“Next-Generation Energy Storage Technologies Set To Reach 1,674 Mw In 2018” says new Visiongain research
31 July 2018
Visiongain’ has launched a new energy report Next Generation Energy Storage Technologies (EST) Market Forecast 2018-2028 Analysis of Technology Maturity, Performance & Commercialisation of Mechanical (Innovative Pumped Hydro Storage (PHS), Advanced Adiabatic Compressed Air Energy Storage (AA-CAES), Isothermal CAES & Liquid Air Energy Storage (LAES)), Chemical (Hydrogen Storage & Fuel Cells), Electrical (Superconducting Magnetic Energy Storage (SMES)) , Electrochemical (Lithium-Air, Lithium-Sulphur, Magnesium-Ion & Zinc-Air Batteries) & Thermal Technologies For Renewable Energy Sources (RES) Integration.
As the world gradually evolves and begins to transition away from the use of traditional fossil fuelled power generation and towards renewable forms for electricity supply, an increasing amount of pressure is placed upon electrical grids. Aside from hydropower, the next best sources of renewable power are wind and solar, both of which are inherently variable in nature. Due to this fact, the more wind and solar electricity generation that is included into the energy mix, the more back-up supply will be required in order to balance out the non-firmness of these resources into the grid network. The power that is produced during periods of low demand must be managed by the grid operators as shutting off production of electricity from renewable sources is economically and socially undesirable. Over time, as these forms of electricity generation become cheaper in terms of CAPEX, we will also see a rise in distributed power systems which will have a major impact on electricity demand and peak-supply hours. For this reason, in the future we will inevitably see increases in fluctuations in electricity demand which will again put different pressures upon the grid system and its operators. This report though, is more focussed upon the developments in the next generation energy storage technologies and the up and coming varieties of the already existing storage options. These next-generation storage technologies are still being developed, but the future is bright for them and are expected to be far more efficient than the EST technologies currently in use.
The Visiongain report analyst commented: “These next-generation energy storage technologies have the ability to change the face of the grid network by even more than we are currently experiencing. With growth and development in these technologies will come price decreases making them increasingly more financially viable and thus deployment will become widespread. The only thing holding this scenario back would be that many of the elements used in these next-generation technologies are ‘rare earth metals’ and so are not abundant, relatively speaking. If we continue to use these materials we will end up in a similar state to what we will eventually face with fossil fuels, they will run out eventually, causing a rise in prices. However, for the time being these next-generation technologies will be beneficial to grid operators due to their efficiency and greater ability to store and retain energy for a prolonged period of time, allowing the operator to plan ahead using this stored energy.”
Leading companies featured in the report who are developing Next-Generation Energy Storage Technologies include: Johnson Controls, LG Chem Ltd., NextEra Energy Ltd., Edison International, Mitsubishi Electric Corporation, BYD Co. Ltd., ABB Group, Samsung SDI Co., Robert Bosch GmbH and Duke Energy Corporation.
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