Energy storage offers a significant opportunity to accelerate the transition to a low-carbon energy system and make a major global impact.
Storing energy helps replace polluting fossil fuels in balancing the intermittency of renewable energy sources like solar and wind. Energy storage has the capability of storing excess energy during production peaks and releasing it during production dips.
Experts in this field expect flywheels to become a more prominent means of energy storage in 2024. Using a rotating high-strength and high-weight material, flywheels store energy as rotational energy. Often built in a vacuum to reduce drag, flywheels can be brought up to speed using excess energy, or similar to pumped hydro, cheaper energy at times when demand is low.
Pumped hydro should also see a tick or more greater usage in 2024. Pumped storage hydropower involves using two reservoirs at different elevations to store energy. During low-demand periods, water is pumped up, when demand is high, the stored water is released from the upper reservoir, powering turbines to generate electricity.
But for all practical purposes, batteries are still the go to source for energy storage now and in the coming years. Batteries have seen a rapid adoption since they are extremely versatile and have plenty of applications.
In fact, batteries are expected to dominate the energy storage market in 2024 and in the future. A recent report projects that the global battery market will grow fourfold between 2021 and 2030, reaching a value of over $400 billion.
Want to learn more? Tonex offers Energy Storage Solutions Essentials, a 2-day course where participants learn the fundamentals of energy storage technologies as well as explore applications for grid stability enhancement and load balancing.
This training also helps participants gain important insights into the latest advancements and future trends in the field.
Additionally, Tonex offers two dozen more Power and Energy courses, such as:
For more information, questions, comments, contact us.