Industrial applications are reaping the advantages of the energy system in different aspects as the consumption of energy has skyrocketed. On the other hand, the rising implementation of renewable energy is increasing the need for energy storage, thereby driving demand growth.
Facilities to reap the benefits of Energy Storage Systems in multiple ways
Energy storage systems are an important aspect of power systems. They guarantee a steadiness of energy supply along with improving the consistency of the system. These are essential equipment that can proficiently and conveniently store multiple forms of energy that can be utilized as per necessity.
These systems, furthermore, are witnessing continuous technological modifications to overcome the conventional barriers of continuous supply of energy. The market, on the other hand, is getting remodeled with a continuous promotion of renewable energy storage systems. Moreover, the demand for energy storage systems has been dramatically increased in the past few years owing to wide arrays of its advantages. So, here are some of the ways of how energy systems can benefit your facility too.
Lower Demand Charges
Energy storage can offer significant cost savings in cases where it is necessary for the associations to pay demand charges based on their highest electricity usage. Discharging energy all through the peak periods may result in lower demand charges.
Shifting the load is a tactical practice that can shrink the overall energy spending. The patterns of consumption and efficacy of storage are analyzed with the help of algorithms to decide the finest time to charge and discharge stockpiled energy. In this way the maximum load can be shifted to the off-peak hours, thereby using the energy storage systems to save costs.
Power blackout can be calamitous causing interruption. In addition, it may require a drawn-out and expensive process to recover. On the other hand, a period of stoppage due to power loss may lead the facility to undergo a huge loss. Therefore, it is essential for the facilities to have an energy storage system installed as energy storage assists as a coverage alongside these common yet unnecessary losses.
Integration of Renewable Energy
Assimilating renewable energy into an association has numerous profits. In addition, energy storage devices expand the efficacy of renewable resources by ensuring effective and accessible energy generation and storage throughout the off-hours. Getting to the right storage solution may be a tipping point for various facilities, in such cases the renewable energy becomes lucrative.
Energy storage systems also have positive influences on the environment. Energy storage systems along with enhancing the productivity of the global power network also offer an emissions-free solution.
The advantages offered by energy storage systems have led to an increase in demand, especially in industrial sectors. In a report published by Allied Market Research, the global energy storage system market is anticipated to garner $264.95 billion supported by a CAGR of 6.4% in between 2016 to 2022. The rising adoption of renewable energy is the foremost factor contributing to the demand growth for energy storage systems. The increasing energy consumption all across the globe is the major reason for strengthening the focus on the production of renewable resources.
Though there are certain issues the industry is undergoing through such as technical challenges related to the energy storage systems and high cost of overall energy storage systems. However, software integration for the management of energy storage systems may expand its potential furthermore. In addition, the surge in the implementation of these systems in sectors including transportation is another factor that would increase the demand in the coming time. Moreover, the wide array of applications offered by the energy storage systems is anticipated to boost the demand growth in the industry. Nevertheless, the further technological advancements and elevating utilization of energy are projected to foster the industry with a number of prospects in the near future.