|Why Energy Storage|
Why Energy Storage?
Storage is a Key Solution for both the Future Grid and Transportation Sectors
Over the past decade, global demand for energy storage has grown – and will continue to grow – at an exponential rate. Currently, the energy and transportation sectors are experiencing a fundamental transition away from fossil fuels. Falling costs related to the generation and storage of renewable energy suggest that, by 2040, wind and solar will make up almost 40% of world electricity, up from 7% today.
This will increase the demand for energy storage to balance the higher proportion of variable, renewable generation in the electricity system. Batteries will increasingly be chosen to manage this dynamic supply-and-demand mix. Over that same time period, electric vehicles are predicted to become a third of the global passenger vehicle fleet, and medium to heavy-duty vehicles are likewise rapidly converting to electric drive, adding huge demand and scale to the battery manufacturing sector.
Energy Storage Critical to Meeting Climate Change Goals
Energy storage is the key technology required to realize our energy future that features very high deployment of renewable technologies such as wind and solar. Storage is equally critical to the electrification of the transportation sector. Simply put, storage is one of the key technologies that will unlock the future of a clean, renewably-powered world.
Reliability and Resiliency Driven by Energy Storage
As the frequency and intensity of extreme weather events, human-induced disruptions and cyber security attacks increases across the globe, energy storage has been shown to be an effective tool to provide local and regional stability and resiliency for power networks, critical facilities and homes. Local storage can help ride through short-term outages, and when coupled with renewable energy sources, can provide on-going, reliable power for very long—even indefinite—duration. Energy storage resources present a win-win opportunity to make the grid cleaner, more resilient, and more affordable.