Hello, solar enthusiasts! Today I’m excited to dive into an invigorating topic that is becoming increasingly pivotal in the solar industry: Long Duration Energy Storage (LDES), a technology that can hold and release electricity for six hours or longer. With solar’s remarkable journey towards being a dominant source of electricity globally, the demand for effective energy storage is surging, paving the way for innovative alternatives to lithium-ion batteries, traditionally the fulcrum of the global stationary energy storage market.
According to a recent IDTechEx report, there’s an anticipated $223 billion global market for LDES projected to flourish by 2044, ensuring that you, as a solar enthusiast or solar company, are at the forefront of an industry that’s poised to trend upwards, and quickly.
This growth, however, will manifest at varying paces across different regions. By hitting its clean energy goals for 2035, California is expected to witness a whopping 280% increase in renewable energy capacity from the baseline set in 2023. Other solar hotspots like Germany, the UK, Italy, Australia, India, and Texas are also predicted to experience swift growth in Variable Renewable Energy (VRE) deployments.
This brings us to a critical point. The report suggests that when the electricity derived from VRE sources hits the 45% mark in a country’s or state’s energy mix, LDES could be the most economical option for storage duration of six hours or more. This 45% threshold is estimated to be reached globally by the late 2030s, with aforementioned solar hotspots expected to reach the milestone sooner – a crucial point for solar companies working in these regions.
While lithium-ion batteries have been the go-to option for stationary energy storage, IDTechEx highlights that these batteries may not offer low enough capital costs for LDES applications. Hence, as a consumer considering solar panels for your home or a business exploring an expansive solar array for home installations, understanding viable alternatives becomes paramount.
That’s why the report emphasizes technologies capable of energy and power decoupling, like redox flow batteries (RFB). It’s also advisable to keep an eye on liquid-air energy storage (LAES), another contender poised to offer cost advantages when implemented on a larger scale. Several other technologies, such as rechargeable zinc batteries, high-temperature/ molten-salt batteries, gravitational energy storage systems, and hydrogen-based solutions, are also studied in the report.
A deep dive into LDES technologies not only sheds light on the potential directions in which the solar industry might shift, but also enables solar enthusiasts, homeowners, and businesses alike to make informed decisions about the use of solar energy. As the focus on renewable energy intensifies, staying updated with contemporary trends in energy storage is vital for everyone involved in the solar landscape.
Packed with insightful information about future LDES and solar trends, I recommend giving this IDTechEx report a thorough read. Going solar has never been more exciting or promising!
Original Article: https://pv-magazine-usa.com/2024/02/05/long-duration-energy-storage-market-to-reach-223-billion-in-20-years/
