How is Rising Requirement for Unconventional Energy Sources Driving Energy Storage Market?

Various factors are contributing to the increasing demand for unconventional sources of energy, including the rapid urbanization, degradation of environment due to the increased usage of fossil fuels, and ready availability of these sources. Unconventional sources of energy, such as wind energy, hydro power, and solar energy, can produce clean energy and also have the potential to match the surging energy demand across the globe. Moreover, these renewable energy technologies have variable outputs, due to which storage technologies have great potential of smoothing out the power supply from these sources. This is further driving the requirement for energy storage systems. These systems have the capability to discharge power to the grid quickly, whereas fossil fuel sources take longer time to ramp up.