Energy storage trillion-dollar track

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.

How can storage improve energy resilience?

As the world transitions towards cleaner energy systems, innovative storage solutions are gaining prominence, enabling more efficient use of renewable resources. This growing market encompasses a range of technologies, including batteries, pumped hydro, and thermal storage, each playing a crucial role in enhancing energy resilience.

Which countries have increased energy storage capacity in 2024?

For example, the Spanish government approved an update to their National Integrated Energy and Climate Plan in September 2024 which has increased their installed energy storage capacity targets to 22.5 GW by 2030.

Why do we need scalable energy storage solutions?

The IEA emphasises the need for scalable energy storage solutions to enhance grid reliability and support the integration of variable renewable energy sources.

Can solar power be used as a thermal storage solution?

Concentrating solar power has found a partner in thermal storage, but costs remain high. Solar photovoltaic generation may Solar power has emerged as one of the most promising solutions to the world's energy problems, enabling countries

Which countries are investing in liquid air energy storage?

Significant investment is also occurring in the UK, where work is set to begin on the world’s first commercial liquid air energy storage project in 2025, in addition to a number of BESS, pumped hydro storage, hydrogen storage and flywheel systems over the coming years.