As we move step by slow step into a world where renewable energy is more and more a part of our energy infrastructure, the need for energy storage will continue to grow. The reality is that renewable energies such as solar and wind are not as consistent as we have grown accustomed to, and subsequently a shift is required in the way that we understand energy generation.
One such shift is energy storage, and technological development and financial investment has kept up to pace with the need, so far.
Pike Research released a report on Wednesday that focused on long-duration or bulk energy storage, known as energy storage on the grid (ESG). Their findings predict that the market for ESG will grow dramatically in the next decade, with nearly 56 gigawatts installed between 2012 and 2022.
“Newer and emerging energy storage technologies – such as next-generation compressed air energy storage and pumped storage, as well as advanced batteries – are changing the energy storage space with innovations in efficiency, footprint, materials science, and system flexibility,” says senior research analyst Anissa Dehamna, from Pike Research. “These innovations will help enable grid operators to optimize grid assets, defer transmission and distribution upgrades, and integrate renewable energy sources.”
Currently energy storage companies are making a business by layering the applications to which energy storage can be put. Rather than relying on a single application — a risky proposition at the moment — the report notes that energy storage companies are delivering solutions for several issues with a single installation.
Looking into the next decade, Pike Research has identified the five key applications ESG will take;
- grid asset optimisation
- renewables integration for both wind and solar
- transmission and distribution
ESG technologies that the report looks at include;
- compressed air energy storage
- pumped storage
- NaS batteries
- advanced lead acid batteries
- flow batteries
- Lithium Ion batteries
The report, “Energy Storage on the Grid”, uses an application driven forecast to determine the amount and revenue associated with the rapidly changing ESG market. An Executive Summary of the report is available for free download on the Pike Research website.