Energy storage vital for clean energy transition growth

Energy storage is crucial for the success of clean energy. As more wind and solar power is added to electricity grids, energy supply becomes less stable. This causes mismatches between energy supply and demand. Effective energy storage can help balance this issue and improve energy security. The energy storage market is expected to grow significantly in the next few years. In 2022, it was valued at nearly $200 billion and could reach over $329 billion by 2032. While lithium-ion batteries currently dominate this market, alternative storage solutions are needed. Lithium-ion batteries have some disadvantages. They only store energy for a few hours and degrade quickly. Additionally, sourcing lithium can harm the environment and public health. China controls a large part of the lithium market, creating vulnerabilities in the supply chain. As a result, many companies are exploring new storage technologies. Some are improving lithium batteries by using other materials. Others are looking into entirely different methods, like gravity storage. A project in China is testing a mechanical tower that lifts heavy blocks to store energy. When energy is needed, the blocks are lowered to generate electricity. Other potential storage solutions include water-based systems and utilizing empty oil and gas wells. These innovations could play a key role in the transition to sustainable energy supply.