What is Energy Storage and why is it important?
Since the discovery of electricity, we have sought effective methods to store that energy for use on demand. Over the last century, the energy storage industry has continued to evolve and adapt to changing energy requirements and advances in technology. Energy storage systems provide a wide array of technological approaches to managing our power supply in order to create a more resilient energy infrastructure and bring cost savings to utilities and consumers.
Storage of electricity in large quantities is reaching an inflection point, poised to give a big boost to renewables, to disrupt business models across the electrical industry, and to tap into a market that will eventually top many of tens of billions of dollars per year, and trillions of dollars cumulatively over the coming decades. The global energy storage market is growing at an exponential rate with an annual installation size of 6 gigawatts (GW) in 2017 and projected almost seven-fold growth of over 40 GW by 2022.
The capture of energy via an accumulator or battery is becoming one of the biggest sectors within renewables, with growth experienced across the sector, both in those developing the storage technologies, and those integrating it into homes, commercial sites, and onto the grid.
What do we do in it?
Here at Piper Maddox our energy storage team works with companies across the Energy Storage sector to support both their key technical and commercial hiring. We have worked closely with companies that are developing unique and proprietary battery materials as well as those manufacturing their own full battery cell and packs for the market. In addition to those developing the hardware systems, we also work closely with those developing proprietary BESS and EMS software for the industry.
While technology is at the core of the market, it is those integrating these systems and developing the projects that will drive the demand for the technology.