The centralized energy network is composed of energy generated by generators, high-voltage transmission lines, and low-voltage transmission lines for long-distance power transmission, providing power for the country's lifeline and economy.
As the world becomes increasingly dependent on electrification, aging power grids face enormous pressure. Peak demand for electricity is becoming more common, and power outages due to inadequate capacity and infrastructure failures occur in countries like India and Africa.
Battery-based energy storage systems maintain the stability of modern power grids by capturing and storing renewable energy such as wind and solar energy.
By mitigating the intermittent problems of renewable energy, energy storage technology helps eliminate the historical barriers that have hindered the adoption of wind and solar resources on a large scale.
This ensures power supply to all users and applications, including charging electric vehicles and supplying electricity to buildings, hospitals, and schools at any time.
ESS not only supports power grids operating during peak demand but also maintains existing power grid infrastructure without the risk of power grid overload and collapse.
In recent years, thanks to the expected popularity of electric vehicles (EVs) and other electrification technologies, energy storage and ESS have become a globally recognized focus.
Renewable energy storage systems will support the growth of electric vehicles, while renewable energy storage systems are also the primary application for battery secondary life.
ESS captures and stores energy primarily provided by distributed variable renewable energy, which is not only beneficial to the environment but also beneficial to populations in developed and developing countries where electrification is used to drive commercial development and maintain life.
Energy storage systems not only store energy during low energy demand for use during high peak load but also make future power grid operations possible without having to invest trillions of dollars to expand transmission lines or build polluting fossil fuel power plants.
In 2017 and 2018, renewable energy contributed 18.1% and 26%, respectively, to global energy consumption and generation.
In this consumption of energy, 7.5% is from traditional biomass, 4.2% is from non-biomass thermal energy, 1% biomass fuels are used for transportation, 3.6% is hydroelectric power, and 2% of electricity comes from wind, solar, biomass, geothermal, and ocean energy.
The demand for sustainable energy in the future is driving the integration of more variable renewable energy storage systems into the grid, which in turn accelerates the popularity of energy storage technology, helping to maximize grid resiliency.
It is predicted that, driven by the expected popularity of electric vehicles (EVs) and other electrification technologies, the energy storage market will grow rapidly over the next few decades. Investment in new energy storage is expected to increase by $620 billion in the next 20 years.
By 2030, it is projected that 65% of newly added storage capacity will be used to integrate various renewable energy storage systems into the grid and provide various grid services, 30% will be used to support residential, commercial, and industrial facilities, and 5% will be used to support EV infrastructure.
