New ways of storing energy more efficiently and cost effectively not only transform mobility and electronics, but also the energy sector as such; changing power mix, consumption patterns, business models, and market mechanisms.
Currently battery technologies are rapidly progressing. The establishment of an optimized production eco-system for Li-ion batteries has enabled the age of communications, information and portability. Looking ahead, alternative battery technologies (e.g. printed thin-film metal free) will unlock many more new applications, e.g. wearable devices, sensors or smart packaging.
Batteries are increasingly discussed for stationary energy applications, too.Grid-scale batteries either integrated on-site or as in dependent plants could allow buffering supply-demand-inequalities, and pave the way for 100 % renewables. In turn, storage in home battery systems could increase self-consumption and drive overall decentralization. Utilities´ current business models might become less profitable, while new models, e.g. based on smart tariffs, will been abled.
Power-to-Hydrogen represents another progressing storage concept. Electricity is used to convert water into hydrogen by electrolysis, which can then be stored and eventually re-electrified. Long-term heat and cold storage as well as less expensive chemical storage mediums are also advancing.
Energy storage cost could decrease by up to 70% in the next 15 years. Bloomberg New Energy Finance expects battery storage to cost USD 120 /kWh by 2030 compared with more than USD 300 in 2016 and USD 1,000 back in 2010.