Dive Summary:
- A new report from Navigant Research projects that global installed capacity of compressed air energy storage (CAES) will hit 11.2 gigawatts (GW) by 2023.
- Despite being commercially available for over 30 years, "higher efficiency, next-generation CAES technologies that are not limited by geological considerations are on the cusp of commercialization, and are well positioned to address the gap in availability of long duration energy storage technology that can be sited where needed."
- The report expects a number of new CAES technologies to become commercially available within the next 12 to 36 months, which will go a long way towards meeting rising demand for long-duration bulk energy storage solutions, according to Renew Grid.