Critical review of energy storage systems

Highlights

• Types and application of Energy Storage Systems.

• The selection criteria of Energy Storage Systems.

• The challenges facing Energy Storage Systems.

Abstract

This review article critically highlights the latest trends in energy storage applications, both cradle and grave. Several energy storage applications along with their possible future prospects have also been discussed in this article. Comparison between these energy storage mediums, as well as their limitations were also thoroughly discussed. Suggestions and solutions in mitigating some of these challenges in order to improve the overall performance of these energy systems have also been analysed in this investigation. In spite of the accelerated growth in energy storage systems, there is still a grave need for further investigations, in order to reduce their costs. Further research activities will reduce the cost of some of these novel technologies, thereby accelerating their commercialization as well as making them better competitors against traditional energy storage mediums.

Introduction

The goal of the Kyoto and Paris agreement was to reduce total emissions into the atmosphere from energy being harnessed from fossil commodities, by 2060. For this goal to become a reality, there will need to be a severe alteration in how energy is harnessed and utilised globally. This target can only be achieved following the integration of other forms of energy from renewable sources like solar, wind etc. It is therefore be imperative that power plants that function using fossil fuels or nuclear are replaced [[1], [2], [3], [4], [5], [6], [7], [8]]. In 2016, there was a significant increase in global energy intensity by a margin of 2.1%, with nearly half of this increment being generated from renewable sources [9]. The market for electric cars increased by 40% that year alone, giving a clear indication of the prosperous potential of electric vehicles in the automotive industry. It has been predicted that from 2017 to 2022, the energy industry is likely to see an appreciable increase of 43% [10]. This implies that the energy share for renewables is likely to increase by 30% by 2022, which is more than the figure achieved in 2016 of 24%. It has however been highlighted, that solar photovoltaics paired with solar thermal are likely to see an upward increase compared to other fuels. It is also important to note that renewable energy is more likely to contribute the highest results annually, compared to those of other fossil commodities. The fundamental development of all countries is subject to their energy consumption per capita. In the mechanical industry sector, such energy is very critical. Machines needed to make life easy, however are also very energy demanding. The delivery of energy involves extraction, storage, and transportation of the energy being harnessed. The sudden increase in global energy demand is usually attributed to both population growth, and the pursuit for a modernised lifestyle. This investigation will explore the advancement in energy storage device as well as factors impeding their commercialization.