Energy storage builds momentum

Is pumped storage the future of energy storage?

Though pumped storage is predominant in energy storage projects, a range of new storage technologies, such as electrochemical, are rapidly gaining momentum.

Why is China gaining momentum in energy storage?

China's momentum in energy storage reflects a blend of strategic policy support, technological innovation and strong industry partnerships, said Li. "The government has made clear commitments to renewable energy and carbon neutrality, setting ambitious targets that accelerate demand for advanced storage solutions.

How has energy storage changed the world?

The sectors involved in clean hydrogen and sustainable aviation fuels announced projects and offtakes while advanced nuclear regained momentum. Rapid cost reduction drove much of the growth, making project economics increasingly attractive. Of all the emerging technologies, energy storage has made great strides.

How does energy storage work?

Energy storage creates a buffer in the power system that can absorb any excess energy in periods when renewables produce more than is required. This stored energy is then sent back to the grid when supply is limited.

Why is energy storage important?

Energy storage is rapidly emerging as a vital component of the global energy landscape, driven by the increasing integration of renewable energy sources and the need for grid stability. As the world transitions towards cleaner energy systems, innovative storage solutions are gaining prominence, enabling more efficient use of renewable resources.

Will the energy storage industry thrive in the next stage?

The energy storage industry is going through a critical period of transition from the early commercial stage to development on a large scale. Whether it can thrive in the next stage depends on its economics.