North America, Western Europe, and the Asia Pacific will account for approximately 86.7% of new installed long duration energy storage capacity through to 2027, according to a new report issued by Navigant Research.
The majority of new long-duration energy storage systems installed range between 4 and 8 hours and are lithium-ion batteries.
The lithium-ion industry is dominating the market owing to rapidly falling costs and strong battery warranties offered by reputable vendors.
Interest in long duration energy storage is rising owing to the rapid growth of renewables and an increase in utility awareness on the benefits of storage on grid stability and efficiency.
Long duration energy storage is expected to help the industry to achieve its energy transition goals which include heavily relying on distributed resources such as solar and wind for base-load electricity. This will also help retire fossil fuels and to reduce carbon emissions.
Alex Eller, senior research analyst with Navigant Research, said:
“This type of storage provides the necessary flexibility to manage dynamic resources effectively .
“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 report analyses the application of flow, molten salt, Li-ion, and other advanced batteries, compressed air energy storage, pumped storage, and power-to-gas technologies in the long-duration energy storage capacity industry.
The report is available for download at Long Duration Energy Storage.