The global population now exceeds 8 billion people and continues to keep growing. And the average amount of energy utilised per person each day is approximately (58 kWh) as per ENERGY FUNDAMENTALS and The World Counts. The energy usage average varies substantially from developed to developing to underdeveloped countries.
The approximate amount of energy consumed by all of mankind every year is around 580 million terajoules. This represents the total amount of energy consumed across various sectors and countries worldwide.
Where does this huge amount of energy come from?
This comprises all energy sources, including fossil fuels (coal, oil, and natural gas), nuclear energy, and renewable energy (solar, wind, hydro, geothermal, and so on).
- Fossil Fuels (Coal(13.6%), Oil(48.2%), and Natural Gas(14%)): Fossil fuels provide almost 80% of the world’s energy.
- Renewable Energy (Solar (1.4%), Wind (2.6%), Hydro (7%), Geothermal, Biomass): Renewable energy sources accounted for around 20% of total world energy consumption.
- Nuclear energy accounts for around 5-6% of the world’s energy supply.
In today’s rapidly evolving world, there is an unprecedented demand for dependable and sustainable energy sources.
As we try to reduce our dependence on fossil fuels and transition towards more greener and environmentally friendly alternatives, the role of emerging technologies like energy storage, electric mobility & green hydrogen becomes increasingly vital.
With energy storage at the very forefront of industry innovations, World Energy Storage Day is observed on September 22nd each year through various worldwide industry stakeholders, policymakers, think tanks, and organisations to recognise its global significance.
Need of Energy Storage Technology
Renewable Energy (Solar (1.4%), Wind (2.6%), Hydro (7%), Geothermal, Biomass): Renewable energy sources accounted for around 20% of total world energy consumption.
In order to increase the share of renewable energy sources to 50% of the energy supply mix, it is required to integrate different energy storage technologies along with renewables. Energy Storage is an enabling factor to energy transition.
Renewable energy, on the other hand, is by nature unpredictable, and energy is produced only during favourable conditions.
We must therefore find measures to ensure that electricity is accessible around the clock so that our energy supply is not compromised.
Energy storage solutions are critical to realising the full potential of renewable energy sources like solar and wind power. We can bridge the gap between energy supply and demand by successfully absorbing and storing excess energy, opening the path for a more robust and efficient energy environment.
The use of the latest developments in energy storage holds up a number of advantages that could completely transform how we produce, distribute, and use energy.
Energy storage solutions and technologies may have a significant influence, favourably affecting economies and ecosystems all around the world, from improved grid stability to decreased carbon emissions.
Objectives of World Energy Storage Day
Energy storage technologies have emerged as a critical facilitator in the search for a sustainable energy future, driving dramatic change across several industries.
From stationary energy solutions and e-mobility to green hydrogen generation and supply chain optimisation, energy storage technologies have the potential to transform the energy landscape.
The World Energy Storage Conference strives to stimulate cooperation, information sharing, and innovation in the fast-growing field of sustainable energy storage.
- Knowledge Exchange and Awareness: The conference intends to provide an environment suitable for the exchange of cutting-edge research, technical developments, and success stories in the field of energy storage. Attendees will obtain vital insights into the current trends, problems, and possibilities in stationary energy solutions, e-mobility, green hydrogen, and the manufacturing and supply chain issues that lie ahead.
- Promoting Sustainable Technologies: The conference aims to speed the transition to a low-carbon and clean energy future by showcasing and promoting new and sustainable energy storage technologies. Participants will learn about new options that can optimise energy storage capacity while also contributing to lower carbon footprints.
- Policy and Regulation Discussion: The conference will examine the influence of existing frameworks on energy storage integration, addressing crucial policy and regulatory problems. Participants will be able to explore potential policy proposals for creating a favourable environment for sustainable energy storage technology.
- Enabling Infrastructure and Integration: Recognising the importance of enabling infrastructure, the conference will emphasise the need for strong integration of stationary energy solutions, e-mobility, and green hydrogen projects. Technological breakthroughs and techniques for constructing resilient infrastructure networks will be discussed.
- Networking and Collaboration: The event offers a one-of-a-kind opportunity for industry professionals, policymakers, researchers, and investors to engage in meaningful networking, promoting collaborations and partnerships. This cross-sector collaboration intends to galvanise global efforts to advance energy storage solutions.
- Industry Trends and Investment Opportunities: Attendees will get insights into new industry trends, investment possibilities, and company models in the energy storage sector. The conference will provide a knowledge of the financial feasibility and scalability of energy storage systems, promoting further investments in green infrastructure.
Key Highlights of the Event
- Technology Workshop
- Partner Seminar
- Global Competition
- Networking Lounge
- Virtual Expo
- Start-Up Pitch
- Media Corner
The World Energy Storage Day is a leading platform and opportunity for promoting sustainable energy storage technologies.
By all means of establishing these broad goals, the event hopes to encourage information exchange, cooperation, and community action towards a more resilient and sustainable energy future.
The World Energy Storage Conference 2023 aims to spark radical change in energy storage by bringing together industry pioneers, policymakers, and visionaries, bringing the world closer to a greener, more sustainable tomorrow.
- What is the objective of energy storage?
The primary objective of energy storage is to develop technology and infrastructure that can capture and store surplus energy during periods of low demand or high production and release it when demand or production is high, assuring a dependable and continuous energy supply.
2. How important is energy storage for the future of energy?
Energy storage is critical for the energy future because it allows for the integration of renewable energy sources such as solar and wind, resulting in a stable and flexible energy system.
It improves grid resilience, lowers carbon emissions, and aids in the transition to sustainable and clean energy systems.
3.Why is energy storage important for sustainability?
Energy storage plays a vital role in sustainability by facilitating the seamless integration of renewable energy sources like solar and wind into the power grid. By capturing and storing surplus energy during peak production, it ensures a stable energy supply during high-demand periods or when renewables are less active.
This diminishes the dependence on fossil fuels, fosters a cleaner energy ecosystem, and supports the transition towards a more sustainable future.