Research, data, and benchmarking services provider Guidehouse Insights today released a new report that explores drivers for long-duration energy storage. It also looks after the technologies being implemented to provide long-term storage services. Accordingly, Guidehouse’s market intelligence arm expects stationary energy storage to play a significant role in future decarbonized electricity grids globally.
Indeed, several government policies, utility procurement targets, and regulatory bodies have already begun to forecast greater levels of utility-scale energy storage (UES) deployments. Accordingly, they expect project sizes of larger power capacity.
Moreover, Guidehouse Insights foresees North America, Western Europe, and the Asia Pacific as more prone to account for approximately 89% of the new extended duration energy storage capacity installed worldwide through 2030.
About Guidehouse Insights Report
Worth noting, Guidehouse Insights provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. According to the Company, its insights follow on in-depth analysis of global clean technology markets.
In fact, the team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment. Also, it pairs this expertise with a deep examination of technology trends to provide a comprehensive view of emerging resilient infrastructure systems.
In this regard, Ricardo Rodriguez, research analyst with Guidehouse Insights, commented; Indeed, “there is little agreement on which attributes of energy storage will be required and valued over time. Specifically, the energy capacity or duration of energy storage that could be cost-effective for certain electricity grid services and applications.”
Nevertheless, “as plans to deploy substantial amounts of new renewable energy generation mount, future electricity grids will likely require different types of energy storage,” continued Mr. Rodriguez.
The Report’s Specs
However, the actual deployment of energy storage technologies is still not enough. For instance, barriers to broader adoption include geographic restrictions, lack of trust in new technologies, low round-trip efficiencies, improved Li-ion battery technology, and higher upfront project costs.
Thus, the report, Market Data: Utility-Scale Long-Duration Energy Storage, examines the long-duration energy storage market in seven major geographic regions. Moreover, it presents a 10-year forecast and market sizing from 2021 through 2030.
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Furthermore, the report provides forecasts for the long duration storage market segmented by technology, application, and discharge duration. Worth noting, applications included in the estimates consist of capacity and reserves, transmission and distribution (T&D) asset optimization, solar energy shifting, and wind energy shifting.
All forecasts are also segmented by duration for each region, technology, and application. In fact, if interested, an executive summary of the report is available for free download on the Guidehouse Insights website.