Increasing Demand for Stable Grids Driving Need for Energy Storage

The rising requirement for reducing the reliance on gas, coal, and oil for power generation is massively pushing up the demand for energy storage systems. These systems are required in renewable-energy power plants for dealing with the variable power outputs provided by renewable energy sources. These systems smoothen out the power supply, thereby ensuring that the electricity needs are met during the peak hours. Apart from this, storage technologies also enable quick power discharge to the grid.

This rapid response is necessary for ensuring that the grid remains stable during hours of peak energy demand. Unlike the conventionally used fossil fuel-based energy production systems that take a long time to produce and deliver power, these storage technologies help utilities save time. As a result, the global energy storage market size stood at 171,039.3 Megawatts (MW) in 2019 and it is predicted to rise to 240,956.9 MW by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 3.3% from 2020 to 2030.

Geographically, the energy storage market is expected to boom in the Asia-Pacific (APAC) region in the forthcoming years. This will be because of the increasing engineering, procurement, and construction (EPC) activities in the regional countries such as China, India, and Japan. In addition to this, the burgeoning requirement for stable and smart grids and the increasing production of renewable energy are also driving the demand for energy storage systems in the region. 

Hence, it can be safely said that the market will grow massively in the upcoming years, primarily because of the increasing generation of renewable energy, lack of stable grids in several countries, and fluctuating prices of conventional energy sources such as oil and coal.

Comments

Post a Comment

Popular posts from this blog

What Is a Data Center? How Does a Data Center Operate

Image
In simple words, a data center is a physical capability that establishments utilize to house their vital applications and information. A data center's structure is based on a network of computing and storing resources that allow the distribution of shared apps and data. The major components of a data center design comprise switches, routers, storage systems, firewalls, servers, and application-delivery controllers. The data center market is witnessing growth and is projected to reach USD 602.76 billion by 2030. What Defines a Modern Data Center? Contemporary data centers are more diverse than they were just a short period ago. Infrastructure has shifted from old-style on-premises physical servers to computer-generated networks that help apps and workloads across pools of bodily infrastructure and into a multi-cloud atmosphere. In this world, information exists and is linked through several data centers, the edge, and private and public clouds. The data center should be capable of
Read more

How Will Rapid Industrialization Drive Hydraulic Equipment Demand?

Image
The Government of India completed the construction of 2,734 projects under the Smart City Mission till 2021. The government is currently working on the construction of 100 smart cities, 6 new ports and 14 coastal economic zones (CEZs). Likewise, Infrastructure Australia (IA) approved the construction of 44 new infrastructure projects in February 2021. The rising construction activities, on account of the booming population and mounting investments being made in the construction sector, will propel the need for hydraulic equipment in the coming years. Additionally, the rapid industrialization in developing countries will drive the hydraulic equipment market growth during 2021–2030. According to P&S Intelligence, the market generated a revenue of $37 billion in 2020. For instance, the United Nations Industrial Development Organization (UNIDO) aims to offer institutional support to special economic zones (SEZs) and industrial and technology parks in Brazil. The UNIDO will help Brazil
Read more

Why Is OLED Material Consumption Highest in Asia-Pacific?

Image
The technology of TV displays has evolved significantly from the cathode ray tubes of the mid-20th century to the liquid crystal displays (LCDs) and light-emitting diodes (LEDs) of the first decade of the 21st century. With efforts on to make the displays even better, organic light-emitting diodes (OLEDs) have been invented, which are rapidly becoming popular in TVs, smartphones, laptops, tablets, and automotive displays. This is because of the several advantages OLED screens offer, including brighter pictures, larger viewing angles, ability to work in a wider temperature range, and lower power consumption. Moreover, OLEDs are so thin that they can be used for curved and folded screens, which are becoming rapidly popular, especially in wearable devices and other consumer electronics. Similarly, transparent displays, which are helping revolutionize advertising activities, have become possible due to OLEDs. P&S Intelligence cites these advantages and the constant research being put i
Read more