Sustainability Assessment of Energy Storage Technologies Based on Commercialization Viability: MCDM Model

Abstract

Advances in developed and developing countries are more attributable to growth in industrial activities that directly impact increasing energy demand. Energy availability has been inconsistent globally, necessitating energy storage (ES) for use as per requirement. Various energy storage technologies (ESTs) are available in mechanical, electrochemical, electrical, chemical, and thermal forms to fulfil the energy demand of a user as and when required. The factors responsible for making a commercially viable energy storage product are further being researched for an eco-friendly and optimal solution to store energy for a longer duration. Researchers are employing different strategies to evaluate the energy efficiency of storage technologies. This paper uses the VIKOR technique to analyze ESTs while assigning objective weights with the entropy weights method based on identified energy performance indicators and ranking them according to their commercialization viability. The method helps a consumer choose better ESTs as per their requirement while manufacturers compete with each other to enhance the commercial value of their energy storage products. Sensitivity analysis has been performed to understand the uncertainties, pros, and cons with the limitations and scope of using the decision model and thus taking an informed decision. The analysis of different energy storage technologies has indicated Hydrogen Fuel Cells (HFC) to be impressive and promising for the future.

Structural modeling and analysis of fuel cell: a graph-theoretic approach

“…It considers the relative importance of the criteria and proximity to the ideal solution. When making decisions, VIKOR considers the relative importance and criteria weighting ( Shu et al, 2023 ).…”

A Survey of Commercial and Industrial Demand Response Flexibility with Energy Storage Systems and Renewable Energy

“…Very high charge/discharge capability makes SCs suitable to use in conjunction with batteries to minimise the low power density issues of batteries and improve response time and storage operation [51,63]. Superconducting magnetic energy storage (SMES) also provides high power output [64] with a fast response. It is applicable for short-period use to improve power quality [51].…”

“…It is applicable for short-period use to improve power quality [51]. However, it suffers from complexity and high cost due to the necessity of superconductivity maintenance of the coil with cryogenic cooling [64]. Due to the lower capacity to discharge energy, SC and SMES are not suitable for BTM applications with DR scheme except for auxiliary applications [51].…”

Advancements, challenges, and applications of rechargeable zinc‐ion batteries: A comprehensive review

“…The current state of energy supply is a crucial and indemand concern in the modern world. Given the fact that energy is a pivotal source to power almost every sector and industry that provides necessities and daily services, the development of energy storage systems (ESSs) has been seen as a potential solution for the sustainability of energy [1][2][3][4][5]. The intensive use of non-renewable energy and additional energy has steadily increased in recent years because of the rise of the population requires more energy consumption [6].…”

“…At present, there are a lot of ESSs, which vary depending on the form of energy they store, use, and so forth. In addition, these ESSs have their own advantages and shortcomings that warrant their limitations in actual applications [4,13,14].…”