A new report from Navigant Research explores the global market for long-duration energy storage, including forecasts, segmented by region, technology, application, and duration, through 2027. The report, Long-Duration Energy Storage, explores the market drivers, barriers, and overall trends for long-duration energy storage to highlight varying regional activities and programs.
Long-duration energy storage is expected to be necessary for an electricity system to transition from a reliance on fossil fuel generation to a grid dominated by renewables, such as wind and solar.
Interest in long-duration energy storage is rising as the rapid growth of variable output renewables continues and issues with grid stability and efficiency become more tangible for grid operators. Long-duration energy storage is expected to be increasingly necessary for an electricity system to transition from a primary reliance on conventional fossil fuel generation to a grid dominated by variable renewable generation such as solar and wind.
“This type of storage provides the necessary flexibility to manage dynamic resources effectively,” says Alex Eller, senior research analyst with Navigant Research. “Demand for long-duration storage will continue to increase around the world as prices continue to decline and more ambitious targets for greenhouse gas reduction are implemented.”
The majority of new long-duration projects being installed today fall into the 4- to 8-hour duration segment, with many only at 4 or 5-hour durations. According to the report, this segment is well-served by existing lithium-ion batteries that are being configured for long-discharge durations, are benefitting from rapidly falling costs, and are offered with strong warranties from reputable vendors. Other long-duration ESS technologies may not be competitive until demand for energy long-duration projects materializes.
Specific technologies covered in the forecasts for this report include flow, molten salt, Li-ion, and other advanced batteries, compressed air energy storage (CAES), pumped storage, and power-to-gas. Global market forecasts, segmented by region, technology, application, and duration, extend through 2027. The report also examines the key technologies related to long-duration energy storage, as well as the competitive landscape.
Filed Under: Energy storage, News
