The world population is dramatically increasing, with roughly 83 million people added every year. Currently 7.6 billion, it is expected to reach 8.6 billion by 2030 & around 9.8 billion by 2050, cites the latest report by the United Nations. This growing population is significantly boosting the global energy demand. Alongside, the power industry is experiencing transition as most stakeholders are shifting from traditional fossil energy-based power systems toward renewable energy-based power generation.

However, the mounting demand for renewable technologies has been restrained by their costs & intermittency, which decreases their availability and encourages grid instability. Therefore, the utility industry should take initiatives to overcome these challenges if renewables have to account for the larger share of the global energy portfolio.

Presently, energy storage is the crucial technology expected to reshape the energy sector by allowing extensive adoption & grid integration of solar & wind renewables. Energy storage systems help manage power supply by providing more resilient energy sources and bringing cost savings to utilities & consumers. The energy storage system can also help capture energy produced at one time and use it later to minimize imbalances between energy demand & production.

Moreover, it involves converting energy from forms that are difficult to store to more economically or conveniently storable ones. According the MarkNtel Advisors, The Global Energy Storage Market is expecting around 5.5% CAGR during 2021-26. This forecast is based primarily on the mounting need for uninterrupted power supply across residential, industrial, & commercial infrastructures worldwide.

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Key Benefits Associated with Energy Storage

1.    Improves Resilience & Reliability

Energy storage systems are capable of providing power backup during disruptions or outages. They offer flexibility to the grid and ensure uninterrupted power as per consumer requirements. This flexibility is vital for both reliability & resilience. The surging costs of power outages are directly impacting the value of improved reliability & resilience.

2.    Integrates Diverse Resources

Energy storage systems can seamlessly provide variable or intermittent energy resources like solar or wind by storing energy & delivering it whenever required. They can also help in effective electricity delivery for inflexible baseload resources. When there is an immediate change in the electricity demand and flexibility is needed, energy storage systems can deliver electricity as required to match the exact load. Hence, energy storage can be utilized when there are sudden demand changes & baseload resources couldn't react rapidly.

3.    Environmental Benefits

Since energy storage systems allow electricity to be saved, for later, they offer extensive benefits to the environment that make them crucial for meeting sustainability goals. By enhancing the efficiency of the power grid, energy storage systems accelerate the adoption of renewable energy, which further helps reduce Green House Gas (GHG) emissions.

Takeaway

It is expected that the need for electrical power output will double in the coming future in order to fulfill the rising electricity demand. Furthermore, to meet global goals for reducing carbon emissions, a substantial portion of generation capacity is likely to come from renewable sources. While the costs for renewable power generation continue to decline, effectively using these new resources, especially across regions with weak grid infrastructure, will need energy storage systems. Hence, with the surging deployment of energy storage systems projected to increase dramatically in the future, the Global Energy Storage Market would create lucrative growth opportunities for the leading market players.