Long duration energy storage (LDES) technologies are becoming increasingly important as the volume of variable renewable energy (VRE) sources grows in electricity grids globally. According to IDTechEx’s latest market report, 1.4 TWh of LDES will be installed worldwide in 2044. These technologies, which include electrochemical, mechanical, thermal, and hydrogen storage, are attracting substantial investment, with around US$4.0B being allocated to their development.
Mechanical energy storage systems are expected to play a significant role in LDES deployments, but a range of new technologies are emerging that offer cheaper alternatives to traditional lithium-ion batteries. These technologies, such as redox flow batteries, liquid-air, compressed-air, and underground pumped hydro storage, are designed to provide longer durations of storage at a lower cost.
While it is challenging to predict which LDES technologies will dominate the market, factors such as round-trip efficiency, cycle-life, and energy density will play a crucial role in determining their success. Mechanical energy storage systems are likely to be key players in the long run, particularly as they become more cost-effective for large-scale deployments.
Innovative technologies like iron-air batteries, rechargeable zinc batteries, and thermal energy storage are expected to gain traction in the market in the coming years. These solutions offer unique advantages, such as low-cost materials and the ability to store energy over extended periods. However, regulatory reforms and the need for longer-term revenue visibility remain key obstacles to widespread adoption of LDES technologies.
IDTechEx’s market report provides detailed insights into the development, players, applications, revenue streams, and forecasts related to LDES technologies. With a focus on grid stability and flexibility, the report offers valuable information for industry stakeholders looking to understand the evolving landscape of energy storage.
For more information and to access sample pages of the report, visit http://www.IDTechEx.com/LDES. Stay updated on the latest developments in energy storage by exploring IDTechEx’s full portfolio of research at http://www.IDTechEx.com/EnergyStorage.
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