NRG Expert, the energy intelligence company’s latest report on Energy Storage reveals that demand for energy storage systems is on the rise. Energy storage involves storing excess energy and then releasing it when demand is high. As energy demand increases (while fuel supplies simultaneously start to decline) it is becoming increasingly important that excess energy can be stored until it is required.
NRG Expert’s energy storage market research reveals that five factors are driving this growth:
1) Governments encouraging renewable energy which has intermittent supply
2) Advances in energy storage technologies
3) High prices of fossil fuels, in particular gas
4) Deregulation of energy markets
5) Problems citing new transmission and distribution facilities
In their latest report, the energy analysts at NRG Expert share their expertise on the Energy Storage market. Here are the highlights:
1) Energy storage for renewable energy
Energy storage is particularly important for renewable energy as a lot of variability exists. To balance the electricity generated from renewables, the energy must be stored. ABB.com state “Wind and solar power installations generate power intermittently and with a highly variable output. When the wind is blowing or the sun is shining, excess power should be stored and made available during suboptimal generating conditions or during peak demand. This requirement has led to greater demand for alternative energy storage facilities to support the grid.”
2) Energy Storage Technologies
The most commercial energy storage technologies are pumped hydro and compressed air energy storage (CAES), even though only two CAES facilities are in operation.
Other energy storage technologies include flywheels and batteries. Batteries are more viable for smaller scale storage projects and are less restrictive in terms of the suitable locations for projects. Batteries are also being used in electric vehicles.
As the costs of some of these alternative energy storage systems have fallen, they are starting to attract more interest.
3) High prices of fossil fuels
Rising oil prices mean more energy needs to be stored and less energy wasted. As prices of energy go up, governments and companies can justify investing more money in storage systems to reduce waste. An effective energy storage system can help companies meet fluctuations in energy demand.
4) Deregulation of energy industry
NRG Expert has found that due to a lack of electricity generation capacity in operation, under construction or in the planning stages by 2032 world electricity supply will not meet electricity demand. To meet the growing demand for electricity, many governments are looking at ways to deregulate the market. Deregulation will remove barriers and enable companies to act more quickly and to start looking for ways to store energy more effectively.
5) Problems citing new transmission and distribution facilities
Effective energy storage systems reduce the loading on the transmission and distribution systems during peak times. If energy can be stored on site then energy storage provides an alternative to building expensive and potentially difficult to site transmission and distribution lines.
To help companies obtain in-depth information and analysis on these topics, NRG Expert has released many reports on the energy industry including:
>> Energy Storage Report – market research
>> Global Renewable Energy Report– market research
>> Electrical Transmission and Distribution Infrastructure and Technologies
>> Gas, Waster, Electricity Degregulation – market research
Or contact:
Edgar van der Meer
NRG Expert
+1 (416) 840-5847
+44 (0)20 8432 3059
edgarv@NRGExpert.com
Background information
NRG Expert is a London and Toronto based energy intelligence and market research publisher. NRG Expert provides up to date information and analysis on worldwide energy markets, including electricity, natural gas, coal, nuclear, renewable energy, water and waste, and all elements of energy infrastructure. NRG Expert analyses the energy markets to reveal the latest trends, including the impact of new energy storage systems, energy storage technologies, deregulation, transmission and distribution systems and renewable energy.
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Source Data: NRG Expert Energy Storage Report, NRG Expert Water, Gas, Electricity Deregulation Reports, ABB.com
