Hybrid Solar Wind Energy Storage
Collectively three countries – the United States, China, and India – drove more than 70% of the global energy demand during the year 2018 and it is estimated to grow at an average of 1.3% every year (Link). This makes us ponder if we have enough ‘reliable and uninterrupted’ power supply to cater to such demands. What do we do when we want to expand storage space on our computer, we use an external storage device, Right? Now imagine if we could do that with energy, how do we store sustainable energy?
The Hybrid Solar Wind Energy Storage market is an upcoming energy trend, and this is especially due to the continuous effort from various governments to deploy sustainable energy technologies. Hybrid Solar Wind Energy Storage is a combination of solar PV plant, wind turbine and an energy storage system to store the electricity generated from both the sources. Hybrid plants can leverage changing weather conditions and capture renewable energy that can be stored for consumption that can be distributed through a grid. So, typically in a Hybrid Solar Wind Energy plant, energy is produced by a solar PV module when the sun is shining and by the wind generators when the weather is good and windspeeds are higher.
Pic Courtesy: Wikipedia
Companies such as General Electric, Siemens Gamesa, ReGen Powertech, Vestas, Unitron Energy are notably some of the big players investing actively in this field. Growing investments from financial institutions and funding from private and public towards electrification across off-grid areas is positively impacting the growth in the hybrid solar wind energy storage market.
Growing awareness of adapting to sustainable energy has led to a demand in this market which is projected to grow at CAGR 5.6% valuing at USD 1108 million by 2026 (Link). Hybrid Solar Wind Energy Storage is predicted to be lucrative in the coming years due to the increase in demand for electricity in both domestic and commercial consumer markets. Especially due to Covid-19, there is a surge in usage of electricity mainly in residential areas which paves way to adapt to newer sustainable solutions.
So ultimately what is the actual benefit of Hybrid Solar Wind Energy Storage? Wind and Solar are the two cheapest option for power generation, however on a hybrid plant the challenge would be the – ‘generation’ – though comparatively more stable than a standalone solar or wind power plant, still has some variations and is not available all the time, especially when the grid needs it the most, creating nightmares for load dispatch centres. The most obvious solution to this issue would be the hybrid storage projects that can store excess energy produced and transferred to a grid as and when required, ensuring a constant, near-steady supply of electricity. This is one of the primary reasons for companies to keep investing in this market.
“In the past, Energy Storage component has been the missing link in Hybrid projects. With recent developments in battery technology, multiple commercially viable options are entering the market, which will make Hybrid Solar-Wind-Energy Storage plants viable, & capable of giving a stable daily output with better efficiency. Adding another element such as a gas turbine/engine will make it a boon & a fantastic RTC (Round-the-Clock) proposition for Decentralised applications.” says Navin Kumar, Managing Director, Navsar Engineering International Pte. Ltd.
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Article References: Marketwatch, Utility Dive