Energy storage ‘key’ to sustainability – report - Energy Monitor

Oct 22, 2024

The growing reliance on renewable energy has already significantly increased the demand for energy storage systems.

The shift toward renewable energy sources like wind and solar will necessitate the use of energy storage technologies to ensure reliable and efficient power supplies, a new report outlines.

According to GlobalData’s Energy Storage: The Key to Unlocking Sustainable Future report, the growing reliance on renewable energy has already significantly increased the demand for energy storage systems.

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This is because the likes of wind and solar energy do not deliver power at a consistent and predictable rate, and they cannot be brought online when required in the same way that fossil fuel generation through coal and gas can be.

“Energy storage systems are technologies designed to capture and retain energy for later use, ensuring a reliable and efficient power supply,” the report explains, adding that they take a variety of forms.

“Energy storage technologies range from mechanical systems like flywheel and pumped-hydrogen storage to electrochemical solutions such as lithium-ion batteries and chemical options like fuel cells,” it says. “While lithium-ion batteries remain the dominant technology due to their high energy density, alternatives such as sodium-ion and solid-state batteries are gaining traction. These new technologies offer improved safety, lower costs, and longer lifecycles, addressing some limitations of lithium-ion systems.”

The report also notes that energy storage solutions are increasingly tailored to meet the needs of specific industries.

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“In the automotive sector, innovations like ultra-fast charging batteries are accelerating electric vehicle adoption,” it says. “In the defence and aerospace sectors, robust and scalable battery systems are enhancing mission-critical operations. In commercial and industrial applications, flow batteries and thermal storage optimize energy management and reduce costs.”

In addition, the report states that home energy storage systems are becoming increasingly common, driven by the need for energy independence and the growing adoption of rooftop solar panels.

It adds: “Despite technological advancements, challenges such as the high cost of energy storage, scalability issues and regulatory barriers remain significant. However, ongoing research and partnerships between industry leaders and governments are expected to address these issues, promoting further adoption of energy storage system technologies.”

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