In their latest redox flow battery report “Redox Flow Batteries 2021-2031”, IDTechEx estimated the role of medium duration energy storage in the context of larger penetration of variable renewable energy penetration. Up to date, variable renewable energy has reached a medium-low penetration rate between 10% and 40%. As investigated by academic research, the storage of energy will be a key tool to allow larger integration of renewable energy; the question is, which storage will be required to satisfy the growing VRE penetration?
Li-ion battery technologies have dominated the stationary energy storage field, but will they continue to follow this path? From the study performed by IDTechEx based on several company profiles in the redox flow battery field and additional secondary research, IDTechEx has forecasted the possible future market penetration of redox flow batteries.
The results from IDTechEx research shows that RFB technology might start to gain field to Li-ion batteries over the next decade, overtaking the Li-ion battery energy capacity installed before the end of 2030.
The large adoption of variable renewable energy (VRE) is substantially affecting the grid infrastructure, and more renewables will be installed, so the necessity to adjust and update the power grid will be greater. In fact, variability is one of the issues faced by the power grid.
The advent of VRE implies a variation of the existing grid infrastructure, due to the nature of renewable energy, both wind and solar. The variable and uncertainty of these renewable energy sources exacerbate the flexibility issue of the existing power plant.
While the power grid flexibility is a characteristic that has existed in power systems from well before the advent of low-cost VRE, the evolution of its definitions has undoubtedly been driven by the increased adoption of VRE.
The IEA in 2017 defined flexibility as: “the ability of the power system to deal with a higher degree of uncertainty and variability in the supply-demand balance”.
In the latest redox flow battery report by IDTechEx, “Redox Flow Batteries 2021-2031”, the role of above 4h of storage has been highlighted, showing the comparison between redox flow battery and Li-ion battery in terms of Levelized Cost of Storage.
The author of the report believes, based on scientific studies, that the redox flow battery might take a larger share of the energy storage capacity toward the end of 2030, based on the expected larger renewable energy penetration.
The energy storage capacity might actually overtake the Li-ion battery storage capacity in 2031.