In a report by ResearchAndMarkets.com titled “Long Duration Energy Storage LDES Beyond Grids: Markets, Technologies for Microgrids, Minigrids, Buildings, Industrial Processes 0.1-500MWh 2024-2044,” the spotlight is on the burgeoning beyond-grid market, projected to soar from under $0.5 billion today to over $52 billion in 2044.
Redefining Energy Storage Beyond Traditional Grids
While Long Duration Energy Storage (LDES) has traditionally focused on mitigating the intermittency of power grids with increased integration of solar and wind energy, this report delves into the distinct needs and technologies for LDES in applications beyond conventional grids.
Meeting Unique Demands with Innovative Technologies
Unlike power grids, beyond-grid LDES applications necessitate unique considerations. While established technologies like pumped hydro, compressed air, and hydrogen storage still play a role, the report emphasizes the significance of smaller, modular, and rapidly deployable systems for locations off the grid or relying on the grid as a backup.
Local Empowerment Driving Market Growth
The shift towards local electricity generation and consumption, driven by desires for empowerment, security, and predictable costs, propels the growth of beyond-grid LDES systems. With an increasing reliance on solar power, these systems face distinctive intermittency challenges compared to traditional grids.
Seizing Opportunities in an Emerging Market
As companies like Invinity and CellCube install LDES units catering to the demand for 12 hours of delayed discharge with one month of storage capacity, the report emphasizes the underexplored nature of the beyond-grid LDES market. It presents an enticing opportunity for companies to address the unique needs of these applications, potentially creating billion-dollar enterprises and reshaping the future of energy storage.
In conclusion, the report provides a comprehensive analysis of the technology roadmap, research pipeline, and product launches in the LDES space. With forecasts extending from 2024 to 2044, it sheds light on various LDES technologies, emphasizing the potential impact on the future energy storage landscape.
Source: prnewswire.com
