A novel fuzzy decision-making methodology for ranking energy storage investments in emerging economies

Abstract

This study aims to evaluate essential performance indicators of energy storage investments with a novel decision-making model. The first stage includes weighting the selected criteria with Spherical fuzzy TOPSIS-based DEMATEL, called TOP-DEMATEL. In the second stage, seven emerging countries are ranked based on the effectiveness of energy storage investments using ranking technique by geometric mean of similarity ratio to optimal solution (RATGOS). RATGOS is a new ranking method proposed in this study to address the shortcomings of the existing methods by using geometric mean. The findings indicate that energy storage capacity is the most significant factor in improving energy storage investments in developing economies. Technological improvements are also important in this regard. It is strongly recommended that energy storage technologies need to be developed by conducting new research and development activities. Owing to new technological developments, more efficient batteries can be produced. These new products allow energy to be stored at higher capacity.