Energy Storage Systems and its role in future of Renewable Energy Demand

Abstract

Energy demand is growing at an exponential rate, but supply is lagging behind global demand. The  emphasis on global warming and climate change is taking centre stage in almost all countries. It has driven the international community to look for alternative sources of energy. Solar & Wind Energy is one such alternatives . But the Solar & Wind Energy generation being intermittent in nature, robust and reliable Energy Storage system can play a pivotal role in bridging the gap between the consistent energy demand of the utility grid and renewable energy supply. Thus, an optimum energy storage system is necessary to safeguard grid stability, meeting the demands of power and to prevent blackouts due to sudden surges in electricity demands. The large capacity storage system is still in an evolutionary stage . International organisations such as  ‘The Energy Sector Management Assistance Program’ (ESMAP) in collaboration with the World Bank and with a team of fifty-plus experts have been assisting developing and emerging-market countries in addressing their energy challenges for the last 40 years. Innovations in Energy Storage Systems have been recognised as fundamentally important innovations for advancement in Energy Storage Technology. The forthcoming role of energy storage has resulted in being recognized as a significant technology for the future. Energy Storage Systems act as a disruptive technology to lead the change towards a low greenhouse gas emission society. The social constituents of Energy Storage Systems are a key segment of fully utilizing the potential of Energy Storage Systems. Energy storage and rechargeable batteries are key to harnessing the potential of renewable energy. However, there exists a risk of uncontrolled release of the energy that could result in a fire accident or an explosion whenever a large amount of energy is stored.  In the coming years, the global commitment to reduce greenhouse emissions will lead to the large-scale deployment of Energy Storage Systems. This would result in continuous improvements, cost innovations & reductions by reengineering the components for Li-ion batteries and other electrochemical energy