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

Xiaoyang Shu, Raman Kumar (), Rajeev Kumar Saha, Nikhil Dev, Željko Stević (), Shubham Sharma and Mohammad Rafighi
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Xiaoyang Shu: School of Computer and Artificial Intelligence, Southwestern University of Finance and Economics, Wenjiang District, Chengdu 611130, China
Raman Kumar: Department of Mechanical and Production Engineering, Guru Nanak Dev Engineering College, Ludhiana 141006, Punjab, India
Rajeev Kumar Saha: Department of Mechanical Engineering, J.C. Bose University of Science and Technology, YMCA, Faridabad 121006, Haryana, India
Nikhil Dev: Department of Mechanical Engineering, J.C. Bose University of Science and Technology, YMCA, Faridabad 121006, Haryana, India
Željko Stević: Faculty of Transport and Traffic Engineering, University of East Sarajevo, 74000 Doboj, Bosnia and Herzegovina
Shubham Sharma: Mechanical Engineering Department, University Centre for Research and Development, Chandigarh University, Mohali 140413, Punjab, India
Mohammad Rafighi: Department of Aeronautical Engineering, Sivas University of Science and Technology, Sivas 58000, Türkiye

Sustainability, 2023, vol. 15, issue 6, 1-21

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.

Keywords: energy storage technologies; energy efficiency; energy performance indicators; entropy and VIKOR; Multi Criteria Decision Making (MCDM) (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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