When the wind is blowing or the sun is shining, the electricity that is produced must either be used or lost. On the other hand, when it’s cloudy or the wind isn’t blowing, power may not be available to meet demand. Energy storage addresses this problem by capturing excess energy during productive times and releasing it during leaner times.
Energy storage technology allows us to meet demand accordingly by either storing or releasing excess electricity. Through these solutions, energy storage will allow 21 st century society to solve some of the major problems it is currently facing.
Energy storage is crucial for making renewable energy resources completely reliable as primary sources of energy. Essentially, energy from these resources must be stored when an excess is produced and then released.
Even if the energy storage has many prospective markets, high cost, insufficient subsidy policy, indeterminate price mechanism and business model are still the key challenges.
The development and commercialization of energy storage technology will have a significant impact on power system in terms of future system model . In recent years, both engineering and academic research have grown at a rapid pace, which lead to many achievements.
Energy storage systems can experience significant energy loss during the process of storing and withdrawing energy. Many auxiliary components of the energy storage system have a constant power demand, and there are also inherent energy losses in the storage principle. These losses can be quite substantial in comparison to the energy content.