North America, Western Europe, and Asia Pacific Are Expected to Account for 90% of New Long Duration Storage Capacity Installed through 2027
The majority of new long duration projects installed today fall into the 4- to 8-hour duration segment, which is well-served by lithium ion batteries
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.
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. Click to tweet: According to a new report from @NavigantRSRCH, North America, Western Europe, and Asia Pacific are expected to account for approximately 86.7% of the new long duration storage capacity installed worldwide through 2027.
“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.
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. 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. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, Long Duration Energy Storage, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.