage requires high-pressure tanks for storage. In contrast, liquid storage requires temperatures to avoid it boiling into a gas again. This system uses energy storage for industries, transport, and residential use.
All these energy storage forms are workable and apt for applications. But, a suitable type of energy storage can be selected based on the industry's need, storage capacity, and scalability.
In What Way Can Energy Storage Be Beneficial?
The main motto of the energy storage industry is to store extra electricity generated during less demand and balance it by supplying energy when demand is high. Some of its benefits are:
- To maintain price equilibrium during high demand and supply,
- To save operational costs of the industry during heavy load shifting,
- Make proper use of renewable sources of energy with environmental benefits.
Opportunities in Energy Storage
The energy storage industry has ample opportunities for its growth.
- The energy storage sector can expand by boosting the production capacity of batteries.
- Focus on more research and development on various sources to convert the energy and use it when the demand is high.
According to the energy storage industry analysis, the market will grow at a CAGR of 13.24% with a revenue of USD 5501.2 million by the end of 2030.