You have witnessed what difference ten years can make in technology. Back in 2010, the batteries were powering our laptops and mobile phones. But by the end of that decade in 2020, we have started seeing batteries powering up our cars and houses. Over the last ten years, there has been a revolution in battery technology and energy storage devices. Production of batteries and the evolving technologies have brought down the prices of electric vehicles. The next what we are focusing on is something called utility-scale storage.
- The changing scenario – Paul Favret
As an emergency related to the climatic crisis is becoming more evident, batteries now hold the key position in the revolutionary transition to renewable energy. Wind and solar power generation are playing a more significant role; however, they cannot be utilized fully without proper storage techniques. Paul Favret points out that there is also the need for large-scale storage instruments as humanity is planning to shift from fossil fuel to renewable energy sources. It is also estimated that energy costs may fall between 70% to 80% over the next decade, and the market for renewable power may grow as much as 400 billion dollars worldwide. May this growth and development support the need for more electricity generation and storage, which will change how different sectors function.
- Changes in the electric grid
It is expected that the popularity of electric vehicles will increase faster, and we may witness the demand for oil and gas also reaching its peak this decade. The growing storage market may offer no shortage of investment opportunities, mainly as government subsidies and regulations help to expedite the usage of clean energy. Like any other competitive market similar to that of semiconductors in the 1990s, battery space has not initially provided the best return to investors. Many battery companies have gone bankrupt in between due to the underlying fact that such products may not reward the stakeholders that faster.
Battery technology has remained simple for more than a couple of centuries now. The battery is an umbrella term covering various models of all sizes and shapes of batteries. There are different technologies also as lead-acid, nickel-iron, nickel-metal hydroid, nickel-cadmium batteries, etc. As of late, lithium-ion is the catch term, which was the models of batteries developed back in the 1970s. We can find this in everything from smartphones to medical devices and even airplanes.
- Electric vehicles
Elon Musk’s Tesla was the first company that started commercializing battery-powered vehicles by releasing their fully electric Roadster model in 2008. Various automobile manufacturers then started with their hybrid models, but for a decade, they were largely uninterested in developing fully electric cars due to the high cost of production. However, the consumer taste was then shifted, and the regulatory oversight also increased for automakers to think of fully electric vehicles. Now almost all vehicle makers offer electric cars along with hybrid models.
As Paul Favret points out, energy storage technology is changing quickly, and we may expect a massive revolution in this sector by the end of this decade.