Energy Storage – The Future of Renewable Energy
Since the development of renewable energy, it has always been shadowed by one detrimental weakness – storage.
Historically, electricity demand has always had to be in constant balance with electricity supply, energy could not be drawn from the sun when it stops shining, nor wind when it stops blowing. Renewable energy has been a pipedream in the face of unsustainable alternatives like nuclear and coal because of its inability to balance power supply and demand.
But recent years have seen tremendous progress in the development of renewable energy storage, perhaps propagated by international organisations and their innovative strive for a sustainable future. The introduction of batteries has introduced a sustainable product for home and grid-wide scale energy storage, offering a clean alternative for energy demands.
One particularly notable technology is Compressed Air Energy Storage (CAES). Our current project with Corre Energy will implement CAES by using disused salt caverns to store the compressed air. CAES is demonstrated in the diagram below and offers a new solution for ensuring a constant power supply, even when weather conditions are not optimal for energy generation.
It’s no doubt that the combination of renewable energy and storage devices is the key to a sustainable future. As the manufacturing of products and awareness of this fact becomes more apparent, energy storage will continuously become more viable and affordable to keep up with demand. Recent Insights have projected that renewable energy storage technology will be a core component of tech development within the energy sector throughout 2019.
Many European countries are already leading the way for renewable energy progression, Iceland in particular generates the highest volume of clean electricity per person on Earth. Almost 100% of Iceland’s energy coming from renewable sources.
In The Americas, a Barbadian company known as Megapower have been pioneering electric vehicles throughout the island since 2013, they have also been recently repurposing electric vehicle batteries to be used for renewable energy storage. Also, Costa Rica achieved running off exclusively renewable energy for 300 days in 2017 and 2018.
The market is only set to continue growing as the world strives towards a cleaner future. Zion Market Research has estimated the value of the global energy storage systems market to hit around $290 billion by 2024, growing at a CAGR of around 6.2%. China’s State Grid Corp have also stated that they will invest 38.7 billion yuan ($5.66 billion) to build five pumped hydro storage plants across the country, in an effort to ease the stranded power system amid Beijing’s push to boost clean energy consumption.
Procorre are currently developing a talent pool to deploy experts on our global renewable energy products. To learn more, join Procorre’s Talent Pool today.
The current energy market has had critical impacts on our planet and its environment, we have a responsibility to provide a cleaner future for our children’s generations. The solution is clear – innovation.