As solar and wind energy become increasingly dominant sources of electricity worldwide, the need for energy storage to ensure a stable and balanced supply is becoming more important. Variable renewable energy (VRE) generation sources, like solar and wind, have intermittent cycles of electricity generation, making energy storage essential.
A recent report from IDTechEx highlights the rise in demand for long-duration energy storage (LDES), which can store and dispatch electricity for six hours or more. The report projects a potential $223 billion global market for LDES by 2044.
The growth of the LDES market will vary regionally, with certain areas experiencing rapid growth. California, for example, is expected to have a 280% increase in renewable energy capacity compared to a 2023 baseline if it reaches its clean energy targets for 2035. Other countries and states that are expected to see significant growth in VRE deployments include Germany, the UK, Italy, Australia, India, and Texas.
According to the report, once VRE sources account for approximately 45% of a country or state’s energy mix, long-duration energy storage of six hours or more becomes the most cost-effective option. The report predicts that the global average will reach this threshold by the late 2030s, with hot markets like California reaching it sooner.
Currently, lithium-ion batteries dominate the global stationary energy storage market. However, the report suggests that lithium-ion batteries may not have low enough capital costs for LDES applications. To achieve a lower cost-per-kilowatt-hour, the report recommends exploring technologies that allow for energy and power decoupling, such as redox flow batteries (RFB) and liquid-air energy storage (LAES).
Redox flow batteries offer increased system capacity by increasing the volume of electrolyte and the size of electrolyte storage tanks, without the need to make significant changes to the cell-stack. Liquid-air energy storage, on the other hand, can scale the size of storage tanks while only needing to scale turbomachinery with power output. This can result in faster and non-linear decreases in capital expenditures for these technologies as the duration of storage increases.
Other technologies evaluated in the report include iron-air, rechargeable zinc batteries, high-temperature/molten-salt batteries, compressed air energy storage (CAES), cryogenic/liquid-CO2 energy storage, alternative and underground pumped hydro storage, gravitational energy storage systems, thermal and electro-thermal energy storage, and hydrogen.
As the transition to renewable energy accelerates, the need for long-duration energy storage solutions will increase. Exploring alternative technologies like redox flow batteries and liquid-air energy storage can help address the challenges of cost and scalability. The future of energy storage is promising, and these advancements will play a crucial role in achieving a sustainable and reliable energy system powered by solar and wind.
Original Articlehttps://pv-magazine-usa.com/2024/02/05/long-duration-energy-storage-market-to-reach-223-billion-in-20-years/
