- What you need to know...
- The major ESS technologies include pumped hydroelectric storage (PHS), compressed air energy storage (CAES), flywheels, batteries, and capacitors.
- According to the International Renewable Energy Agency’s (IRENA) Renewable Energy Roadmap 2030, 475 gigawatts (GW) of ESS would be required to meet the target of 45% power from renewable sources in the energy mix by 2030.
- In the recent years, lithium-ion batteries have gained prominence due to their higher efficiency when compared to other battery technologies.
The potential applications of energy storage technologies have caught the eye of a number of stakeholders involved in the power industry, leading to its considerable growth and paving way for next energy revolution. GlobalData’s Energy Storage – Thematic Research report explores this further.