Global energy storage market to grow by $250 b

Visakhapatnam: To reduce the carbon emissions during electricity generation in power sector is possible only with renewable energy but the countries like India need strong energy storage systems and demand side management for future needs, said the UK-based Ulster University Professor, Neil J Hewitt.

Delivering the lecture on ‘Demand Side Response and Renewable Energy’ arranged jointly by British Council and GITAM University on Friday, Hewitt said that the global energy storage market is forecast to grow to at least $250 billion by 2040. 

The UK is slowly moving towards renewable energy production and investing £265 million in smart systems to reduce the cost of electricity storage, advance innovative demand response technologies and to develop new ways of balancing the grid.

The UK is targeting potentially 100 per cent renewable electricity by 2050, but to meet these target, the country need effective storage technologies, he added.

Vice-Principal of GITAM Institute of Technology Prof C Dharmaraju presided over the function. Director of GITAM international students wing KP Kishan, head, mechanical engineering department  Prof MRS Satyanarayana and others were present.