Energy Storage Technologies in Utility Markets Worldwide by SBI Now Available at ReportsandReports
Energy storage systems provide the ability to balance power demand and supply, reduce electric surges and sags, maintain power frequency, and ensure power remains available for critical loads when power outages occur. They can also provide enough power to maintain operations until systems can be shut down in an orderly fashion or provide enough power until other on-site generation sources come on-line.
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Energy storage systems provide the ability to balance power demand and supply, reduce electric surges and sags, maintain power frequency, and ensure power remains available for critical loads when power outages occur. They can also provide enough power to maintain operations until systems can be shut down in an orderly fashion or provide enough power until other on-site generation sources come on-line. Energy storage solutions additionally afford several strategic benefits such as improved flexibility for grid operators, increased national energy security, and reduced environmental impact.
The financial benefits of energy storage within the generation, transmission, and distribution system are numerous. With the incorporation of energy storage into the grid, the utility sector and customers can expect reduced financial losses due to outages and poor power quality. Energy storage solutions can improve the efficiency of, and thus reduce the costs associated with, load following, frequency regulation and provision of reserves. They can also improve the return on renewable energy generation investments, enable profitable power market arbitrage, enable the deferral of electric infrastructure investments, and reduce end-user electricity costs.
Current and future demand for high quality, reliable electricity exceeds the supply capabilities of current infrastructure. Energy storage solutions can help to maximize the capacity of current infrastructure while improving power quality and reliability. Demand for energy storage solutions is expected to further benefit from the growing trends in the adoption of renewable energy generation and microgrid solutions. The significant public and private investments currently being made are also expected to bolster the growth of energy storage solutions in the utility sector. However, a number of challenges remain, including the need to further improve the cost/performance of current technologies, the relative lack of technical and commercial maturity of many energy storage solutions, and regulatory and monetization issues.
With electric grids around the world struggling to meet the rising demand for more and higher quality power in a cost effective and environmentally conscious manner, utilities and other service providers responsible for reliable electricity service are continuing to identify and evaluate a range of technically and economically viable solutions. Energy storage technologies including CAES, pumped hydro, batteries and capacitors which offer solutions to many of the common problems and emerging needs of the industry have been successfully tested and deployed. Energy storage technologies can offer benefits such as prompt start-up, modularity, easy siting, limited environmental impact, and flexibility to be used for multiple applications.
Ongoing growth in renewable generation, the emergence of microgrids, substantial public and private investments, and continued R&D that improves the cost/performance of energy storage technologies are expected to drive even stronger growth over the next several years. The global market for energy storage solutions in the utility sector is expected to grow by 15.8% per year to over $10 billion in 2015. Meanwhile, the value of energy storage solutions in the United States is forecast to increase 26.6% per year to nearly $2 billion in 2015.
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