New research from the World Bank Group indicates energy storage capacity will increase 40-fold in developing countries over the next 8-9 years; growing to 80GW from 2016’s 2GW capacity.
The report, commissioned by IFC and the World Bank-administered Energy Sector Management Assistance Program (ESMAP), says energy storage deployments in emerging markets are expected to grow more than 40 percent each year in the coming decade.
The largest energy storage markets during this timeframe are expected to be China and India.
Energy storage will play a crucial role in helping to meet demand for low-carbon electricity in developing nations. By 2020, these countries will need to double their electricity generation according to the International Energy Agency (IEA), and by 2035 will account for 80 percent of the total growth in energy generation and consumption globally.
The report says the uptake of battery and other stationary storage technologies would enable emerging markets to roll out more solar power and wind energy, with reduced need for fossil fuel-fired power plants to provide backup when conditions are unfavourable. Storage can also help overcome other grid management challenges associated with variable energy generation from these sources.
“By dramatically expanding the capacity to store energy, these technologies will help countries meet their renewable energy targets, support the demand for clean energy, and help bring electricity to the 1.2 billion people who currently lack access,” said IFC Executive Vice President and CEO Philippe Le Houérou.
It’s unlikely to be a smooth journey, with significant barriers and challenges ahead to overcome. These include challenges relating to awareness, competition, operational practices, regulatory issues, political and economic instability and procurement.
However, the report states the most important factor in the energy storage market achieving its full potential may be the availability of low-cost financing for project development, as high upfront costs would otherwise limit growth.
“The impact of energy storage technology can be magnified if stakeholders take into account the lessons and recommendations discussed in this report,” states the document.
The full report, Energy Storage Trends and Opportunities in Emerging Markets, can be downloaded here (PDF).
Have you ever experienced power outages where you live? If you have you must know what a terrible experience that is. If you working on your computer and you haven’t saved your hard work you feel like the world is against you when the power dies. You will have no choice but to start over again if you can remember all the hard work you put in. If the power outages last longer that can be a disaster for the food in your fridge. If the power doesn’t come up soon you can start throwing food away. All and all the power outages can cause painful problems.
There is a simple solution for power outages and it can be found in renewable energy system. These renewable energy systems are suitable for home owners just like you and me not only for businesses. So, what are the advantages of using renewable energy as the primary source in our energy needs as an individual homeowner? There are several ways to profit from renewable energy.
Flexibility for specific needs
When you decide to purchase a total system solution you should consult a trustworthy business that specializes in renewable energy. When consulting these businesses they can design a total system that is suitable for your specific needs. If you have a home based business you probable have different energy needs then if you have regular job outside your home.
There are different systems to choose from. Be sure to consult a trustworthy business that can really offer you a good service and has been on business for several years. Almost every country or state in the US has specific tax reduction to profit from. These rules differ from country to country and state to state. You will to do a proper research or consult a professional to really profit from a renewable energy system.
With the use of renewable energy you can cut your cost dramatically. Of course you need to make sure that you use a system that is suitable for your needs. If you live in a sunny state than go solar, if you live in a windy state go with wind energy. If possible combine the different energy sources for an optimal solution.
You have to realize that the electricity charges are based on the prices of imported crude oil which are the primary fuel of our power plants. Once its prices soar high, expect that generation charges in your electric bill will increase. It is an advantage that you will just spend for an independent renewable energy system and its low monthly maintenance cost and the rest is history.
Availability and Abundance
A major advantage of renewable energy is that it is abundant and available in our environment. The state of Colorado in the US has a climate that is perfect in utilizing solar power by the use of photovoltaic panels complemented with wind generators. If your residence is situated in an area where there is good running water, you can install your own micro-hydro power system which can provide you reliable source of energy around the clock. As you can see there are enough possibilities to choose from.
In addition, these renewable energies are abundant in nature. As long as the sun is shining, the wind is blowing and the water in the river is flowing, expect that you can have unlimited supply of energy.
Above are just a few advantages listed for renewable energy listed. Of course renewable energy is also very environmental friendly. Investing in renewable energy is not only about saving money it is more about making this world a better place to live in for years to come.