Navigant Research Report Shows 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
BOULDER, Colo.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/EnergyStorage?src=hash” target=”_blank”gt;#EnergyStoragelt;/agt;–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.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides
market research and benchmarking services for rapidly changing and often
highly regulated industries. In the energy sector, Navigant Research
focuses on in-depth analysis and reporting about global clean technology
markets. The team’s research methodology combines supply-side industry
analysis, end-user primary research and demand assessment, and deep
examination of technology trends to provide a comprehensive view of
clean, intelligent, mobile, and distributed energy. Additional
information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is a specialized, global professional services
firm that helps clients take control of their future. Navigant’s
professionals apply deep industry knowledge, substantive technical
expertise, and an enterprising approach to help clients build, manage
and/or protect their business interests. With a focus on markets and
clients facing transformational change and significant regulatory or
legal pressures, the Firm primarily serves clients in the healthcare,
energy and financial services industries. Across a range of advisory,
consulting, outsourcing, and technology/analytics services, Navigant’s
practitioners bring sharp insight that pinpoints opportunities and
delivers powerful results. More information about Navigant can be found
at navigant.com.
* 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.
Contacts
Navigant Research
Lindsay Funicello-Paul
+1.781.270.8456
lindsay.funicello.paul@navigant.com
