The momentum towards global energy transition has taken several niche markets into a market of necessities. Energy storage systems (ESS) are proving to be the centre of the global energy transition. As most of the global renewable energy sources like wind and solar produce variable power, storage systems level out the imbalance between supply and demand that arise. It is no surprise then that the 2020s has been described as the decade when the Energy Storage market comes of age with the market predicted to surge to a 15-gigawatt annual market by 2024 from off-grid projects.
Electric vehicles (EV) are contributing to the rising growth of the battery storage market. Unlike other nascent industries in the renewable supply chain, the overlapping EV, private and industrial off-grid electrification needs would see demand for storage options increase. As well as with the increase in the global clamour for clean energy and greener solutions. Several companies have introduced groundbreaking storage systems which have tackled the grasping issues of batteries not lasting long enough or seeking to time-match consumption with availability.
ESS following a secured investment of $30 million in a Series C investment, have curled in to enable a ramp-up of 1GWh per year production with a new module design of systems. ESS systems are recognized as the leading safe, low cost and long-duration energy storage systems and are traded and shipped across four continents from Wilsonville, Oregon facility in the United States of America. The new module design, iron flow battery meets storage demands with durations ranging up to 10hours!
These ESS systems design-build approach to support multi – MW projects are might prove to be the solution by providing long-lasting durable batteries. These batteries support large-scale renewable energy projects as well as transmission to distribution level service without typical cycling limits.
This is critical especially since countries like Germany are striving for 365 days of total electricity supply through renewables. If this is possible, other countries will not be far behind as economies and businesses become more climate-centric and seek storage systems to provide cleaner energy. Other trends that have been highlighted to shape the energy storage industry include ‘behind the meter resiliency’, especially in nations that are prone to blackout either through poor power distribution or power disruptive natural disasters.
In all, the storage capacity available in this decade has to accommodate the projected demand for battery systems at homes and businesses across the world.
Expect the next couple of years to welcome groundbreaking storage capacities as energy storage researchers lead the pursuit towards transforming what was once considered a niche market into a global energy key sector.