An assessment of reduction in greenhouse gas emissions in 2030 associated with a 35% renewable energy target and 35% energy efficiency target. Increasing renewable energy deployment, global renewable electricity generation is projected to grow by almost 45% by 2020. Smart cities, Smart grids and increasing need for local flexibility drives demand for micro-grids further increasing the demand of renewable energy. Renewables Power (Wind, PV) integration threatens grid stability. Fast growing energy storage industry driven by large increase in demand from renewable energy. As the penetration of renewable energy increases, storage aids the power grid in more. It is expected that $130 Bn Energy Storage Market Deployments until 2030.
Many commercial and industrial enterprises are drawn to the sustainability and resilience advantages of energy storage, the technology is becoming increasingly valuable for its ability to create financial value by supporting multiple demand-side management strategies.
One of the most important benefits of a well-designed and optimized energy storage system (ESS) is the opportunity for leveraging the same equipment, system, or process to deliver multiple benefits that maximize the financial impact. Some examples of these services include:
Demand response, Time-of-use charge management, Demand charge management, Variations in Energy Supply, Interruptions in Energy Supply, Transmission Congestion, Demand for Portable Energy, Efficiency of Energy Systems, Energy Recovery etc.
The energy storage industry is coming of age rapidly in USA, Europe, Asia, Africa and Australia. Australia's to deploy both standalone and solar-plus-storage solutions; India's ambitions across manufacturing and electrification for the masses; Europe's continent-wide shift to clean energy; experiences of working with lithium batteries in Africa, there's all this and plenty more to come. Hawaii has been a prolific installer of both rooftop solar and latterly batteries for energy storage and one of the US state's smaller islands looks set to get its first ever grid-scale solar-plus-storage system. In US has combined 4.88MW of solar PV with a 3MW / 15MWh battery energy storage system. India became home to the world's first-ever thermal battery plant.