Home > All news > Market survey report > Insights on Storage Energy Trends (4)
芯达茂F广告位 芯达茂F广告位

Insights on Storage Energy Trends (4)

According to PwC, common energy storage technologies are divided into two categories: physical energy storage and chemical energy storage, which are further subdivided into mechanical energy storage (the use of physical and mechanical means to convert energy into potential energy or kinetic energy for storage), electromagnetic energy storage (the use of electromagnetic fields to convert energy into electromagnetic energy for storage) and thermal energy storage (the use of temperature changes of materials to convert energy into heat energy for storage). Chemical energy storage includes electrochemical energy storage and hydrogen energy storage. Electrochemical energy storage refers to the use of electrochemical reactions to convert energy into chemical energy for storage. Hydrogen energy storage refers to the use of chemical reactions to convert energy into chemical energy for storage.

With the simultaneous development of multiple technologies, long-term energy storage has broad prospects

At present, lithium batteries under pumped storage and electrochemical energy storage under mechanical energy storage are in the stage of mature technology and large-scale commercialization, while compressed air energy storage, fluidic batteries, heat storage, and sodium-ion batteries are in the critical stage of moving from demonstration projects to commercialization. At present, the energy storage that has been put into operation is still dominated by energy storage and lithium batteries, and the proportion of pumped storage is declining, and the new bid-winning projects have rich technical types. A variety of new energy storage technologies are tendered, among which compressed air, flow batteries and solar thermal energy storage contribute the main increment, which is expected to enter large-scale development.

Figure: Cumulative installed capacity of various energy storage technology routes in China in 2023 (Source: PwC)

It is predicted that the diversified application scenarios of the energy storage industry will further expand the market space, including the integration of renewable energy into the grid on the power generation side, frequency and peak regulation on the grid side, and peak and valley peak shaving on the user side. User-side applications, such as C&I energy storage and home energy storage, are expected to be an important force driving the market. According to PwC, pumped storage and lithium-ion batteries are still the most economical mature energy storage technologies, with large pumped storage capacity, long energy storage time and low cost. Lithium-ion batteries have the disadvantages of low safety, long low-temperature performance, and may face problems such as resource shortage, but thanks to their fast-charging speed, high efficiency, and superior comprehensive performance, they play an indispensable role in the energy storage industry. The diversified application scenarios of the energy storage industry will further expand the market space, including renewable energy grid integration on the power generation side, frequency and peak regulation on the grid side, and peak and valley peak shaving on the user side. User-side applications, such as C&I energy storage and home energy storage, are expected to be an important force driving the market.

Figure: Winning bids for China's new energy storage technology route in 2023 (PwC)

Figure: Winning bids for China's new energy storage technology route in 2023 (PwC)

Long-term energy storage (LDES) refers to technologies that can store energy for about 8 hours to days or even weeks. It is an energy storage system that can realize cross-day, cross-month, and even cross-season charging and discharging cycles. The main purpose of long-term energy storage technology is to provide stable power support and improve the reliability and flexibility of the system. According to different definitions, long-term energy storage usually refers to energy storage technology with a continuous discharge time of not less than 4 hours, and some are defined as energy storage systems that operate (discharge) continuously for at least 10 hours at rated power. The innovation and development trend of long-term energy storage technology shows that new energy storage technology is becoming a key force to promote energy transition. For example, heat pump energy storage technology realizes the more efficient use of renewable energy through the storage and release of electric energy through energy storage cycle and energy release cycle, so as to achieve the purpose of peak shaving and valley filling of the power system.

Although long-term energy storage technology is a development trend, the support of policies, markets, capital, talents and other aspects is still insufficient. However, with the advancement of technology and the reduction of costs, the market prospects of long-term energy storage technologies such as carbon dioxide energy storage are optimistic about more and more experts and industry insiders. Among the new energy storage technology routes, carbon dioxide energy storage with long-term energy storage capabilities has a rapid development process and a promising market prospect. At the same time, a number of new energy storage technologies have gradually been applied by more projects as their technical paths become more mature. With the continuous progress of technology and the gradual improvement of market mechanism, long-term energy storage technology is expected to play a more important role in the future energy system.


Related:

Insights on Storage Energy Trends (1)

Insights on Storage Energy Trends (2)

Insights on Storage Energy Trends (3)


Related news recommendations

Login

Registration

Login
{{codeText}}
Login
{{codeText}}
Submit
Close
Subscribe
ITEM
Comparison Clear all