As the penetration of variable renewable energy increases in key countries, so will the need to manage the increasing uncertainty and variability in electricity supply. Grids and electricity customers will rely on various solutions to manage this, one of these being emerging long duration energy storage (LDES) technologies. By 2044, IDTechEx forecasts that the LDES market will be valued at US$223B. Various LDES technologies are being developed as alternatives to the dominant Li-ion battery, offering the use of more widely available materials and potentially offering cheaper systems for longer storage periods.
Example LDES technologies being developed include compressed air, liquid air, gravitational, alternative battery, and thermal energy storage (TES). Interestingly, several players are developing TES technologies for the supply of decarbonized heat in industry. For instance, players such as Kyoto Group and Electrified Thermal Solutions are focusing more of their initial efforts on this domain. In an interview with IDTechEx, Electrified Thermal Solutions explained that their novel electrically conductive ceramic bricks could allow for the provision of radiative heat directly to a process, potentially up to 1,800°C. This would allow for the decarbonization of some of the more extreme industrial heating processes seen in metal and glass industries.
Thermal energy storage technology in operation. Source: IDTechEx
Other players may be focusing more on developing TES technologies for LDES applications. Cost, availability of materials, energy density, lifetime, safety, revenue generation mechanisms, and construction times are but some key factors that must be considered when determining the commercial viability of an energy storage technology. Senior Technology Analyst Conrad Nichols recently spoke with Geo2WattsTM CEO Phil Cruver about their Borehole BatteryTM technology for LDES and commercial-and-industrial (C&I) applications, based on the principles of TES. As written in the company profile by Nichols, featured on the IDTechEx subscription portal, "Cruver commented that their initial pilot project should take approximately six months to construct, and at scale, believes that new projects should take approximately 1 month to construct. IDTechEx has identified other LDES technologies that can take months or years to construct, namely underground pumped hydro storage (UPHS), and so shorter construction timelines could be regarded as an advantage of the technology from Geo2Watts™."
To learn more about thermal energy storage (TES) and long-duration energy storage (LDES) technologies, please refer to IDTechEx's market reports "Thermal Energy Storage 2024-2034: Technologies, Players, Markets, and Forecasts" (www.IDTechEx.com/TES) and "Long Duration Energy Storage Market 2024-2044: Technologies, Players, Forecasts" (www.IDTechEx.com/LDES).
A Market Intelligence Subscription from IDTechEx offers access to even more content on the energy storage, energy, and decarbonization markets, including company profiles and premium articles, as well as time with analysts to ask questions. Visit www.IDTechEx.com/Subscriptions for more information.
About IDTechEx
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, IDTechEx has been helping its clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. IDTechEx offers reports, subscriptions and consulting services across various industries and markets, including energy and battery storage. For more information, contact research@IDTechEx.com or visit www.IDTechEx.com.
