Market Research Report
Energy Storage Systems (ESS) - Thematic Research
|Published by||GlobalData||Product code||950865|
|Published||Content info||44 Pages
Delivery time: 1-2 business days
|Energy Storage Systems (ESS) - Thematic Research|
|Published: July 15, 2020||Content info: 44 Pages||
In the electricity distribution sector, investment into energy storage systems (ESS) creates long term reliability and resilience. ESS are used to store energy for later use. ESS serves as a crucial hub for the entire electricity grid, right from managing power during peak load periods, enabling energy management, and boosting the quality and reliability of power, to helping decrease environmental impacts. Energy storage also smooths the integration of variable or intermittent renewable energy sources into the grid, by matching supply with demand.
The key ESS technologies are pumped hydroelectric storage (PHS), compressed air energy storage (CAES), flywheels, batteries, and capacitors. According to the International Renewable Energy Agency's (IRENA) Renewable Energy Roadmap 2030, 475 gigawatts (GW) of ESS would be required to meet the target of 45% power from renewable energy sources in the energy mix by 2030. Recently, Lithium-ion (Li-ion) has gained pre-eminence as the leading battery technology because of its higher efficiency compared to other battery technologies. Other promising battery technologies for the future include sodium-ion (NIB) batteries and redox flow batteries.
The energy storage sector is witnessing a rapid growth globally. The potential applications of ESS have gained attention of a number of stakeholders across the value chain, boosting its considerable growth and paving the way for the next phase of the energy transition. ESS installations linked to the electricity grid and ancillary services will witness growth in the coming years because of key drivers such as increased variable renewables integration, rising energy demand, asset retirements, along with smart digital technology innovation.