Climate change is a major concern on every countries' agenda. With the rise of the massive industries and the proliferation of vehicles, non-renewable resources such as oil and fossil fuels are rapidly depleting. Consequently, the constant use of these resources is causing adverse effects on the globe. Climate change generally occurs as a byproduct of natural forces such as the Sun, volcanoes, or even the Earth's orbit. However, the use of non-renewable powered applications is negatively accelerating climate change. The Committee on Climate Change reported that CO2 emissions have increased by over 400% since 1950. The alarming rates have thus prompted many companies to transition towards manufacturing cleaner energy sources. In particular, energy storage solutions have become a major topic of discussion in recent times. Energy storage systems consist of equipment that can conveniently store multiple forms of energy which can be utilized at any time. For instance, many energy storage solutions run on lithium-ion batteries, however, other solar or wind-powered solutions can harness power directly from the Sun or wind. Moreover, many of these energy solutions store the harnessed energy, providing consumers with power in case the Sun is overshadowed or there aren't winds on a particular day. Furthermore, the energy storage market is continually witnessing heavy investments from both the public and private sectors.
Energy storages are complex grid systems that have to meet both power supply and demand equally, according to the Union of Concerned Scientists. For instance, when there is more supply than demand, such as during the night, the excess electricity can be used to power storage devices. When the demand outweighs supply, energy is then discharged back into the grid. In 2017, the installed capacity of energy storage was approximately 6,275.4 megawatt (MW), according to Prescient & Strategic Intelligence. By 2023, capacity is expected to reach 51,426 MW, witnessing a CAGR of 42.5%. According to the California Energy Commission, one MW is roughly enough electricity to supply 750 homes at once. A typical American household uses about 7.2 MW-hours of electricity each year. However, large-scale cities such as New York City uses about 11,000 MW-hours of electricity on average each day. "Because some renewable energy technologies – such as wind and solar – have variable outputs, storage technologies have great potential for smoothing out the electricity supply from these sources and ensuring that the supply of generation matches the demand," said the Union of Concerned Scientists. "Energy storage is also valued for its rapid response – most storage technologies can begin discharging power to the grid very quickly, while fossil fuel sources tend to take longer to ramp up. This rapid response is important for ensuring stability of the grid when unexpected increases in demand occur."
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