Modern Energy Storage Solutions Leading Change in Power Sector

by Lisa Tate Industrial Report-TechSci Research

The world is witnessing an energy crisis due to depleting fossil fuel resources, exacerbating demand for electricity, and global supply chain crunch. To keep up with the energy demands, shift from fossil-based energy economy towards renewable energy economy has become rampant. In the United States and other developed nations, wind and solar are now competing extremely successfully for capacity additions. Many utility companies are upping their targets for clean energy to reach the goal of net-zero emissions and reduce dependency on fossil fuel resources. However, the erratic and intermittent availability of natural resources to generate electricity present obstacles for making electricity grid run entirely on renewable sources.

As renewable energy takes a more significant position in the overall power mix, the demand for efficient and reliable energy storage solutions is growing for maintaining a balance between energy input and output at all times. With its grid balancing and renewable power optimizing services, energy storage offers businesses the ideal opportunity to realize the full potential of sustainable energy. Besides, the increasing penetration is changing the operational dynamics of the power system, and energy storage is going to be a quintessential part of the new architecture. This way, energy storage technologies can ensure the supply of clean and green energy even when energy production peaks are not in accordance with the energy demands. Moreover, increasing number of limitations for surplus renewable power on the grid for later use and withdrawal of net metering incentives by the regulatory authorities are fueling the growth of the energy storage technologies market.