The energy storage sector is being boosted by increases in deployment capacity which are arsing from important innovative technologies, many of which are based on renewable energy solutions. Energy storage is the capture of energy produced at one time for use at a later time, and the key technologies include solid-state batteries and flow batteries. Other areas of expansion include battery recycling, electric aviation, flow batteries, thin-film batteries, and solid-state battery improvements.
The growth of energy storage solutions appeals to environmentalists because storage of energy fundamentally improves the way populations generate, deliver, and consume electricity. Moreover, this area helps to foster in renewable energy solutions. The main technological leaps have been with:
Batteries: Electrochemical storage solutions, such as advanced chemistry batteries, flow batteries, and capacitors.
Thermal: Technologies for capturing heat and cold to create energy on demand or offset energy needs.
Mechanical Storage: this involves harnessing kinetic or gravitational energy as the means to store electricity.
Hydrogen: Here excess electricity generation can be converted into hydrogen through electrolysis and then stored.
Pumped Hydropower: This is concerned with creating large-scale reservoirs of energy with water.
Many of these technologies tap into renewable energy sources. As well as specific sources of green energy generation, governments are seeking to ensure that energy storage can be integrated onto national grids so that there is a contribution to meeting clean energy goals.
In terms of growth projections for the energy storage market, research undertaken by Lux (“Global Energy Storage Market 2019“) suggests that the market in the U.S. is set to grow to $546 billion by 2035. the key factor behind this is growth in electric mobility demand, which is expected to have boosted revenues by ten times over the next fifteen years. Central to electric mobility applications is the growth of light-duty passenger vehicles.
As well as mobility applications, other drivers for growth include the ever-growing use of electronic devices, plus innovations in stationary storage. The smallest area for growth will be with personal devices, as economic signals suggest that the markets for laptops, cell phones, and tablets are edging close to saturation point.
Together these three parts will reach an annual combined deployment level of 3,046 GWh over the next 15 year. This represents an increase from the current level of 164 GWh.